Hong Kong property

New units at Pavilia Bay in Tsuen Wan almost sell out on first day

PUBLISHED : Friday, 03 February, 2017, 7:42pm
UPDATED : Thursday, 13 July, 2017, 8:25am

The first batch of homes to go on sale in Hong Kong in the Year of the Rooster has almost sold out on day one, in an early sign that the city’s property market remains buoyant.

Buyers had snapped up 100 out of 105 units in the third round of sales at Pavilia Bay in Tsuen Wan by 4pm on Friday after they became available at 9am. Pavilia Bay is a joint project between New World Development and Vanke Property (Overseas).

“Those left unsold are three- to four-bedroom units costing about HK$20 million each,” said Sammy Po, chief executive at Midland Realty’s residential department.

But sales of some studio flats on high floors, priced at HK$20,000 per square foot, are also proving hard to shift, he said.

Studio, one- and two-bedroom flats costing from about HK$5 to $8 million each had sold out first, Po said. The sale was seven times oversubscribed, with 800 people registering to buy one of the 105 homes on offer.

Including the latest sales, the developers have sold about 690 units since the project’s launch last month.

Pavilia Bay, consisting of 983 units, is about five minutes’ walk from West Rail’s Tsuen Wan West station.

New World chairman Henry Cheng Kar-shun was rumoured to have suffered a minor stroke on the eve of the Lunar New Year last week.

Cheng, 70, had not been felling well recently and was on leave to rest, New World said in a statement on Wednesday, without elaborating.

Hong Kong developers are set to speed up their project launches this month, with more than 3,700 new flats ready to go on sale.

Pavilia Bay is one of three major new projects under construction in Tsuen Wan. The others are Cheung Kong Property Holdings’ 970-unit Ocean Pride and Chinachem Group’s 953-unit Parc City, which are next to the railway station.

Separately, Amy Teo, general manager at the sales department of Sun Hung Kai Real Estate Agency, said three residential projects - two in Tuen Mun and the thrid in Sheung Wan - comprising 1,449 units would be offered for sale this year.

The Tuen Mun developments are the 321-unit Eight Regency and another project, yet to be named, comprising more than 1,000 units at King Sau Lane. The third, with 128 units, is at 97 Belcher’s Street, near Kennedy Town.

“In general, we have seen strong sales from new project launches amid interest rates still at a low level,” Teo said on Friday.