New World hits HK$26 bln sales target early as luxury homes drive demand

New World Development (0017) said it has achieved its HK$26 billion full-year contracted sales target ahead of schedule, boosted by strong demand for its high-end residential projects in both Hong Kong and mainland China.

The developer sold over 330 units at Deep Water Pavilia, its luxury project in Wong Chuk Hang, as of June 25, with around 70 percent of buyers opting for cash payment plans. Prices reached nearly HK$50,000 per square foot, and half of the buyers were local, the company said.

Other luxury offerings under its “Pavilia Collection” also performed well, including The Pavilia Forest in Kai Tak and State Pavilia in Mid-Levels, which attracted expatriate and overseas buyers. More than 580 units were sold at Pavilia Forest and 320 at State Pavilia, with top prices hitting HK$51,000 per square foot.

On the mainland, New World highlighted the robust performance of its Guangzhou and Shenyang projects, and said its K11 ECOAST mall in Shenzhen recorded peak daily footfall of 300,000 in May.

STAFF REPORTER