State Pavilia flats will be sold at super-luxury prices

Cici Cao and agencies

New World Development (0017) yesterday named an upscale residential project within the mixed-used redevelopment of the historic State Theatre in North Point as the State Pavilia.

Prices would be based on other super-luxury projects in the city.

It offers 388 one- to four-bedroom homes and some three- and four-bedroom flats with sea views will be sold by tender.

NWD received approval for the project in 2023, saying the redevelopment would not affect the restoration and preservation plan for the building it acquired in a compulsory sale in 2020 for HK$4.77 billion.

The theater first opened in 1952 and was declared a Grade I historic building by the Antiquities Advisory Board in 2017.

NWD general manager of business and marketing for special projects Cannas Ho Ka-yan said pricing at the landmark property on Hong Kong Island, will be based on the prices of super-luxury mansions.

The group is confident that the project will sell well, she added.

Deals in luxury properties have soared significantly since the government removed property cooling measures and included residential properties above HK$50 million in its new investment visa immigration scheme, according to Ho.

Transactions of luxury properties above HK$30 million have increased by 1.5 times year-on-year in the first 10 months, while the deals on Hong Kong Island have doubled, she added.

NWD's shares rebounded as its new chief executive Echo Huang Shaomei eased market concerns amid the reveal of the project.

It resumed trading yesterday, with shares up 6.8 percent at one point before closing 2.8 percent higher at HK$6.61 apiece.

Market watchers believe new chief executive, who has strong experience in mainland development and management alongside rich connections in the mainland, will help boost New World's mainland business to the next level.

In other news, Asia Standard International (0129) sold a flat at High Park II for HK$4.22 million yesterday. Over two phases, the project has sold 515 flats for a total of over HK$2.5 billion.

In Tuen Mun, Sun Hung Kai Properties (0016) raised prices by 1 percent for 10 one-bedroom units in Novo Land 3B. It will put 155 flats up for sale this Friday.

In Kai Tak, The Knightsbridge, co-developed by six developers including Henderson Land (0012), sold a four-bedroom flat for HK$57.33 million by tender.