New World-led Deep Water Pavilia makes strong start, sells 17 flats for over HK$1 billion

The developers of a luxury residential project in Hong Kong’s Southern district pulled in more than HK$1 billion (US$128 million) from the sale of 17 units, as wealthy buyers took advantage of a market downturn to acquire prized assets.

The flats at 447-unit Deep Water Pavilia in Wong Chuk Hang, developed by a consortium led by New World Development (NWD), were sold at an average price of nearly HK$62 million, according to a statement from NWD on Monday. It owns 50 per cent of the project.

A 1,706 sq ft four-bedroom flat fetched HK$82 million, or about HK$48,000 per square foot – the highest in absolute terms and on a per square foot basis in the district in recent years.

The buyers included tycoons from The Peak, the Southern district, Kowloon, as well as affluent individuals from mainland China and overseas, five of whom bought two units each, according to the statement. One buyer spent HK$147.3 million on two four-bedroom flats, including the HK$82 million unit, the statement added.

The project’s success, which is in a prime location overlooking Deep Water Bay and offers convenient access to public transport, was attributable to improved market sentiment and falling interest rates, analysts said.