New World Property's latest NOVO LAND 3B Phase, located in Tuen Mun, has debuted with an initial average practical square foot price of just 11,598 yuan, marking a reduction of approximately 14.7% compared to the previous 2A Phase. This announcement has attracted a large number of citizens to visit the demonstration units held yesterday, demonstrating strong market interest and positive feedback. NOVO LAND is situated at the Universal Trade Center exhibition hall in Kowloon Station, and is one of the largest private residential projects in the area, divided into multiple development stages and further subdivided into different phases to cater to various housing needs and budgets.
The release of the first batch of 154 units in the 3B Phase has garnered participation from numerous real estate agents and widespread public attention. Kelvin Chan, General Manager of New World Property's agency, reported very favorable responses from visitors to the demonstration units held yesterday. He added that since the pricing announcement, they have received a substantial number of inquiries, indicating positive evaluations of the market regarding the attractiveness and investment potential of this price point. Previous phases have seen some units achieving rental yields as high as 44 yuan per square foot, which has further boosted confidence in the 3B Phase among investors, with expectations of attracting more homebuyers and investors to the market.
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Shirley Tse, Managing Director of New World Property, highlighted unique benefits for New World members in the NOVO LAND 3B Phase, including a 1% discount on selected units and 100 point dollars and dining vouchers upon submission of a letter of intent to purchase. Visitors to the demonstration units also receive shopping vouchers for the mall under their management, enhancing the additional value and appeal of purchasing a property.
The launch of this project has also captured the attention of long-term investors, as the initial practical square foot price of the 3B Phase reaches a new low in recent years, making it a focal point in the market. Real estate agents revealed that over 300 letters of intent were registered in just one day, indicating strong demand and purchasing intent for this project. Investors are expected to account for 20% to 30% of total sales, further demonstrating the attractiveness and investment value of NOVO LAND in the market.
The success of NOVO LAND in Tuen Mun is not only reflected in its excellent pricing strategy and appeal but also in its project scale and comprehensive living facilities. The project offers a variety of unit types, from open layouts to four-bedroom configurations, catering to diverse family and individual needs. Additionally, the overall planning and construction quality of the project have gained widespread recognition in the market, with occupancy expected to commence by the end of April next year, completing the entire presale period in less than 11 months and offering potential for rapid occupancy for homebuyers.
