The latest residential project of New World Development (NWD) received a warm reception on Saturday, as Hong Kong homebuyers snapped up flats on offer at State Pavilia in North Point even after prices were raised for the batch on sale this weekend.
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As of 3pm, NWD – controlled by the family of chairman Henry Cheng Kar-shun – sold 103 of the 168 units on offer in the initial phase of the firm’s redevelopment project at the site of the former State Theatre, according to property agents.
“The pricing is attractive and the developer is expected to put more flats on sale,” said Louis Chan Wing-kit, chief executive of Centaline Property Agency.
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 wrote cheques as of Tuesday night for a chance to buy one of the 168 flats put on sale this weekend.
The batch on offer comprises 44 one-bedroom flats, 122 two-bedroom units and a couple of three-bedroom flats, with prices ranging from HK$6.05 million (US$777,189) to HK$20.4 million after discounts. That translates to a per-square-foot price of between HK$16,888 and HK$28,088.
The brisk sales for State Pavilia may inject some dose of optimism to NWD, as the property developer scrambles to dispose of assets to reduce its HK$123.7 billion debt load.
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