State Pavilia rakes in $400m

June Chen

State Pavilia, the high-end residential project within New World Development's (0017) redevelopment of the historic State Theatre in North Point, sold 10 flats in a week for nearly HK$400 million, at an average of HK$34,300 per square foot.

The project may put its last special unit with four bedrooms and a 934-sq-ft rooftop up for sale by tender before the Chinese New Year, NWD general manager of business and marketing for special projects Cannas Ho Ka-yan said.

NWD is battling high debt levels and a slumping property market and yesterday the company said it had not started any discussions with creditors regarding a proposal to restructure its existing debt.

The embattled developer's clarification came after it noted certain "market rumors" over restructuring talks.

Last month, Bloomberg had reported that NWD was in talks with banks to extend the due dates of some bilateral loans.

In Ho Man Tin, St George's Mansions, developed by Sino Land (0083) and CLP (0002), sold two homes for HK$88.63 million. A 1,842-sq-ft unit with a 242-sq-ft rooftop and parking space sold for HK$68.08 million or HK$36,960 per sq ft and a 772-sq-ft flat sold for HK$20.55 million or HK$26,619 per sq ft.

Meanwhile, La Montagne in The Southside, developed by Kerry Properties (0683), Sino Land, Swire Properties (1972) and MTR Corp (0066), will offer up to 78 flats today at prices starting from HK$9.5 million after discounts.

In the secondary market, some blue-chip projects saw their prices fall below HK$10,000 a sq ft.

A 698-sq-ft flat with three bedrooms in the first phase of Metro City in Tseung Kwan O had an asking price of HK$7 million but sold for HK$6.84 million or HK$9,794 per sq ft.