Grand Mayfair III sells all units amid stabilising Hong Kong property market
Grand Mayfair III sells all units amid stabilising Hong Kong property market
The developers priced the units at an average of HK$13,938 (US$1,795) per square foot, about 20 per cent cheaper than the first phase
Hong Kong’s first-hand housing market saw brisk transactions on Monday, with buyers snapping up all available units at a project in Yuen Long, New Territories.
The 680-unit Grand Mayfair III on 29 Kam Tin Road – jointly developed by Sino Land, K Wah International, China Overseas Land and Investment and MTR Corp – sold all 138 units that were put up for sale, according to the developers. The development is part of the 2,220-unit Grand Mayfair project.
The developers released the first price list earlier this month at an average of HK$13,938 (US$1,795) per square foot, about 20 per cent cheaper than the project’s first phase, which was launched in May 2022 at HK$17,898 per square foot.
“End users accounted for 70 per cent of the clientele, while investors accounted for the rest,” said Sammy Po Siu-ming, CEO of the residential division of Midland Realty. “Rents are projected to reach HK$40 to HK$45 per square foot, giving a rental yield of over 4 per cent.”
Po said Midland assisted 10 buyers who bought at least two units each.
The sale on Monday included 44 one-bedroom and 94 two-bedroom units. The cheapest unit was a 354 sq ft one-bedroom flat priced at HK$4.7 million, or HK$13,181 per square foot, after a maximum discount of 16 per cent.
