Brisk transactions in Hong Kong’s primary residential market continued apace, with two projects recording robust sales over the weekend.
Buyers had acquired 71 of the 138 units by late Sunday afternoon at the 680-unit Grand Mayfair III on 29 Kam Tin Road in the New Territories in the second round of the project’s sales on Sunday, according to agents. The project, jointly developed by Sino Land, K Wah International, China Overseas Land and Investment and MTR Corp, sold all 138 units in the first round on October 21.
The latest batch included 40 one-bedroom units and 98 two-bedroom flats ranging from 350 sq ft to 561 sq ft. The flats were priced between HK$4.9 million (US$630,640) and HK$9.1 million, or between HK$13,119 per square foot and HK$16,143 per square foot after a maximum discount of 16 per cent.
Developer Sino Land’s chairman, Daryl Ng Win Kong, visited Grand Mayfair’s sales office on Sunday. He remains upbeat about the outlook for the city’s property market next year, noting multiple positive signals had emerged to boost the market.
Chief among the factors were the start of a lower interest-rate cut cycle and a robust initial public offering market, Ng said after the company’s annual general meeting on Wednesday, his first since being appointed chairman in August.
“Over the past nine months, it has been heartening to see strong sales performance for new developments across various districts among [the city’s] developers,” Ng said.
