New World Development (0017) has named the first residential project of its New World 188, its first large-scale city-industry integrated project in Shenzhen – Wellspring – which is set to launch this quarter.
New World 188 is the company’s latest urban development in Shenzhen. The project has a total gross floor area of approximately 9.7 million square feet, with over 2.3 million sq ft of office space, more than 10 residential towers, a themed shopping street, a kindergarten, a health service center, a cultural event center, and a large underground car park.
Wellspring’s first phase consists of four residential towers with over 1,140 units, comprising large three- to five-bedroom units, spanning 820 to 1,940 sq ft.
The first batch to launch this quarter has around 300 units, featuring large units of three bedrooms or above.
Separately, NWD’s business delivered solid performance. In the mainland’s K11, the number of key projects witnessed a 10 percent year on year increase in average footfall, with apparel sales rising 28 percent, and 3C digital retail rising 25 percent.
The Guangzhou K11 increased footfall by nearly 30 percent with over 10 new store openings, and the Guangzhou Hanxi K11’s cultural heritage theme drove a 50 percent increase in visitors. The K11 ECOAST collaborate with Hong Kong Disneyland, attracting nearly 150,000 average daily visitors. Shanghai K11 saw new member acquisition grew over 100 percent during the festive period.
In Hong Kong, Grand Austin Bohemian sold out all 64 units on launch day. K11 Musea’s portfolio expansion has refreshed over 30 percent of its retail area, and rental income for the upgraded area is expected to see double-digit year on year growth.
K11 Musea maintained 98 percent occupancy, tourist spending surged around 60 percent during the Chinese New Year golden week, with February marking the highest tourist spending month in over two years, up 80 percent.
Gloria Leung
