NOVO LAND drives more than 7-fold increase in first-hand transactions over the weekend
Mar 6, 2023
Hong Kong
By   Internet
  • City News
  • Real Estate Projects
  • Property Transactions
Abstract: Following the full customs clearance with the Mainland, Hong Kong's economy and people's lives have been speeding up after the lifting of the muzzle order last week, and developers have taken the opportunity to accelerate the pace of sales.

Phase 2B of SHKP's NOVO LAND in Tuen Mun is scheduled to be put up for sale this Wednesday (8) for the second round of 171 units at a discounted admission fee starting from $4,232,100. The project sold 352 units in the first round last Saturday, all of which were sold out on the same day, generating over $2 billion in cash for the Group. 180 units were added to the price list of No. 4 overnight, at an average price of $14,098 per square foot in real terms, just 0.8% higher than the previous batch of $13,988, but 6.1% higher than the first batch of $13,288 per square foot in real terms.


Driven by the sale of the property, the local first-hand market recorded a total of about 419 transactions on the past Saturday, more than seven times more than last week.


The latest price list of NOVO LAND 2B Phase 4 includes 53 one-bedroom units, 108 two-bedroom units and 19 three-bedroom units, a total of 180 units ranging from 279 to 678 square feet, maintaining the maximum discount of 15%, at a discounted price of $4,232,100 to $9,366,100, with a discounted average price of $14,098 per square foot.


The entry unit is a one-bedroom flat on the 3rd floor of Block 1B at a discounted price of $4,232,100 and a discounted average price of $14,107 per square foot.


The two-bedroom unit is Flat F on Level 3, Block 2, at a discounted price of $5,615,900 and a discounted price of $13,664 per square foot, while the three-bedroom unit is Flat A2 on Level 3, Block 2, at a discounted price of $8,972,600.


Mr Lui Ting, Deputy Managing Director of SHKP, recalled that the first round of sales was "overwhelming and crowded", and that there were so many visitors to the corner that the project was put up for sale on the same night.


SHKP's Acting General Manager, Mr H L Chan, said that the average price of the additional units was slightly higher than the previous batch, mainly due to the introduction of the higher floor units and the inclusion of five special units for the first time, which raised the average price per square foot. If the above factors are excluded, it is really an increase in the original price.


H.L. Chan continued that the second round of 171 units will be sold on Wednesday, which is close to the full launch of price list No. 4.


As the sale will start at dusk on Wednesday, the Group will not offer all the units in the new price list this time, in the hope that the sales will be well organized on site. The second round of sales will close at 8pm tonight and the ballot will be drawn tomorrow before the sale begins at 4pm this Wednesday.


In addition, Thunder said that after completing the launch of NOVO LAND Phase 2B, the Group will focus on the sale of University Hill in Pak Shek Kok, Tai Po and Tin Wing Station project in Tin Shui Wai.


In addition to the new developments being sold out by the market, the pace of removal of goods at the end of the inventory has also accelerated significantly.


This past Saturday, the market recorded a total of 419 first-hand transactions. Excluding the brand new NOVO LAND Phase 2B (352 units), the market recorded about 67 final transactions during the period, which is more than 7 times the number of transactions recorded last week. Midland Realty's Chief Executive Officer (Hong Kong and Macau), Mr. Brahms, said yesterday that with a number of major new developments coming to market in March, the first quarter's first-hand sales trend is expected to continue, with 2,800 first-hand transactions expected this month.


As for other new developments, Mr Yeung Chung-wing, Director of Marketing and Planning of Chung Chau Land, said that Fotan Sing Kai - The Embankment was sold yesterday at $14.956 million for $19,323 per square foot on the 7th floor of Block 2, with an area of 774 square feet. The project has sold 22 units since the opening of the existing building last month, realising about $330 million.


KOKO ROSSO, a 437-square-foot flat on the first floor of Block 7 developed by Wheelock Properties, was sold yesterday for $9.223 million at $21,105 per square foot.


The developer revealed that the buyer of the flat was a medical and nursing staff who bought the upper site for self-occupation. The project has sold a total of 303 units since its launch 10 days ago, accounting for about 98% of the available units.


Henderson's project sold 25 units on Saturday, of which 13 units were sold in Leo Place-One Corner in Tai Kok Tsui; 4 units were sold in ONE INNOVALE-Bellevue in Fanling, including 9 units on the 6th floor of Block C, with 311 square feet, at a price of $4,828,500, or $15,526 per square foot; 1 unit was also sold in THE HENLEY II in Kai Tak. As for THE HOLBORN in Quarry Bay, Hong Kong Island, 6 units were sold in a row in two days; CAINE HILL in Caine Road, Mid-Levels, 1 unit was sold for $8,278,000.


Henderson Property Agency Limited's General Manager of Sales (II) Department, Mr. Hon Ka Fai, said that the three projects are expected to put up additional units for sale in the near future, among which THE HOLBORN will soon be put up for sale as an existing building.