Hong Kong developer NWD to launch second State Pavilia offering after weekend sell-out

NWD said the weekend sale attracted more than 7,800 orders and was oversubscribed 45 times. The latest price list was about 2.4 per cent higher than the previous one, with an average discounted price per square foot of HK$19,747.

NWD said the sales on Wednesday would include 29 one-bedroom units and 59 two-bedrooms flats ranging from 343 sq ft to 621 sq ft. They were priced between HK$6.49 million (US$834,166) and HK$15.4 million, or HK$17,920 to HK$28,588 per square foot.

Alex Leung, a senior director at CHFT Advisory and Appraisal, said a recent surge in the Hang Seng Index should motivate more buyers to enter the market, adding that developers’ low prices were a motivating factor.

“Transaction volume in the second-hand market will remain suppressed in the coming two months,” he said.

Jeff Zhang, an equity analyst at Morningstar, said a sell-out for the sale this past weekend was expected because of the project’s attractive location and pricing.