Hong Kong’s NWD puts another 55 units at State Pavilia up for sale at a low price

Enthusiastic buyers oversubscribed the sale of a first batch of flats last week

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The State Theatre building in North Point. Photo: Jelly Tse

Published: 4:30pm, 10 Feb 2025

New World Development (NWD) said it put another 55 units at its latest residential project on the market at a low price after buyers oversubscribed the sale of a first batch of flats last week.

NWD released the second batch of flats at its State Pavilia development in North Point on Sunday after more than 2,850 prospective buyers wrote cheques for a chance to buy the 88 units that were put up for sale at below-cost prices on Thursday, according to agents. The developer was likely to launch its new sale this weekend.

The second price listing included 11 one-bedroom units and 44 two-bedrooms flats, ranging from 351 sq ft to 621 sq ft. These flats were priced from HK$6.32 million (US$811,466) to HK$14.06 million, or HK$17,613 to HK$22,618 per square foot.

The average price per square foot for the new batch is HK$18,998, up 2.5 per cent from the first list.

The embattled developer has been scrambling to generate cash so it can trim its HK$123.7 billion debt load. It priced the first 88 units in State Pavilia – the first phase of its redevelopment project at the site of the former State Theatre in North Point – at an average of HK$18,540 per square foot. That was an eight-year low in the Eastern district, according to Centaline Property Agency.

The first price list was below some analysts’ expectations. It was around 13 per cent lower than its accommodation value of about HK$21,500, surveyors said. The accommodation value is the land acquisition cost divided by the gross floor area permitted for the project.