New World puts more Pavilia Bay flat on market

Business | Dominique Nguy 17 Jan 2017

New World Development (0017) launched another 203 flats at its joint project with Vanke Property in Tsuen Wan West, The Pavilia Bay.

Sizes of the units range from 306 to 1,366 saleable square feet, with listed prices between HK$5.17 million and HK$33.66 million.

The average discounted price per ssf is HK$15,066. The developer said there was an overall hike of 3 to 5 percent compared to the first price list released last Friday for 197 units.

BNP Paribas managing director Lee Wee-liat said it would be difficult for local home prices to fall as there is still insufficient supply.

He said Hong Kong needs about 30,000 to 35,000 new flats every year, but the actual supply is still some way below this level.

Lee said the government's latest market cooling measures introduced last November - a flat rate of 15 percent stamp duty for non-first time buyers - will mostly affect sales of small flats but demand for medium and large flats will remain constant.

He said he believes the new administration will continue the housing policies of the current regime, and will only consider scaling back the cooling measures if home prices fall significantly.

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