Latest news with #WongChukHang
South China Morning Post
3 days ago
- Business
- South China Morning Post
Morgan Stanley banker buys two Hong Kong luxury flats in Wong Chuk Hang for US$18.8 million
David Wraight, managing director at Morgan Stanley , has bought two luxury residential units in Hong Kong for HK$147.3 million (US$18.8 million), joining a growing cadre of global financiers on the hunt for high-value properties at reduced rates. The two flats in the first phase of Deep Water Pavilia in Wong Chuk Hang, developed by New World Development (NWD) and MTR Corporation , have a combined saleable area of 3,242 sq ft. They were sold last month, according to the Land Registry. The buyer, listed as David John Wraight, shares the full name of the Morgan Stanley banker. The transactions translate to an average price of HK$45,440 per square foot. One unit, a 1,706 sq ft home featuring four bedrooms and two en-suites, sold for HK$81.89 million, or HK$48,000 per square foot – one of the highest prices recorded in the project. The other unit, a 1,536 sq ft four-bedroom flat, fetched HK$65.43 million. The Southside development, which provides much-needed relief for cash-strapped NWD , is among the most closely watched luxury residential projects in Hong Kong in recent years.
South China Morning Post
5 days ago
- Business
- South China Morning Post
Disney sues Hong Kong jewellery shop over Mickey Mouse trademark infringement claims
The Walt Disney Company has taken a Hong Kong online jewellery shop to court for alleged trademark infringement, accusing the store of misleading consumers into believing that its Mickey Mouse-themed products were sold under an authorised partnership. The lawsuit, filed by the company's subsidiary Disney Enterprises, Inc. on Wednesday in a district court in California, targets Hong Kong-based Red Earth Group Limited, which operates an online jewellery brand, Sateur. The shop has an office in Wong Chuk Hang, located in Hong Kong's Southern district. 'Disney remains committed to guarding against unlawful trademark infringement and protecting consumers from confusion caused by unauthorised uses of Mickey Mouse and our other iconic characters,' a Disney spokesperson told the Post in a statement on Thursday. Sateur, which has been featured in magazines such as Vogue and Cosmopolitan, launched its 'Mickey 1928 Collection' in January 2024, with items ranging from about US$135 to US$300. On its website and Instagram posts, the brand describes the collection as a way for 'Disney enthusiasts' to 'own a dazzling piece of history that blends the timeless charm of Mickey Mouse with luxury you can afford'.
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.
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.
South China Morning Post
10-06-2025
- Business
- South China Morning Post
First batch of flats in NWD-led Deep Water Pavilia goes on sale on Saturday
A consortium led by New World Development (NWD) on Saturday will sell the first batch of flats in a new residential project on the south side of Hong Kong Island after pricing them below neighbouring developments. The announcement comes as property consultancy Knight Frank expects home prices in the city to remain under pressure as developers continue to offer hefty discounts to reduce their inventories amid ample supply. NWD said on Tuesday that 138 flats in the 447-unit Deep Water Pavilia project in Wong Chuk Hang would be offered for sale at an average of HK$21,028 (US$2,680) per square foot. NWD owns 50 per cent of the project, which it is co-developing with Empire Group, CSI Properties, Lai Sun Development and MTR Corp. Prospective buyers have submitted 2,500 cheques – more than 18 times the number of flats available – for a chance to buy homes in the project. The project's first price list released last week was about 3 per cent lower than the initial price list of CK Asset Holdings' nearby Blue Coast II in October, and it undercut all of the completed projects in the Southside residential neighbourhood , according to data compiled by property agencies. The 447-unit Deep Water Pavilia residential project in Wong Chuk Hang. Photo: Handout The price was around 30 per cent lower than the first batch at Road King Infrastructure's Southland project, the first phase of Southside, which launched in April 2021 at HK$29,689 per square foot. The units going on sale at Deep Water Pavilia include two to four-bedroom flats ranging from 455 sq ft to 1,261 sq ft. The prices of these units are between HK$8.5 million and HK$37.2 million, or HK$18,688 to HK$29,538 per square foot after discounts.
