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New flats at Novo Land in Tuen Mun sell out as young, first-time buyers take advantage of steep discounts
- Sun Hung Kai Properties sold all 180 units on offer in the second phase of the project within about four hours on Wednesday
- ‘Nearly 80 per cent of our clients were young buyers considering the low entry price,’ said Sammy Po of Midland Realty
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The low-pricing strategy of Hong Kong developers proved effective once again as hundreds of mainly young first-time buyers flocked to the sales office of a large residential project in Tuen Mun.
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Sun Hung Kai Properties (SHKP) sold all 180 units on offer in the second phase of its Novo Land project within the first four hours on Wednesday afternoon, according to agents.
The development is at 8 Yan Po Road, about a 25-minute walk from Siu Hong MTR station.
“The latest round of flats are priced 20 per cent lower than units that recently went on sale in the same area, which is very attractive,” said Louis Chan, Asia-Pacific vice-chairman and CEO of the residential division at Centaline Property Agency.
Chan said about 60 per cent of the potential buyers for Phase 1B were people who had been unable to get their hands on a unit when Phase 1A was launched at the end of July.
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SHKP managed to sell 815 units, or 98 per cent of the units available in phase 1A for HK$5 billion, within 12 days of them going on sale at the start of August.
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