Hong Kong’s New World, Far East primed for sell-out at Pavilia Forest I amid strong demand

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As of 8:25pm, 180 of the 198 units on offer at the new development in Kai Tak had been sold

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Potential buyers flock to the Pavilia Forest I sales office at Kingston International Centre in Kowloon Bay on Saturday. Photo: Edmond So

Yuke Xiein Beijing

Published: 6:24pm, 13 Jul 2024Updated: 10:55pm, 13 Jul 2024

Hong Kong homebuyers flocked to this weekend’s sale of heavily discounted flats at Pavilia Forest I, a joint project between New World Development and Far East Consortium in the Kai Tak district, as property agents expected all the units on offer to be sold out by Saturday night.

As of 8:25pm, 180 of the 198 units on offer had been sold, according to the agents. Pavilia Forest I recorded more than 3,700 orders from prospective buyers as of Wednesday, which made this weekend’s sale close to 18 times oversubscribed, local media reported.

Prices at Pavilia Forest I are the lowest among the new projects launched in Kai Tak, according to Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau, who predicted a sell-out on the back of strong interest in the aggressively priced flats on offer.

The first 60 flats of the project were being offered for as low as HK$16,008 (US$2,050) per square foot, with discounts of up to 18 per cent compared to other new developments in the same area, according to Midland Realty. The initial units on offer, ranging between 234 and 512 square feet (47.6 square metres), are priced from HK$3.86 million to HK$9.87 million.

Potential homebuyers on Saturday queue outside the Pavilia Forest I sales office at the Kingston International Centre in Kowloon Bay. Photo: Edmond So

The strong demand shows how the city’s property developers continue to cough up significant discounts to entice homebuyers amid a persistent housing market slump.