Posted on 23 November, 2020 | By Property852
All 396 Pavilia Farm apartments have been sold by New World Development for Phase 2. The properties sold out almost immediately after going on sale on Sunday despite the rising number of COVID-19 infections in the city.
Dozens of interested buyers queued up outside the developer’s showroom from early in the day. This is the fifth sold out weekend in a row for The Pavillia Farm apartments since its launch in October. It has made HKD 20 billion from the sale of 1,800 units. The project has become a beacon of hope for the Hong Kong property industry, which is hoping to rebound after the social unrest and global pandemic that has reigned for the last 20 months.
The sale of these Hong Kong apartments reflects the growing confidence property investors that the outlook for the industry is improving, despite the predicted onset of a forth COVID wave in the coming weeks.
The Pavilia Farm apartments have been highly desirable due to its good location. With Tai Wai MTR station and a large shopping centre close by, it offers useful local conveniences. The size of the units ranges in size from 324 to 866 square feet and each were priced from HKD 6.99 million to HKD 18.33 million. This was after after discounts of up to 20%. However the unexpected demand soon prompted the developers to raise the selling price by 3%.
Around 50% of the Pavilia Farm homebuyers are under 40 years old, according to a spokesperson for New World Development. This is despite the unemployment rate in Hong Kong being at its highest for years. However it is worth noting that job losses have not been across the board but rather focussed on the tourism and F&B industries. The IT and Financial industries are doing rather well partly due to the current cheap borrowing costs.
The Pavilia Farm apartments are comprised of 3,090 units in total and will be fully completed in three phases, with the earliest phase ready by 2022.