Discounts drive new home sales at SHKP’s Novo Land in Tuen Mun as buyer sentiment improves

A new residential project in Tuen Mun has gained traction on the back of generous discounts from Sun Hung Kai Properties (SHKP), while sales of another project in Cheung Sha Wan disappointed.

At SHKP’s new project Novo Land phase 3B in Tuen Mun, 135 of 160 units on offer sold by 5pm on Saturday.

The new batch of flats were offered at a discounted of up to 17 per cent compared with previous phases, and received a total of 5,332 cheques as of Friday, making them 32.3 times oversubscribed.

The units comprise two studio, 39 one-bedroom, 95 two-bedroom, and 24 three-bedroom flats, with prices ranging from HK$2.99 million (US$380,000) to HK$8.46 million, or HK$11,102 to HK$12,796 per square foot. The average price was HK$11,854 per square foot.

“The previous phases of Novo Land accumulated a large number of disappointed buyers who were unable to make a purchase, and with the current phase being priced lower with discounts, it is expected that the first batch of units would be sold out on Saturday,” said Eric Chan, senior principal sales director at Centaline Property.

Among Saturday’s buyers were two brothers who purchased two two-bedroom flats at the project for personal use, at a price of about HK$11 million each. Another group of buyers bought two one-bedroom flats for around HK$7 million each, with plans to lease the properties, according to Centaline.

Novo Land’s results stood in sharp contrast to those of Continental’s Amber Place in Cheung Sha Wan, where none of the 30 units on offer were sold. Those flats had an average price of HK$18,754 per square foot.