Winnie Lee
New World Development (0017) sold a four-bedroom flat in the third phase of the Pavilia Farm in Tai Wai at HK$35,000 per square feet, setting a record for New Territories standard flats.
The 1,269 sq ft unit fetched a top price of HK$44.42 million.
Three four-bedroom units were sold through tender yesterday for prices ranging down from that to HK$39 million.
The Pavilia Farm has seen 2,942 flats sold in nine months, accounting for 95 percent of the whole project. That amounts to nearly HK$36.2 billion.
Its chief executive Adrian Cheng Chi-kong pointed out that the market is eager for high-quality real estate, which has resulted in excellent sales. The group quickly launched additional units to meet market demands.
Sales for 85 more units will open Saturday, while another 10 units will be open for tender.
That came as The Development Studio named its 23-story project in Sheung Wan's Tung Street as 42 Tung St, offering 13 units.
The project has two types of flats: nine 585 sq ft standard flats and four 1,157 sq ft duplex flats. Each flat has a private lift.
The price list for the nine standard flats is expected to drop a few days later and flat sales are expected to open early next month.
The MTR station is a six-minute walk.
The developer expects per-sq-ft price to hit new highs for similar buildings.
Construction will finish on September 30 next year.
Meanwhile, Far East Consortium International (0035) has named its Sha Tin luxury project Mount Arcadia, offering 62 units and four houses.
The units range from 1,018 to 1,548 sq ft, while the four houses are more than double those sizes at 2,800 to 3,400 sq ft.
The project will open for sale next month and will use flats in Kau To Shan as a price reference.
