Hong Kong homebuyers flock to NWD's State Pavilia amid ‘attractive' pricing
Published: 4:23pm, 15 Feb 2025 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. 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. 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 some dose of optimism to NWD, as the property developer scrambles to dispose of assets to reduce its HK$123.7 billion debt load.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTHK
6 hours ago
- RTHK
Workers urged to report labour import violations
Workers urged to report labour import violations Chris Sun says workers can call a Labour Department hotline if they suspect they have been laid off illegally. Photo: RTHK Labour minister Chris Sun on Thursday said people who suspect they were laid off by their employer in order to be replaced by workers from outside the city should file official complaints. Sun said he is aware that some people have been making such claims recently, stressing that such moves by employers would be illegal. He added that by law, companies are required to employ two local people for every imported worker they have on their books. Sun said officials will investigate complaints made through the Labour Department's 2150 6363 hotline. The minister said more spot checks will also be conducted, especially in the catering sector. "If officials find and confirm any violation during the checks, we will consider imposing executive sanctions against the company," he told reporters after attending an event. "These include cancelling the labour import quota allocated to the firm, or that for a certain period of time going forward, we will refuse all their import applications." Sun stressed that local workers will always get priority when it comes to jobs. Meanwhile, the minister said around 100 former employees of King Parrot Group have sought help from the Labour Department over HK$9 million in unpaid wages and severance pay. The group, which owned a number of restaurants, informed staff earlier this week that it was ending its operations.
HKFP
6 hours ago
- HKFP
New head of Hong Kong's Foreign Correspondents' Club Morgan Davis vows to hold the line
The new head of Hong Kong's Foreign Correspondents' Club (FCC) has told HKFP the press club will 'stay the course' under her tenure by supporting journalists and seeking dialogue with governments. Morgan Davis, the Asia Bonds Editor at the UK-headquartered International Financing Review, stood as the sole candidate for president last month, replacing Lee Williamson of the South China Morning Post as chief following elections last month. 'We will continue the same process for issuing press freedom statements and I do not anticipate any changes to our approach this year,' she told HKFP on Thursday over email. 'I believe these are an important tool for us at the club to signal our support for journalists in the region, and we, of course, welcome an open dialogue with governments and regional leaders on these events and topics.' A Hong Kong resident of nine years, Davis was born in Illinois, US and studied journalism in New York. She served as an FCC board member for three years ahead of taking the helm, and also teaches international journalism to master's students at Hong Kong Baptist University. Meanwhile, Williamson posted a farewell messages across social media on Wednesday, saying that he was 'deeply grateful to every single member of both boards over the last two years for their support and counsel, which have been invaluable.' He said that the club had issued 21 press freedom statements over the past two years, with 14 relating to Hong Kong. The FCC Journalism Conference and Charity Committee returned under his leadership, whilst correspondent and journalist membership rose by 6.5 per cent since last year, he added. Gov't lease The club leases a venue from the government at the Old Dairy Farm Depot on Lower Albert Road in Central. After being renewed in 2022 for three years, with new national security clauses added, the agreement is set to expire at the end of this year. Davis told HKFP she was focused on ensuring the lease was renewed: 'I am confident the club has demonstrated its commitment to keeping its home as we invested HK$5.9m to maintain our heritage building. We have proven ourselves to be an integral part of the Hong Kong community through our charity work, our professional programs for journalists, and our club events, which support an open dialogue on relevant issues. ' In 2018, former Hong Kong leader Leung Chun-ying suggested that the lease could be cancelled after the club hosted a talk by a pro-independence activist. Press freedom concerns Hong Kong has plummeted in international press freedom indices since the onset of the 2020 and 2024 security laws. Watchdogs cite the arrest and jailing of journalists, raids on newsrooms and the closure of around 10 media outlets including Apple Daily, Stand News and Citizen News. Over 1,000 journalists have lost their jobs, whilst many have emigrated. Meanwhile, the city's government-funded broadcaster RTHK has adopted new editorial guidelines, purged its archives and axed news and satirical shows. In 2022, Chief Executive John Lee said press freedom was 'in the pocket' of Hongkongers but 'nobody is above the law.' Although he has told the press to ' tell a good Hong Kong story,' government departments have been reluctant to respond to story pitches.
RTHK
6 hours ago
- RTHK
Tech losses lead Hang Seng Index to lower close
Tech losses lead Hang Seng Index to lower close The benchmark Hang Seng Index ended the day down 331.56 points, or 1.36 percent, to close at 24,035.38. File photo: RTHK Stocks in mainland China and Hong Kong ended mostly lower on Thursday, led by declines in the tech sector, as markets struggled to sustain the positive momentum from the Sino-US trade talks that lacked concrete details. In Hong Kong, the benchmark Hang Seng Index ended the day down 331.56 points, or 1.36 percent, to close at 24,035.38. The Hang Seng China Enterprises Index slid 1.53 percent to end at 8,729.96 while the Hang Seng Tech Index slumped 2.20 percent to 5,331.33. Mainland Chinese stocks ended up mixed, with the benchmark Shanghai Composite Index up 0.01 percent at 3,402.66 and the Shenzhen Component Index closed 0.11 percent down at 10,234.33 The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, gained 0.26 percent to close at 2,067.15. Among major losers, chipmaker SMIC fell 2 percent to a one-week low. Alibaba weakened 3.2 percent and EV maker Xpeng slid 6.7 percent. The CSI Rare Earth Index closed flat after slipping nearly 1 percent in the morning session and continued to hover near its seven-month high. A trade truce between the world's two biggest economies was back on track, US President Donald Trump said, a day after negotiators from Washington and Beijing agreed on a framework to ease bilateral retaliatory tariffs. Under the agreement, Beijing will lift export curbs on rare earth minerals and the United States will restore Chinese students' access to its universities, Trump said on Truth Social. Yet the terms remain subject to final approvals, with details notably absent. The 55 percent tariffs on Chinese imports will also stay, US Commerce Secretary Howard Lutnick said. "We still don't know if what Trump says will actually happen. It's disappointing that the tariffs rates were not dialled down at all and tech curbs on China were not even mentioned," said Jason Chan, senior investment strategist at Bank of East Asia, Hong Kong. The talks left key issues, like chip exports, unaddressed, leaving room for conflicts in the future, and no one knows for how long the current truce will last, he added. Chinese markets have been struggling to recover from trade shocks for the past two months after Trump announced sweeping tariffs on April 2 that threatened the global trade system. The CSI 300 Index has barely eked out any gains since then, while the Hang Seng Index has climbed 3.5 percent, but the two are underperforming the nearly 10 percent bounce in the MSCI World Index . The market is less sensitive to trade talks and investors are shifting focus to economic fundamentals, Wang Zhuo, partner at Zhuozhu Investment, said. "The key for China now is to bolster manufacturers' confidence and break the deflationary trend." (Reuters/Xinhua)
