Latest news with #DeepWaterPavilia
Bloomberg
6 days ago
- Business
- Bloomberg
New World Sells 138 Hong Kong Homes at Discount Within Hours
New World Development Co. and its partners sold 138 apartments in a few hours at a new project after pricing the homes at a discount to lure buyers in Hong Kong's sluggish real estate market. The companies sold the apartments in Deep Water Pavilia in southern Hong Kong Island on Saturday within a few hours, according to New World. The homes were the cheapest of any new residential project in the Southside area. The low price, coupled with declining interest rates, have attracted homebuyers while bringing much-needed cash to the embattled developer.
South China Morning Post
7 days ago
- Business
- South China Morning Post
Homebuyers snap up Deep Water Pavilia flats on the back of discounts, low interest rates
The first batch of flats on offer at the Deep Water Pavilia project on the south side of Hong Kong island are expected to sell out, according to property agents, as homebuyers rushed to snap up available units this weekend on the back of discounted pricing and low interest rates Advertisement As of 1pm on Saturday, 75 of the 138 flats on offer at the New World Development (NWD)-led luxury residential project in Wong Chuk Hang were snapped up, about four hours after sales started, property agents said. All the units on offer, which are worth HK$1.53 billion (US$196 million), are expected to be sold out when sales close this evening, according to Louis Chan Wing-kit, chief executive at Centaline Property Agency. 'Deep Water Pavilia is located on top of an MTR station, which is convenient,' Chan said. 'Sale prices are also lower than other properties in the area, which attracted both end users and investors to buy flats in the project.' Centaline had some big buyers who took part in the weekend property sale, according to Chan. One spent HK$79 million to buy eight two-bedroom flats, while another paid HK$55 million to acquire five two-bedroom flats. The Deep Water Pavilia luxury residential project, wrapped in green mesh, is being built by a consortium led by New World Development. Photo: Dickson Lee The strong sales of the Deep Water Pavilia project reflect how the city's major property developers are continuing to offer hefty discounts to reduce their inventories amid ample supply.
Bloomberg
13-06-2025
- Business
- Bloomberg
New World's Luxury Ambition Collides With Hong Kong Property Downturn
In a gentrifying neighborhood near a picturesque marina, the ambition of a troubled Hong Kong property developer is colliding with harsh economic realities. Deep Water Pavilia has all the high-end hallmarks of an era when New World Development Co. was pursuing visions of grandeur under its artistic chief executive, Adrian Cheng. But now the project is nearing completion with the company struggling, Cheng in a new role and the city's residential real estate in its fourth year of decline. The sprawling development has become a symbol of both the company's desperate need for cash and of an intensifying price war gripping the market.
South China Morning Post
27-05-2025
- Business
- South China Morning Post
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. Deep Water Pavilia overlooks Deep Water Bay and offers convenient access to public transport. Photo: Handout 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.
