Several buyers of flats at Grand Mayfair II – a high-rise residential project in Yuen Long, New Territories – have cancelled their contracts after a market slump eroded home prices in the area by about a quarter since they acquired the units three years ago.
They forfeited HK$15.6 million (US$2 million) in deposits on 19 flats on Tuesday to terminate their sale and purchase agreements from May 2022, according to the latest data published by developers. They added to the lone cancellation in 2022 since the project commenced in the aftermath of the Covid-19 pandemic.
The units were from Tower Seven, with sizes ranging from 353 sq ft to 469 sq ft, sold between May and June 2022 for HK$7.12 million to HK$9.02 million each.
“The buyers chose a stage-payment plan and bought the flats at a peak price compared to now,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division. “They might think of repurchasing another flat in neighbouring new projects, as prices have dropped considerably over the past few years.”
