New World ramps up luxury home sales in Hong Kong and mainland China

New World Development (NWD) is ramping up the delivery of residential projects in Hong Kong and mainland China after raising more than HK$13 billion (US$1.7 billion) from the sale of luxury flats in the city.
The Hong Kong-based developer, which is undergoing the biggest debt workout in three generations of ownership by the Cheng family, will hold a ready-for-occupancy sale for The Pavilia Forest in Kai Tak in September, the company said on Thursday.

“This quarter, three luxury residential projects will be delivered, steadily accelerating capital recycling,” it said, noting that Hong Kong’s primary property market was strong.

More than 600 flats have been sold in The Pavilia Forest project, developed jointly by NWD and Far East Consortium, generating more than HK$4.2 billion in sales, the company said. The project will be handed over to buyers in September.

The Deep Water Pavilia residential project in Wong Chuk Hang. Photo: Handout
The Deep Water Pavilia residential project in Wong Chuk Hang. Photo: Handout
Meanwhile, Deep Water Pavilia II, another joint project between NWD, Empire Group, CSI Properties, Lai Sun Development and MTR Corp in Wong Chuk Hang, recently offered 88 units in the first batch of sales for phase 5B comprising 378 flats. In total, 82 units were sold.

NWD said as of Wednesday it had sold 500 units in Deep Water Pavilia and Deep Water Pavilia II, generating nearly HK$8.8 billion.

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