8,450 buyers in fray for 88 State Pavilia flats

Staff reporter

New World Development's (0017) State Pavilia in North Point has received over 8,450 checks for 88 flats to be sold today, making them nearly 100 times oversubscribed, a record for new projects this year.

With an average price of HK$19,866 per square foot after discounts, the second batch is nearly 5 percent costlier than the first.

The flats for sale today include 29 one-bedroom units and 59 two-bedroom units, with sizes ranging from 343 to 621 square feet. Discounted prices range from approximately HK$6.49 million to HK$15.41 million, or HK$17,920 to HK$28,588 per square foot.

Since its launch last month, State Pavilia has sold 189 flats for over HK$2.28 billion, with an average price of nearly HK$23,000 per square foot.

In Kowloon City, Henderson Land Development's (0012) Eight Southpark is expected to unveil its first price list today, with sales likely to begin by the end of the month or early March.

The pricing will be based on the going rate for new and second-hand homes in the area, said the developer.

Eight Southpark offers a total of 313 flats. A show flat will open for viewing later this week.

Meanwhile, Hava in Yuen Long, developed by Kerry Properties (0683), unveiled its third price list for 60 flats yesterday, with an average price of HK$11,693 per sq ft after discounts roughly the same as the previous ones.

Since its launch, Hava has received 9,000 checks for 250 flats, making them oversubscribed by 36 times. The 250 flats go on sale this Saturday.

In other news, developers of The Corniche in Ap Lei Chau are looking to put some three-bedroom flats with two en-suites on the market to tempt home hunters and boost sales for the luxury project.

Built by distressed Chinese developers Logan Group (3380) and KWG (1813), The Corniche boasts panoramic sea views and has 295 flats spread across its six towers. It has sold 52 flats or 18 percent of its homes since the launch of sales in January 2023 for a total of over HK$3.64 billion.