The Grand Mayfair I project in Yuen Long enjoys strong sales as discounts attract first-time buyers
- The project, developed by Sino Land, K Wah International and China Overseas Land and Investment, found buyers for 322 of the 327 flats on offer on Wednesday
- Analysts predict a surge in supply, as more cut-price projects are launched in the coming months, will suppress house prices
“The pandemic has subsided significantly, and social distancing measures have been gradually relaxed, which is good for the property market,” said Perry Fong, senior principal sales director at Centaline Property Agency. “Developers are taking advantage of the situation to push forward developments at full speed.”
Sales are likely to have been boosted by the relatively cheap prices, as developers seek to make up for lost time by shifting as many units as possible.
Prices started at HK$6.45 million (US$821,784) for a 339 square-foot flat.
The average price this time worked out at HK$18,777 per square foot, after a discount of 16 per cent. That was about 1 per cent higher than the first round, but still 12 per cent lower than the prevailing secondary market price of HK$21,400 per sq ft seen at Ocean Pride in Tsuen Wan West, according to data from Centaline.
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