New Business
Hong Kong’s NWD raises prices for State Pavilia flat sale amid ‘enthusiastic’ interest
New World Development (NWD) raised prices for a new batch of units in a sought-after residential project on Hong Kong Island, as prospective buyers outnumber the project’s supply of flats by more than 28 times.
The developer said the response to the 388-unit State Pavilia project on King’s Road in North Point has been “enthusiastic”, as more than 4,800 buyers had written cheques for a chance to buy one of 168 listed units as of Tuesday night.
The 39 units in the third price list, unveiled on Tuesday, are priced between HK$6.35 million (US$815,000) and HK$20.39 million after discounts, or HK$16,888 to HK$28,088 per square foot. The list comprises 15 one-bedroom units, 23 two-bedroom homes and a single three-bedroom unit, ranging from 321 sq ft to 726 sq ft.
“It is an increase from the previous price list,” NWD said. The cheapest flat in the latest batch is priced about 0.5 per cent higher than the HK$6.32 million price of the cheapest unit among the 55 homes on the development’s second price list, which was unveiled on Monday.
More than 2,850 prospective buyers wrote cheques for a chance to buy the 88 units that were put up for sale in the project’s first price list, which was released on Thursday.
The developer will launch the sale on Saturday. The project is the first phase of NWD’s redevelopment of the site of the former State Theatre.
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