2025-02-21 28Hse Editor
Recently, several new real estate projects have launched with competitive pricing, successfully attracting market attention. According to market sources, the Tuen Mun development, Novo Land Phase 3B by Sun Hung Kai Properties, has received over 4,200 checks, oversubscribing the first batch of units by more than 25 times. Ticketing for the project closes today.
Andy Chan Hon-lun, SHKP sales and marketing general manager, said that registrations have steadily increased, with approximately 40% of registrants from Tuen Mun and Yuen Long, 30% from East New Territories, and the remaining 30% from Hong Kong Island and Kowloon. About 15% of the overall registrations are from mainland Chinese buyers. Additionally, the project partnered with four major real estate agencies to offer home purchase incentives worth a total of HK$1 million.
Sammy Po Siu-ming, chief executive of the Midland Realty’s residential division for Hong Kong and Macau, noted that the project’s low entry threshold has attracted both first-time homebuyers and long-term investors. The two-bedroom units are the most inquired about. Po expects that as the area continues to develop, the rental price per square foot could reach around HK$40, yielding an approximate 4% rental return. He believes the first round of sales is likely to sell out.
Eric Chan of Centaline Property highlighted the project's convenient location and comprehensive amenities. The diverse unit types make it suitable for both self-use and investment, attracting both end-users and investors. Additionally, its proximity to Hong Kong International Airport and multiple land border crossings makes travel to mainland China very convenient.
Sunny Cheng, Director of Ricacorp Properties’ New Territories Division, praised the project’s prime location in the core area of Tuen Mun, close to the Northern Metropolis Corridor, facilitating quick travel between Hong Kong and mainland China.
Peter Wong, Director of Hong Kong Property Services’ Research Department, mentioned that the market anticipates a potential interest rate cut by the U.S. later this year, along with the Hong Kong Monetary Authority’s relaxation of mortgage rules for self-use properties, which could boost property transactions. The diverse range of units in the first batch caters to various buyer needs, making it suitable for both self-use and investment, and is expected to be well-received by the market.
The show flats remain open for viewing. Yesterday, numerous potential buyers visited the show flats at a commercial building near Kowloon Station, creating a lively atmosphere. Nearby, many real estate agents were present, promoting the project’s features and environment.
To date, the project has released three price lists, covering a total of 314 units. The developer has not yet released all units from the price lists but will launch the first round of sales this Saturday (22nd), offering 160 units. These include studio to three-bedroom units: 2 studios, 39 one-bedroom units, 95 two-bedroom units, and 24 three-bedroom units. Discounted prices range from HK$2.9877 million to HK$8.46 million, with discounted prices per square foot ranging from HK$11,102 to HK$12,796, averaging HK$11,854.
According to the sales arrangement, on Saturday, the units will be divided into two groups, A and B, for selection. Group A buyers can choose units first and must purchase at least one three-bedroom unit or two designated units, with a maximum purchase of six units. Group B buyers can then select units, with a minimum purchase of one unit and a maximum of four units.
NOVO LAND Phase 3 is being developed in two phases, offering a total of 1,303 units. Phase 3B, currently on sale, offers 769 units ranging from 232 to 1,390 square feet, including studio to four-bedroom units. Approximately 50% of the units are two-bedroom configurations. The project is expected to be completed and ready for occupancy by the end of April 2025, with a pre-sale period of about 10 months.
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