Latest news with #StatePavilia
South China Morning Post
15-04-2025
- Business
- South China Morning Post
Hong Kong's first-quarter home purchase forfeitures drop in boost for market sentiment
Wavering sentiment in Hong Kong's residential property market appears to have stabilised, as prices have declined far enough to persuade more buyers to follow through with their commitments, according to one of the city's largest networks of sales agents. Advertisement Forfeitures of deposits, a proxy for homebuyers' confidence, declined to 83 cases in the first three months of this year, a 20 per cent drop from the 104 cases in the last quarter of 2024, according to Centaline. The figure fell 47 per cent year on year, the agency said. Confidence was bolstered by a policy last year by the Hong Kong Monetary Authority (HKMA) to relax mortgage requirements for buyers of in-progress flats, which reduced the risk that the buyers would forego the initial deposits placed at the peak of the market, said Yeung Ming-yee, a senior associate director at Centaline. The policy, introduced in December, was a one-off scheme to allow buyers who had bought under-construction homes during the market peak to pay in stages, thus easing their financial burden. Under the plan, banks may lend up to 80 per cent the value of the homes, while the debt-servicing ratio is adjusted to 60 per cent from 50 per cent. Potential buyers at the sales office of State Pavilia project developed by New World Development at K11 Atelier in North Point on February 15. Photo: Edmond So The scheme covered uncompleted homes for self-occupation sold between January 1, 2021 and December 31, 2023, where the buyer had paid more than the valuation for the property.
South China Morning Post
19-02-2025
- Business
- South China Morning Post
Henderson cuts prices as Hong Kong developers jump at warming market
Hong Kong's property developers are putting more new projects on the market at discounted prices, as they take advantage of warming sentiment in the city's tepid real estate market amid a massive supply glut. Henderson Land Development has offered to sell the first 63 units of 313 flats at its Eight Southpark project in Kowloon City at an average price of HK$17,388 per square foot, the developer said on Wednesday. The sale price of the 27-storey project at 8 Nam Pok Road was about 10 per cent cheaper than comparable properties in the same neighbourhood and in Kai Tak, agents said. Henderson's price list comprises 37 one-bedroom units and 26 flats with two bedrooms each, ranging from 258 sq ft to 349 sq ft, priced between HK$4.1 million and HK$6.87 million (US$883,400), or HK$15,591 to HK$20,084 per square foot. The developer said it might launch the first sale at the end of February. Home builders have quickened their sales pace amid tentative signs of improving sentiment, after New World Development sold all 168 of its State Pavilia flats in North Point last weekend. State Pavilia, the first phase of New World's redevelopment of Hong Kong's iconic State Theatre site, was priced at a massive discount. Photo: Jelly Tse State Pavilia, the first phase of New World's redevelopment of Hong Kong's iconic State Theatre site, was priced at a massive discount on February 6, a move that took the market by surprise, but which energised buyers. A recent surge in Hong Kong's benchmark Hang Seng Index also motivated more buyers to enter the property market, agents said. Henderson was not alone in rushing to launch. Wang On Properties released the price list of the first 30 units of its Coasto project in Ap Lei Chau at HK$17,085 per sq ft on average, about 36 per cent cheaper than the Aruna project built by Chuang's China Investment, launched in June 2023, according to Centaline Properties.
South China Morning Post
15-02-2025
- Business
- South China Morning Post
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.
