Novo Land Phase 3B Releases First Batch of 154 Units at 10% Lower Average Price

Sun Hung Kai Properties (0016) announced the first price list for the 154 units in Phase 3B of NOVO LAND in Tuen Mun on June 11. The discounted average price per square foot is HK$11,598, approximately 12% to 17% lower than the first batch average prices of the previous four phases (Phase 1A, 1B, 2A, and 2B), which ranged from HK$13,100 to HK$13,900.

"Unbeatable Market Prices," Says Deputy Managing Director 

SHKP deputy managing director Victor Lui Ting described these units as having "unbeatable market prices," expecting them to be well-received by the market and buyers due to their orientation and views. He also noted that after the relaxation of cooling measures, both primary and secondary market transactions have surged, with first-hand sales expected to exceed 9,000 transactions from January to June. With the success of the talent import scheme, the rental market is also active. If interest rates decrease in the second half of the year, the property market recovery could accelerate.

Details of the First Price List

According to Andy Chan Hon-lun, general manager of sales and marketing at Sun Hung Kai Real Estate Agency, the first price list offers 154 units, ranging from studios to three-bedroom units. This includes 10 studios, 10 one-bedroom units, 114 two-bedroom units, and 20 three-bedroom units. The saleable area ranges from 252 to 543 square feet. The list prices for this first batch range from HK$3.515 million to HK$7.459 million, with a price per square foot ranging from HK$13,034 to HK$14,459.

Special Mortgage Plans Available

The project also offers flexible payment plans, including various mortgage options such as second mortgages and standby first mortgages, standby second mortgages, and the newly introduced loan that allows borrowing up to 125% of the property's value.

Discounted Prices

With a maximum discount of 15%, the discounted prices range from HK$2.987 million to HK$6.340 million, with a price per square foot ranging from HK$11,079 to HK$12,290. The total market value of this batch of units exceeds HK$900 million.

Show Flats and Sales Registration

Chan also mentioned that the project will open show flats to the public tomorrow, with sales registration starting next week. Additional units will be launched based on the response.

Entry-Level Units

The entry-level unit is located at Fiskars Block 2A, 3rd Floor, Unit E, with a saleable area of 252 square feet. It is a studio unit with a discounted price of HK$2.987 million and a price per square foot of HK$11,856. The cheapest one-bedroom unit is located at Fiskars Block 2A, 3rd Floor, Unit F, with a saleable area of 303 square feet, a discounted price of HK$3.657 million, and a price per square foot of HK$12,068.

Two- and Three-Bedroom Units

The most affordable two-bedroom unit is at Fiskars Block 2B, 3rd Floor, Unit F, with a usable area of 416 square feet, a discounted price of HK$4.807 million, and a price per square foot of HK$11,555. The entry-level three-bedroom unit is at Fiskars Block 2A, 3rd Floor, Unit H, with a usable area of 543 square feet, a discounted price of HK$6.085 million, and a price per square foot of HK$11,206.

Comparative Prices of Previous Phases

For reference, the first batch of 165 units in Novo Land Phase 1A, released in July 2022, had an average discounted price of HK$13,188 per square foot, with studio units priced at HK$3.297 million. In August 2022, Phase 1B's first batch of 160 units had an average discounted price of HK$13,998 per square foot, with studio units priced at HK$3.4127 million.

In May 2023, the first batch of 186 units in Phase 2A had an average discounted price of HK$13,598 per square foot, with studio units priced at HK$3.3473 million. The first batch of 146 units in Phase 2B, released in February 2023, had an average discounted price of HK$13,288 per square foot, with one-bedroom units priced at HK$4.2551 million. 

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