Home buyers snap up Sino Land’s Villa Garda flats in Lohas Park, enticed by 16 per cent discounts
- Eager home-seekers snapped up 225 of the 238 flats on offer at Sino Land’s first project in Tseung Kwan O’s Lohas Park
- Hong Kong’s overall housing market will continue to soften in the third quarter, says property agent Centaline
Hongkongers snapped up almost every flat in the second phase of Sino Land’s Villa Garda project in the Lohas Park district of Tseung Kwan O in the New Territories, shrugging off the city’s rising mortgage rates.
The developer sold 225 flats, or 95 per cent of the 238 units on offer at Villa Garda I as of 7pm, for close to HK$2 billion (US$255 million) in sales proceeds, according to Sino Land’s executive director Victor Tin.
“Including the sales launch on June 30, Villa Garda I sold 463 units, about 97 per cent of the total launched units,” Tin said, adding that the developer has raked in HK$4 billion in total sales from the project.
The current batch of flats were priced between HK$17,106 and HK$21,346 (US$2,180 and US$2,720) per square foot after an average discount of 16 per cent, cheaper than the HK$23,000 per sq ft price in the neighbourhood.
The cheaper entry price made the project popular among young, first-home buyers, said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau.
“The developer is selling at close to the market price, or even lower than the prevailing price,” Po said. “It is very [popular] among young first-time buyers. Everyone thinks Lohas Park is a district with great potential.”
