Homebuyers snap up Deep Water Pavilia flats on the back of discounts, low interest rates
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
13 minutes ago
- South China Morning Post
Shein's revenue rises to US$10 billion in first quarter, before Trump tariffs
Shein Group 's net income rose to over US$400 million and revenue was almost US$10 billion in the first quarter as consumers snapped up the fast-fashion retailer's products ahead of US tariffs, according to people familiar with the matter. The performance helped lift the company's profit margin to about 5 per cent, the people said, asking not to be identified because the figures were disclosed confidentially. Shein said in an emailed statement that 'the data is inaccurate' without elaborating. The company's path toward an initial public offering has developed into a saga, with an initial plan to list in the US derailed as its supply chain and labour practices were scrutinised. Shein also considered the UK before opting for Hong Kong, where it confidentially filed a draft prospectus, Bloomberg reported in July. The clothing retailer, which was founded in mainland China and is headquartered in Singapore, does not disclose its financial figures publicly and it is unclear how Shein fared in the April-June quarter, which kicked off with US President Donald Trump's 'Liberation Day' tariff announcements.
South China Morning Post
an hour ago
- South China Morning Post
Why do mainland China's wealthiest families pick Hong Kong courts to mediate their feuds?
An increasing number of wealthy mainland families have been opting to come to Hong Kong for mediation services to solve disputes instead of going to court, according to an expert. Advertisement 'There is an increased demand for family mediation services in Hong Kong in recent years, particularly from [mainland] Chinese families,' said Ann Cooley, founder of Hong Kong-based Cooley Family Office, which has offered mediation services to help family offices handle their disputes for three decades. 'Hong Kong is going to benefit from such a trend because the city is an international mediation centre with many experts in this area,' Cooley said in an interview on Thursday. 'Being part of China and the Greater Bay Area means that many wealthy mainland families can take the high-speed train to travel to Hong Kong within an hour to meet their bankers to manage their wealth, as well as to find experts to resolve their family disputes,' she said. Ann Cooley, founder of Pacific Hawk Asset Management Limited, Cooley Family Office, on July 24, 2025. Photo: Edmond So The hidden disputes of wealthy mainland families have come under the microscope recently with the legal battle surrounding the family of Zong Qinghou, the late founder of China's biggest beverage company, Hangzhou Wahaha Group, barely 12 months after his death.
South China Morning Post
2 hours ago
- South China Morning Post
HKMA's strict stablecoin regime to shape Hong Kong's crypto future
Hong Kong's stablecoins ordinance, which took effect on Friday, puts cryptocurrency's most-traded cash substitute under the same regulatory framework as banks, triggering a rush for a limited number of licences from the Hong Kong Monetary Authority (HKMA). Advertisement Some market observers were caught by surprise after learning that the first batch of stablecoin licences was only expected to be issued early next year , as the regulator adopted a prudent approach to ensure the sustainable development of its digital asset initiative. The HKMA said on Tuesday that only 'a handful' of licences would be issued initially, to calm a hyped-up market. Since the beginning of this year the share prices of some companies have soared simply after suggesting plans to develop stablecoin operations, as the prospects of crypto and digital asset adoption become more mainstream. While the key benefits of stablecoins – digital tokens backed by fiat currencies or other reserve assets – such as cost savings, efficiency and transparency were established, the number of successful candidates could be limited due to the HKMA's stringent criteria aimed at making the city a leading digital asset hub, according to analysts. Many local, mainland Chinese, regional and global players have expressed interest in applying for stablecoin licences. Photo: Shutterstock 'The regime will filter out those unable to align with the strict regulations, produce viable use cases and demonstrate financial stability,' said Cora Ang, head of legal and compliance for Asia-Pacific at Amina Group, a Swiss financial services firm focused on virtual assets.
