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.
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.
