New World Development Co. has achieved a swift sell-out of the first phase of its Pavilia Farm III luxury residential project in Hong Kong. The developer successfully sold all 88 units offered, generating HK$950 million (approximately $121 million) within a single day of sales commencement. This rapid absorption of units highlights robust buyer interest in the Hong Kong property market, even for a project that underwent significant rebuilding.
The first phase of Pavilia Farm III, a joint venture with MTR Corp, saw all 88 available flats snapped up on Saturday morning. The total sales value for this initial offering reached HK$950 million. This strong performance indicates a healthy appetite for well-located luxury properties in Hong Kong.
Pavilia Farm III is a notable project as it required the rebuilding of two towers due to construction defects identified in 2021. This rebuilding process added approximately HK$1.5 billion in extra costs for New World Development, according to Bloomberg Intelligence. Despite these challenges, the project’s prime location above a train station and its range of unit sizes, from one to four bedrooms spanning approximately 300 to over 1,000 square feet, likely contributed to its market appeal.
Beyond the first phase sell-out, New World has also been active in selling larger apartments through tenders. In the past week, the developer sold about 81 additional bigger units. This brings the total contracted sales for the entire Pavilia Farm III project to approximately HK$3 billion, demonstrating sustained sales momentum across different unit types.