Deep Water Pavilia in Wong Chuk Hang priced the first batch of 101 homes starting from HK$8.5 million after discounts, making it the cheapest among the Southside series, as developers continue to focus on reducing inventory.
Jointly developed by five developers including New World Development (0017), the discounted prices of 78 units were lower than HK$10 million, while 68 units were priced at less than HK$20,000 per square foot.
The units in the first price list span from two-bedroom to four-bedroom layouts, of which 95 units were two-bedroom.
Compared to the previous new project of the Southside, Blue Coast II, was priced at HK$18,998 to HK$24,099 per sq ft after about 3 percent discounts in its first price list in October last year.
New World Development said it believed the price is attractive, adding that there is room for further price adjustments.
The show flat will be open to the public on Friday, with sales expected to start as early as next week.
Deep Water Pavilia provided 447 units in total, with the sizes ranging from 408 to 3,120 sq ft.
Located on the eastern part of the Southside, the project has a gross floor area of approximately 636,000 sq ft. Its estimated land premium is about HK$6.4 billion, with a land premium rate of around HK$10,119 per sq ft.
Helen Zhong
