Latest news with #WongChukHang
South China Morning Post
4 days ago
- Business
- South China Morning Post
NWD-led group gets US$166 million from sale of 24 luxury homes in Southern district
A consortium of developers, led by New World Development (NWD), raked in HK$1.3 billion (US$166 million) from the sale of 24 luxury units in Hong Kong's Southern district, as wealthy buyers take advantage of a market downturn to acquire prized assets. Advertisement On Friday, a 1,706 sq ft, four-bedroom unit in Deep Water Pavilia, a 447-unit luxury residential project in Wong Chuk Hang, sold for HK$85.3 million, or HK$50,000 per square foot – the highest in absolute terms and on a per-square-foot basis in the district in recent years, according to a statement from NWD on Friday. The developer owns 50 per cent of the project. The deal broke a record set just a few days earlier by a unit of the same size in the same development, which sold for HK$82 million. The buyers of the 24 flats included people from The Peak, the Southern district, Kowloon, as well as affluent individuals from mainland China and overseas, five of whom bought two units each, NWD said on Monday. One foreign buyer spent HK$147.3 million on two four-bedroom flats, including the one that cost HK$82 million. Analysts attributed the project's success – which benefits from a prime location overlooking Deep Water Bay and easy access to public transport – to improving market sentiment and declining interest rates. Advertisement The one-month Hong Kong interbank offered rate (Hibor), which is linked to mortgage loans, is currently at its lowest point in nearly three years.
South China Morning Post
27-05-2025
- Business
- South China Morning Post
New World-led Deep Water Pavilia makes strong start, sells 17 flats for over HK$1 billion
The developers of a luxury residential project in Hong Kong's Southern district pulled in more than HK$1 billion (US$128 million) from the sale of 17 units, as wealthy buyers took advantage of a market downturn to acquire prized assets. The flats at 447-unit Deep Water Pavilia in Wong Chuk Hang, developed by a consortium led by New World Development (NWD), were sold at an average price of nearly HK$62 million, according to a statement from NWD on Monday. It owns 50 per cent of the project. A 1,706 sq ft four-bedroom flat fetched HK$82 million, or about HK$48,000 per square foot – the highest in absolute terms and on a per square foot basis in the district in recent years. The buyers included tycoons from The Peak, the Southern district, Kowloon, as well as affluent individuals from mainland China and overseas, five of whom bought two units each, according to the statement. One buyer spent HK$147.3 million on two four-bedroom flats, including the HK$82 million unit, the statement added. Deep Water Pavilia overlooks Deep Water Bay and offers convenient access to public transport. Photo: Handout The project's success, which is in a prime location overlooking Deep Water Bay and offers convenient access to public transport, was attributable to improved market sentiment and falling interest rates, analysts said.
RTHK
14-05-2025
- Business
- RTHK
Hope grows for private school debentures refund
Hope grows for private school debentures refund Some parents complain that Han Academy failed to repay them as promised after their children left the school. File photo: RTHK Parents who bought debentures at troubled private school Han Academy will get their money back by the end of this year, according to its founder. A group of parents filed complaints with the police in December, saying Han Academy had failed to repay them as promised after their children left the Wong Chuk Hang school. According to the institution's website, parents who enroll their children from the 2020-21 academic year must join a capital contribution scheme. One of the options was a debenture of HK$600,000, with HK$45,000 deducted every year and the remaining amount refunded when the student leaves the school. School founder Xu Li said in a social media post that a white knight investor has stepped in and debt restructuring is proceeding at Han Academy. The school's operating body has made four installment payments to its creditors and is expected to fully repay all debentures purchased by parents of former students by the end of this year, she said. Police said they had received 19 complaints regarding the issue as of Monday, involving HK$21 million in total. The case is listed as request for police investigation, and no arrests were made. In response to media enquiries, the Education Bureau said it has been monitoring the school's operating and financial situation. It noted it has urged the school to properly handle parents' enquiries, warning that it will take serious follow-up action if the school was found to have made false statements.
