New World Development starts construction on two Northern Metropolis projects

Hong Kong’s New World Development (0017) said it is ramping up investment in the city’s Northern Metropolis, starting construction this year on two large residential projects that will deliver about 3,000 flats from 2027.

The developer said it has more than 2 million square feet of attributable gross floor area scheduled for land exchange over the next one to two years, including the second site of its Yuen Long South project and the Lam Hau Tsuen project in Yuen Long, supporting its business growth.

New World currently holds about 15 million square feet of agricultural land, much of it in prime Northern Metropolis locations, and has been accelerating land conversion following exchanges at Ma Sik Road in Fanling and Yuen Long South, it added.

Meanwhile, the company said its State Pavilia project in North Point sold out all 388 units in December, generating more than HK$4.2 billion in sales, while 63 units at its Austin Bohemian project in Jordan were also fully sold on launch day this month.

On the mainland, New World said its K11 projects in cities including Shenzhen, Wuhan and Shenyang saw strong footfall growth driven by retail events and entertainment tie-ups, while residential projects in South China continued to post solid sales momentum.