Latest news with #DeepWaterPavilia
South China Morning Post
4 days ago
- Business
- South China Morning Post
Hong Kong property: home supply projected to drop amid market revival
The supply of new private homes in Hong Kong is projected to fall over the next four years as property developers booked more sales in recent months amid a revival in market sentiment. The number of homes was projected to drop to about 101,000 units through 2029, according to a quarterly projection published by the Housing Bureau on Friday. The estimated stock fell by 4,000 from March and by 8,000 from a year earlier, it said. The inventory has declined in the five past projections, the report showed. Unsold units in completed projects in the city fell by 1,000 to 27,000 units from the March quarter, the bureau added. A year ago, they amounted to 19,000 units. The city's residential property market has shown signs of confidence among homebuyers, with transactions hitting a seven-month high in June, official data showed. It was also the first time the city witnessed four consecutive months of 5,000-odd deals since the market slumped starting in late 2021, according to CBRE. Potential buyers at the sales office of Deep Water Pavilia project in June 2025. Photo: Edmond So Developers including New World Development (NWD) and Sino Land are putting 288 flats on sale this week, as more buyers returned to the primary market to take advantage of a four-year slide in the housing market.
South China Morning Post
27-06-2025
- Business
- South China Morning Post
Hong Kong developer NWD meets 2025 sales target and wins commitment to refinancing
Hong Kong developer New World Development (NWD) secured some much-needed financial relief by hitting a 2025 property sales target of HK$26 billion (US$3.3 billion) and winning a commitment from creditors to refinance HK$87.5 billion of its debt, people familiar with the matter said on Friday. With a strong sales response for its jointly owned Deep Water Pavilia project in Wong Chuk Hang on the south side of Hong Kong Island, NWD was expected to hit the contracted sales target for the financial year that ends on Monday, according to a source familiar with the matter. Deep Water Pavilia has 447 units in total, with sizes ranging from 408 to 3,120 sq ft. It was jointly developed by five developers, including NWD, which owns 50 per cent of the property. The other partners are Empire Group, CSI Properties, Lai Sun Development and MTR Corp. As of June 26, the group had sold 341 units with total sales of HK$6.3 billion, the company said. 'The property sales and creditors' commitments to refinance the US$87.5 billion are positive news for NWD,' said Tom Chan, permanent honourable president and director of the Institute of Securities Dealers. The developer received backing from banks for its HK$87.5 billion loan refinancing before its Monday deadline, according to another source. The refinancing deal was reportedly backed by some 40 assets, including the company's New World Tower headquarters and its Victoria Dockside complex in Tsim Sha Tsui. Bloomberg earlier reported that New World was in the market for a separate HK$15.6 billion loan secured against Victoria Dockside to support the broader refinancing exercise. The development marked the end of a months-long negotiations for a debt package that sought to pull NWD back from the brink of default.
Bloomberg
15-06-2025
- Business
- Bloomberg
New World Sells 138 Hong Kong Homes at Discount Within Hours
New World Development Co. and its partners sold 138 apartments in a few hours at a new project after pricing the homes at a discount to lure buyers in Hong Kong's sluggish real estate market. The companies sold the apartments in Deep Water Pavilia in southern Hong Kong Island on Saturday within a few hours, according to New World. The homes were the cheapest of any new residential project in the Southside area. The low price, coupled with declining interest rates, have attracted homebuyers while bringing much-needed cash to the embattled developer.
South China Morning Post
14-06-2025
- Business
- South China Morning Post
Homebuyers snap up Deep Water Pavilia flats on the back of discounts, low interest rates
The first batch of flats on offer at the Deep Water Pavilia project on the south side of Hong Kong island are expected to sell out, according to property agents, as homebuyers rushed to snap up available units this weekend on the back of discounted pricing and low interest rates Advertisement As of 1pm on Saturday, 75 of the 138 flats on offer at the New World Development (NWD)-led luxury residential project in Wong Chuk Hang were snapped up, about four hours after sales started, property agents said. All the units on offer, which are worth HK$1.53 billion (US$196 million), are expected to be sold out when sales close this evening, according to Louis Chan Wing-kit, chief executive at Centaline Property Agency. 'Deep Water Pavilia is located on top of an MTR station, which is convenient,' Chan said. 'Sale prices are also lower than other properties in the area, which attracted both end users and investors to buy flats in the project.' Centaline had some big buyers who took part in the weekend property sale, according to Chan. One spent HK$79 million to buy eight two-bedroom flats, while another paid HK$55 million to acquire five two-bedroom flats. The Deep Water Pavilia luxury residential project, wrapped in green mesh, is being built by a consortium led by New World Development. Photo: Dickson Lee The strong sales of the Deep Water Pavilia project reflect how the city's major property developers are continuing to offer hefty discounts to reduce their inventories amid ample supply.
Bloomberg
13-06-2025
- Business
- Bloomberg
New World's Luxury Ambition Collides With Hong Kong Property Downturn
In a gentrifying neighborhood near a picturesque marina, the ambition of a troubled Hong Kong property developer is colliding with harsh economic realities. Deep Water Pavilia has all the high-end hallmarks of an era when New World Development Co. was pursuing visions of grandeur under its artistic chief executive, Adrian Cheng. But now the project is nearing completion with the company struggling, Cheng in a new role and the city's residential real estate in its fourth year of decline. The sprawling development has become a symbol of both the company's desperate need for cash and of an intensifying price war gripping the market.
