Media365
Hong Kong’s first-hand housing market saw brisk transactions on Monday, with buyers snapping up all available units at a project in Yuen Long, New Territories.
The 680-unit Grand Mayfair III on 29 Kam Tin Road – jointly developed by Sino Land, K Wah International, China Overseas Land and Investment and MTR Corp – sold all 138 units that were put up for sale, according to the developers. The development is part of the 2,220-unit Grand Mayfair project.
The developers released the first price list earlier this month at an average of HK$13,938 (US$1,795) per square foot, about 20 per cent cheaper than the project’s first phase, which was launched in May 2022 at HK$17,898 per square foot.
“End users accounted for 70 per cent of the clientele, while investors accounted for the rest,” said Sammy Po Siu-ming, CEO of the residential division of Midland Realty. “Rents are projected to reach HK$40 to HK$45 per square foot, giving a rental yield of over 4 per cent.”
Po said Midland assisted 10 buyers who bought at least two units each.
The sale on Monday included 44 one-bedroom and 94 two-bedroom units. The cheapest unit was a 354 sq ft one-bedroom flat priced at HK$4.7 million, or HK$13,181 per square foot, after a maximum discount of 16 per cent.
