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Pavilia Farm sees $4.2m forfeitures

Homebuyers forfeited deposits of about HK$4.23 million in total after walking out of the purchase of seven units at The Pavilia Farm on top of Tai Wai Station.

These flats are offered at between HK$7.45 million and HK$19.57 million.

New World Development (0017) has collected about HK$8.4 billion after selling all 767 units on offer at phase one, bringing the group's total contracted sales in Hong Kong to almost HK$10 billion, said the executive vice-chairman and chief executive Adrian Cheng Chi-kong. The group has accomplished nearly half of its HK$20 billion sales target for the 2021 fiscal year, he added.

The first phase of the project received more than 22,700 registrations of interest - the largest number since 1997.

Meanwhile, the number of Hong Kong property transactions fell 6 percent month-on-month to 6,189 in October, data from the Land Registry showed.

The total consideration of property sale and purchase agreements rose 10.9 percent month-on-month to HK$56.9 billion. For residential building units, the number of transactions declined by 1.5 percent month-on-month to 4,951 last month, with the consideration up by 15.3 percent to HK$50.1 billion.

In the primary market, Hong Kong Ferry (0050) and Empire Group intends to launch the sale of Starfront Royale in Tuen Mun over the weekend.

In the secondary market, a 461-sq-ft flat at Kornhill in Quarry Bay changed hands for HK$8.35 million, or HK$18,113 per sq ft, after HK$250,000 was cut from the original asking price.

Former Deputy Commissioner for Transport Dorothy Chan Yuen Tak-fai sold a 1,818-sq-ft unit at Goodview Garden in Mid-Levels East for HK$121 million, or HK$66,557 per sq ft.

(The Standard)