Hong Kong developer Lai Sun’s Yuen Long project a sell-out as buyers regain confidence

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Buyers flock to Lai Sun’s The Parkland in Yuen Long, snapping up nearly all units amid rate cuts and stock market gains, boosting market confidence

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Lai Sun Development put 98 units on sale at The Parkland residential project on Sunday. Photo: Jonathan Wong

Jiaxing Li

Published: 5:52pm, 6 Oct 2024

Hong Kong developer Lai Sun Development saw robust sales for its new residential project in the New Territories priced at a 10-year low, as buyers made the most of the recent rate cut and strong stock market performance.

Almost all 98 units on offer at The Parkland, located at 266 Tai Kei Leng in Yuen Long, were sold as of 5pm on Sunday. Most of the buyers were first-time buyers, according to agents.

Units in The Parkland range from 265 sq ft to 488 sq ft, with the first batch including 80 one-bedroom and 18 two-bedroom flats. The discounted selling price ranges from HK$2.43 million (US$313,000) to HK$4.63 million, or HK$8,614 to HK$10,663 per square foot. All 80 one-bedroom units are priced under HK$3 million.

The cheapest flat is a 282 sq ft one-bedroom unit priced at HK$2.43 million. It nearly matches the least expensive unit in Domus, developed by Paliburg Holdings in New Territories’ Hung Shui Kiu area in 2015, at HK$2.39 million.

Prospective homebuyers throng Lai Sun Development’s sales office in Cheung Sha Wan Plaza for a chance to buy flats in The Parkland on Sunday. Photo: Jonathan Wong

The developer is now planning to launch a tender for special units next week, and the prices will continue to be competitive, according to Lai Sun’s senior vice-president Julian Poon Yui-man.