State Pavilia raises prices by 8pc as flats sell out

Staff reporter

New World Development's (0017) State Pavilia redevelopment project in North Point rolled out the third batch of 20 flats for sale on Sunday, priced at an average of HK$21,539 per square foot after discounts, 8.4 percent higher than the previous batch.

The units to be sold this Sunday include five one-bedroom and 15 two-bedroom units with sizes ranging from 359 to 539 square feet.

Discounted prices range from HK$6.8 million to HK$14.81 million or HK$18,942 to HK$29,826 per square foot.

State Pavilia has sold 233 flats in just five days, accounting for nearly 91 percent of the available flats at the project. Including the 21 homes sold by tender since last month, a total of 254 units have been sold, generating over HK$2.87 billion for the developer.

In Tin Shui Wai, Yoho West Parkside, developed by Sun Hung Kai Properties (0016), is expected to release its first price list next week and launch sales next month, and SHKP's Sierra Sea in Sai Sha is expected to get its sales permit this month.

On Wednesday, SHKP acquired a waterfront residential site in Tung Chung, the third land parcel added to its land bank through the land sale program since last year.

Hong Kong's private home market lost nearly HK$480 billion in value since February last year even though property cooling measures were scrapped to stimulate the market, with each homeowner losing an average of HK$470,000, according to Centaline Property Agency.

Amid an inflow of talent from across the border, mainlanders bought more property following the lifting of the measures with 11,522 deals worth HK$128.28 billion over the past year, up 104 percent and 80 percent annually and accounting for 25.2 percent and 30.8 percent of all deals, based on Centaline data.

Centaline said mainland buyers boosted the market briefly after the so-called "spicy" measures were lifted last February, with prices rising 2 percent in two months, but they then fell for five consecutive months.

Nearly a year after the scrapping of all cooling measures - namely the special stamp duty, buyer's stamp duty and new residential stamp duty - transaction volumes have risen but prices remain flat, indicating the initiative to boost the property market has had a limited impact. The government's upcoming budget next Wednesday is likely to include economic stimulus measures, Centaline said.