Thursday, October 29, 2020
Martin Hennecke

Kind parents boost sales of Tai Wai flats
<p>Homebuyers put aside concerns about the pandemic over the weekend to snap up all 391 flats on offer at The Pavilia Farm in Tai Wai.</p><p>New World Development (0017) collected about HK$4.27 billion after selling the 391 units, and NWD&#39;s director of sales and marketing Wong Ho-yin said many parents helped their children buy flats at the project.</p><p>The developer will close the sales office today for cleaning and sanitizing.</p><p>The project had received more than 22,700 registrations of interest, the largest number since 1997.</p><p>This means the first two batches of 391 homes were 57 times oversubscribed.</p><p>NWD released the first two price lists earlier this month, offering 180 units and 211 units. The flats, measuring between 322 square feet and 835 sq ft, are priced at HK$6.29 million to HK$20.34 million, after discounts.</p><p>The average price for the first and the second price list is HK$18,921 and HK$19,999 per sq ft, after discounts.</p><p>The Pavilia Farm provides a total of 783 home units in the first phase, measuring between 278 sq ft and 1,383 sq ft, and is expected to be completed in September 2022.</p><p>In Happy Valley, Farzon Group expects to release the second price list of Eight Kwai Fong Happy Valley on Monday. Farzon previously released 50 units in the first price list at HK$31,129 per sq ft after discounts. The cheapest unit is priced at HK$8.44 million.</p><p>In the secondary market, Centaline Property Agency recorded 11 secondary transactions at 10 blue-chip housing estates over the past weekend, down by one transaction from a week before.</p><p>In Quarry Bay, a 685-sq-ft flat at Kornhill changed hands for HK$10 million, or HK$14,599 per sq ft, after HK$500,000 was cut from the original asking price. Also in the district, a 563-sq-ft flat at Taikoo Shing fetched HK$11.25 million, or HK$19,982 per sq ft, after HK$3.05 million was slashed from the initial asking price.</p><p>In Tin Shui Wai, a 544-sq-ft flat at Kingswood Villas sold for HK$5.4 million, or HK$9,926 per sq ft, after HK$600,000 was cut from the first asking price.</p><p>In Lai Chi Kok, a 509-sq-ft flat at Mei Foo Sun Chuen changed hands for HK$7.52 million, or HK$14,774 per sq ft, after HK$280,000 was cut from the original asking price.</p>

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