SHKP Tuen Mun project sells out, signalling rebound in Hong Kong’s property market

The first round of sales for Novo Land Phase 3A offered 160 units at listed prices, with an additional five units available by tender. Prices started at under HK$3 million (US$382,173) for a three-bedroom flat. All available units were snapped up by 2pm, the developer said.

The units varied in size from 259 to 686 sq ft, including studio to three-bedroom layouts, with the bigger units priced as high as HK$7.8 million. The average price per square foot was HK$11,398. The pricing reflected a 1.7 per cent discount compared to the initial price list of the previous Phase 3B release.

“Favourable market conditions are the main reason for the strong sales,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division. “Interest rates are low, the stock market is rising, and the economy is gradually recovering. The central government is also taking steps to support the property market.”

He added that rising rents were also attracting investors looking for rental income.