State Pavilia to accelerate sales after Lunar New Year

Melody Chen and June Chen

State Pavilia will launch sales of one and two-bedroom flats after the Lunar New Year holiday, with at least 78 units on its first price list.

The luxury residential project forms part of New World Development's (0017) redevelopment of the historic State Theatre in North Point.

Due to strong interest in the project's smaller units, the group plans to accelerate sales by pricing them based on major integrated developments on Hong Kong Island, NWD general manager of business and marketing for special projects Cannas Ho Ka-yan said.

State Pavilia has sold 10 homes by tender so far, with one purchased by the group's chief executive Echo Huang Shaomei.

It also opened a new show flat for media viewing yesterday.

The four-bedroom unit, with an area of 1,246 square feet, is modeled after unit B2 on the 33rd floor.

In other news, Koko Rosso and Koko Mare in Lam Tin, developed by Wheelock Properties, opened their show flats to the public yesterday, including a 958 sq-ft three-bedroom unit in Tower 7 and 529 sq-ft two-bedroom unit in Tower 9.

The two projects form the third phase of Koko Hills, with Koko Rosso comprising of Towers 6 and 7 and Koko Mare Towers 8 and 9.

The two projects saw strong sales in the fourth quarter of last year with 49 transactions, of which around 70 percent were two-bedroom units.

Around 20 percent of the deals involved larger units with three or more bedrooms.

Most of the buyers were from old estates such as Taikoo Shing and Whampoa Garden.

In the secondary market, the 598-room Hotel Cozi Harbour View located at 163 Wai Yip Street in Kwun Tong, was sold by the family of the late "Shop King" Tang Shing-bor for HK$1.87 billion last month, 40 percent below the asking price of HK$3.1 billion in March 2022.

The buyer is Nanyang Commercial Bank.

The Tang family bought the 32-story building, with a gross floor area of around 235,300 sq ft, for HK$2.25 billion in 2017, and the deal handed them a loss of HK$378 million. Based on transaction price, the average price per room works out to HK$3.13 million.