Deepwater Pavilia sells over $1b in sea-view apartments upon launch

Deep Water Pavilia, Phase 5A of The Southside project in Wong Chuk Hang, sold 17 large sea-view units facing Deep Water Bay via tender on launch day, raking in around HK$1.05 billion, the first new development this year to surpass HK$1 billion in single-day sales.

The project was jointly developed by New World Development (0017), Empire Group, CSI Properties (0497), Lai Sun Development (0488), and MTR Corporation (0066).

Cannas Ho Ka-yan, General Manager of Business and Marketing for Special Projects at NWD, said unit transaction prices ranged from HK$41.93 million to HK$81.89 million, with prices per square foot between HK$33,250 and HK$48,000. The average price per unit was close to HK$62 million, while the average price per sq ft approached HK$40,000.

Ho said that among the buyers at Deep Water Pavilia, five wealthy individuals each purchased two units, with the largest buyer – a foreign investor – spending HK$147.32 million on two rare luxury apartments.

Peacock, a 1,706-sq-ft, four-bedroom unit on the 37th floor of Tower 1A, sold for HK$81.89 million at HK$48,000 per sq ft, setting new price records for the Southside area this year and marking the highest per-square-foot price in the district in two years.

STAFF REPORTER