11 hours ago
- Business
- South China Morning Post
Hong Kong buyers forfeit deposits on Grand Mayfair project after 25% market slump
Several buyers of flats at Grand Mayfair II – a high-rise residential project in Yuen Long, New Territories – have cancelled their contracts after a market slump eroded home prices in the area by about a quarter since they acquired the units three years ago.
They forfeited HK$15.6 million (US$2 million) in deposits on 19 flats on Tuesday to terminate their sale and purchase agreements from May 2022, according to the latest data published by developers. They added to the lone cancellation in 2022 since the project commenced in the aftermath of the Covid-19 pandemic.
The units were from Tower Seven, with sizes ranging from 353 sq ft to 469 sq ft, sold between May and June 2022 for HK$7.12 million to HK$9.02 million each.
The 805-unit Grand Mayfair II project on 29 Kam Tin Road was co-developed by
Sino Land
K Wah International and
China Overseas Land and Investment . Sales were robust as buyers snapped up almost all of the units in two rounds of launches in May 2022 at an average price of HK$17,898 per square foot, according to Centaline Property.
Buyers flock to buy flats on offer at Grand Mayfair in Yuen Long in May 2022. Photo: Handout
'The buyers chose a stage-payment plan and bought the flats at a peak price compared to now,' said Sammy Po Siu-ming, CEO of Midland Realty's residential division. 'They might think of repurchasing another flat in neighbouring new projects, as prices have dropped considerably over the past few years.'
