Deep Water Pavilia, led by New World, witnesses robust sales: 17 luxury apartments sold for over HK$1 billion
In Hong Kong's affluent Southern district, a luxury residential project, Deep Water Pavilia in Wong Chuk Hang, has witnessed a impressive surge in sales, fetching over HK$1 billion from the sale of 17 units. The project, developed by a consortium led by New World Development (NWD), saw the flats being sold at an average price of nearly HK$62 million.
According to a statement from NWD, a 1,706 sq ft four-bedroom flat reached HK$82 million, making it the most expensive unit in the district in recent years, in terms of both absolute value and square foot rate. Among the buyers were local tycoons, as well as wealthy individuals from mainland China and overseas. Five buyers even acquired two units each, and one individual spent HK$147.3 million on two four-bedroom flats, with the most expensive unit amounting to HK$82 million.
The successful sale, owing to the project's prime location overlooking Deep Water Bay and its convenient access to public transport, is attributable to improved market sentiment and falling interest rates, according to analysts. The luxury real estate market in this district seems to be recovering, with demand for prime locations remaining high.
Additional economic factors also play a role in this market resurgence. Lower interest rates have made luxury properties more attractive, leading to a surge in buyer interest. Such trends are observed in the ongoing asset sales in the Southern district, such as the luxury property site at 8 Stanley Beach Road, which is being sold on an 'as-is' basis [2]. Properties with redevelopment potential are also attracting interest, as seen in the 8 Stanley Beach Road site, which has a maximum redevelopment area of 19,950 sq ft [2].
Overall, the luxury residential market in Hong Kong's Southern district is experiencing a robust recovery, driven by various factors, including improved market sentiment, falling interest rates, and the appeal of prime locations. The recent success of projects like Deep Water Pavilia serves as a testament to this resurgence.
Investors in the luxury real estate sector are keen on wealth-management opportunities, such as the one presented by Deep Water Pavilia, given its impressive sales of over HK$1 billion and the recent surge in demand for prime locations like Wong Chuk Hang. In fact, finance experts have noted that lower interest rates have made luxury properties more appealing, encouraging investing in high-end real estate.
