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| The rendering of The Arles in Fo Tan, New Territories |
There are some people in Hong Kong who are really flush with cash.
Today someone bought the entire floor, or eight units of a new development called The Arles in Fo Tan, New Territories for HK$100 million.
What will the owner do with them? Make them into one giant flat?! Or rent them out? Or buy them for eight family members?
Prices of the flats ranged from HK$6.17 million to HK$23.5 million for 228 sq ft to 947 sq ft.
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| Three rounds of flat-selling have been held so far |
An industrial area.
In total 116 flats out of 272 were sold, with a 15 percent discount to HK$20,905 per square foot.
Apparently buyers came out with confidence on hearing the news the border with China may reopen in February, and Chief Executive Carrie Lam Cheng Yuet-ngor's big plans for the Northern Metropolis near the border, where it is expected 2.5 million people may live there in 20 years.
The metropolis will include Tin Shui Wai, Yuen Long, Sheung Shui and Fanling.
"Since the stock market has recently been less volatile, the overall sentiment towards the property market is pretty good," Midland Realty's chief executive of the residential division Sammy Po Siu-ming said. He indicated more buyers are entering the market after Lam's policy address about the Northern Metropolis.
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| Buyers are bullish on the Northern Metropolis |
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