Hongkongers bought almost every flat in the second phase of Sino Land’s Villa Garda project in the Lohas Park district of Tseung Kwan O in the New Territories, avoiding the city’s rising mortgage rates.
The developer sold 225 flats, or 95 percent of the 238 units on offer at Villa Garda I as of 7pm, for close to HK$2 billion (US$255 million) in sales proceeds, according to Sino Land’s executive director Victor Tin.
“Including the sales launch on June 30, 2022 Villa Garda I sold 463 units, about 97 percent of the total launched units,” Tin said, adding that the developer has raked in HK$4 billion in total sales from the project.
The current batch of flats were priced between HK$17,106 and HK$21,346 (US$2,180 and US$2,720) per square foot after an average discount of 16 percent, cheaper than the HK$23,000 per square foot price in the neighborhood.
The lower entry price made the project popular among young, first-home buyers, said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau.
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