Hong Kong's homebuyers snap up Billion Development's Aurora flats in Tsuen Wan, attracted by lowest prices in neighbourhood

By Eric Ng eric.mpng@scmp.com / https://www.scmp.com/business/article/3024219/hong-kongs-home-buyers-snap-billion-developments-aurora-flats-tsuen-wan?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | September 11, 2019 11:57 AM SGT
Hong Kong buyers snapped up every flat for sale in Tsuen Wan, delivering a second successful weekend for the developer that offered the project at one of the lowest prices in the district.
Billion Development & Project Management said it sold all 216 apartments offered in the second batch of The Aurora complex for a total haul of HK$1.76 billion (US$224 million). Last weekend, the developer sold all 354 units in one day, after selling them at a price that's 10 per cent cheaper than the nearest project in the neighbourhood.
"Flat demand is still strong; it was only [suppressed] by the negative sentiment arising from the US-China trade tensions and Hong Kong protests," said Sammy Po Siu-ming, the chief executive of Midland Realty's residential division. "As soon as there are attractive offers compared to what is available elsewhere, like this one that is 10 per cent cheaper than neighbouring flats, buyers won't hesitate to take advantage of them."
The successful sale marks a break from a downbeat mood in Hong Kong, as 12 weeks of protest rallies sparked by a controversial extradition bill, have crimped retail sales and deterred visitors.
Billion Development & Project Management's The Aurora project. Photo: Roy Issa alt=Billion Development & Project Management's The Aurora project. Photo: Roy Issa
The total number of property transactions in Hong Kong registered with the Land Registry in June and July fell 29 per cent to 12,591 from the same two months last year.
Investment bank Morgan Stanley earlier this week predicted a 10 per cent decline in Hong Kong property prices " the most expensive in the world " through March next year as the economy contracts.
Bank of America-Merrill Lynch expected the same magnitude of price fall in a shorter time frame, between June when prices peaked and year-end.
The Centa-City Leading Index tracking prices of lived-in homes have declined 1.1 per cent from the end of June through August...