New World’s The Pavilia Farm sells out for the fourth weekend as Hong Kong’s homebuyers return for fear of missing out
- New World sold all 343 flats at The Pavilia Farm as of 6:30pm
- The developer chalked up HK$3.9 billion in receipts from today’s sale, according to a statement by New World
Every flat was sold as of 6:30pm, according to Sammy Po, chief executive of Midland Realty’s residential division. The developer chalked up HK$3.9 billion of sales receipt today, bringing its total haul to more than HK$15 billion (US$1.93 billion) from the sale of 1,440 flats in four weeks, New World said in a statement.
The enthusiasm to buy follows a reiteration by the US Federal Reserve to keep the current loose monetary policy unchanged, maintaining the global flow of low interest rates to sustain a global economy battered by the coronavirus pandemic. Hong Kong’s monetary policy is conducted in lockstep with US policies, so low US rates would keep the cost of money low in the city, translating to cheaper mortgages for homebuyers.
The flats, with sizes ranging from 330 to 866 square feet (80 square metres), come with a price tag of between HK$6.99 million (US$901,000) and US$17.65 million after discounts of as much as 20 per cent.