Deep Water Pavilia – Phase 5A of The Southside project in Wong Chuk Hang – together with The Pavilia Forest in Kai Tak, have generated more than HK$14.6 billion, propped up by an optimistic property market sentiment, according to New World Development (0017).
The Deep Water Pavilia project has sold 574 flats as of the end of August, cashing nearly HK$10 billion, with an average price per square foot of HK$27,000, the company said.
It is jointly developed by NWD, Empire Group, CSI Properties (0497), Lai Sun Development (0488), and MTR Corporation (0066).
Meanwhile, The Pavilia Forest, co-developed by NWD and Far East Consortium International (0035), has sold 663 units, raking in over HK$4.6 billion, NWD said.
The development is expected to be completed next month, the company added.
Concurrently, NWD noted that its commercial properties K11 Musea and K11 Art Mall had achieved their highest monthly customer traffic in August, up 20 percent year-on-year, driven by mega events.
The average transaction value of consumers at K11 Musea also increased by 30 percent during this summer holiday, the developer said.
In mainland China, its K11 Select in Tianjin saw a 12 percent year-on-year growth in customer traffic in July, reaching a record high of over 430,000, while total sales rose 19 percent yearly, NWD said.
Moreover, NWD revealed that monthly sales at Shenzhen's K11 ECoast rose 20 percent in both July and August, while K11 in Guangzhou showed a 36 percent increase in customer traffic during the summer holidays, with sales rising 24 percent.
HELEN ZHONG
