Grand Mayfair project in Hong Kong’s Yuen Long reports robust sales for second time in five days, in encouraging sign for developers
- Of the 288 flats on offer, 251 sold on Wednesday at project developed by Sino Land, K Wah International and China Overseas Land and Investment
- Development saw about 91 per cent of 428 flats on offer being sold on Friday
The Grand Mayfair development in Yuen Long reported robust sales for a second time in about five days, with 251 out of the 288 flats on offer sold on Wednesday, in an encouraging sign for developers.
The response to Grand Mayfair comes despite rising unemployment rates and ahead of an imminent increase in interest rates. It is expected to encourage developers to speed up sales.
For example, Kowloon Development will sell 312 homes at Manor Hill and Sun Hung Kai Properties will sell 16 units at its Prince Central development, both on Saturday.
“The number of new homes sold this month is expected to be about 1,600 units, up by half from the previous month,” said Sammy Po, CEO of Midland Realty’s residential division for Hong Kong and Macau. “Because of the upcoming launches of several new large-scale projects, it is expected that the number of first-hand transactions could jump further to 2,000 flats in June.”
The sale on Wednesday, for a second round of flats in Grand Mayfair’s second phase, drew more than 1,500 registrations of intent, according to local media. This meant about five buyers were competing for each unit.