The first batch of flats on offer at the Deep Water Pavilia project on the south side of Hong Kong island are expected to sell out, according to property agents, as homebuyers rushed to snap up available units this weekend on the back of discounted pricing and low interest rates.
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As of 1pm on Saturday, 75 of the 138 flats on offer at the New World Development (NWD)-led luxury residential project in Wong Chuk Hang were snapped up, about four hours after sales started, property agents said.
All the units on offer, which are worth HK$1.53 billion (US$196 million), are expected to be sold out when sales close this evening, according to Louis Chan Wing-kit, chief executive at Centaline Property Agency.
“Deep Water Pavilia is located on top of an MTR station, which is convenient,” Chan said. “Sale prices are also lower than other properties in the area, which attracted both end users and investors to buy flats in the project.”
Centaline had some big buyers who took part in the weekend property sale, according to Chan. One spent HK$79 million to buy eight two-bedroom flats, while another paid HK$55 million to acquire five two-bedroom flats.
The strong sales of the Deep Water Pavilia project reflect how the city’s major property developers are continuing to offer hefty discounts to reduce their inventories amid ample supply.