New World Development (0017) said its K11 Musea mall recorded a 40 percent year-on-year sales growth in the first half of the year, marking its strongest first-half performance since opening.
Newly introduced brands also achieved an average sales growth of 30 percent, the developer said, adding that it will continue to advance the mall’s brand upgrade program in the year.
On the residential front, New World had sold a total of 67 units at its luxury project Pavilia Rosa in Kowloon Tong, generating sales proceeds of over HK$2.8 billion.
Transactions recorded in September included a flat with a saleable area of 831 square feet and a 213-square-foot garden. Featuring a three-bedroom ensuite layout with utility room and lavatory, the unit was sold for HK$37.4 million, or HK$45,000 per square foot, setting a new price-per-square-foot record for the project’s three-bedroom units.
The developer also sold nine flats at the Pavilia Farm III atop Tai Wai Station and raked in over HK$160 million. The Pavilia Farm Series , developed jointly by NWD and MTR Corporation (0066), saw a total of 409 residential units change hands for HK$6.7 billion as of the end of last month.
In the mainland, construction of New World 188 in Shenzhen is progressing steadily on schedule, with the topping-out of the first-phase residential component, Wellspring, marking a new phase for the project, said the company.
Comprising four residential towers, the phase will provide 1,142 units, offering three- to five-bedroom layouts with gross floor areas ranging from approximately 818 to 1,938 sq ft. Units are currently being launched in phases, it said.
Located in Shenzhen’s Nanshan District, the group’s the Bay Pavilia is a large-scale integrated development spanning premium residences, Grade-A offices and commercial facilities, with a total gross floor area of approximately 1.6 million sq ft.
Its residential component is the first in the mainland under the group’s Pavilia Collection, marking the group’s growing footprint in the premium residential segment in the market, the developer added.
