Units at New World Development’s grade A commercial building in Cheung Sha Wan have hit HK$600 million in sales in merely an hour, breaking transaction records on non-residential property.

The sales launch this morning was the first commercial property to go on sale following the elimination of the double stamp duty on non-residential property transactions.

Recently, NWD announced its price list for No. 888, Lai Chi Kok Road in Cheung Sha Wan, offering 30 units in its first phase which were snapped up this morning in the space of an hour.

The average price per sq. ft. was about HKD 13,000, with the cost of each unit ranging from HKD 7.752 million to HKD 33.439 million, resulting in a stunning total of HKD 600 million in sales.

Adrian Cheng, Executive Vice Chairman and Chief Executive Officer of New World Development said the sales launch amid the Covid outbreak was a strong affirmation from the market of the New World brand.

“In spite of the pandemic, the Group has achieved splendid sales results for its Grade A commercial block at No. 888 Lai Chi Kok Road. This resounding success follows New World’s record-breaking achievement in launching The Pavilia Farm,” said Cheng.

He added the success of these launches reflects a renewed positivity in the commercial property market as a result of the reduction in stamp duty and a fourth quarter rebound linked to the low interest rate.

In 2017, New World Development began the acquisition process for three commercial sites in Cheung Sha Wan with a GFA of nearly 1.9 million sq. ft. No. 888 Lau Chi Kok Road will be modified to create a 28-story Grade A office building with a floor area per unit ranging from 502 to 2,613 sq. ft., with a total floor area that comes to a little over 24,000 sq ft. Completion is expected in April 2022.

NWD commercial unit sales reach HK$600m in an hour