Hong Kong developer NWD sells out State Pavilia flats on offer amid ‘attractive’ pricing

As of 6.22pm, New World Development sold out all of the 168 units on offer this weekend at its latest residential project in North Point

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Potential buyers form a long queue at the Quarry Bay sales office for New World Development’s State Pavilia project in North Point. Photo: Edmond So

Published: 4:23pm, 15 Feb 2025Updated: 7:11pm, 15 Feb 2025

New World Development (NWD) on Saturday recorded a sell-out at its State Pavilia project in North Point, as “enthusiastic” Hong Kong homebuyers brushed aside the raised prices of the batch of units offered this weekend.

As of 6.22pm, NWD – controlled by the family of chairman Henry Cheng Kar-shun – sold out all 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.

Potential buyers crowd the entrance to the Quarry Bay sales office for New World Development’s State Pavilia project. Photo: Edmond So

The brisk sales for State Pavilia may inject a dose of optimism to NWD, as the property developer scrambles to dispose of assets to reduce its HK$123.7 billion debt load.