Overwhelming response proves Hong Kong property market remains strong and home-seekers aspire to a healthy and sustainable lifestyle
HONG KONG, June 21, 2021 /PRNewswire/ — New World Development (NWD) received 30,592 registrations of intent from potential buyers for the third phase of The Pavilia Farm (The Pavilia Farm III) above Tai Wai Station, the highest number of registrations received in Hong Kong history.
The Pavilia Farm has been well-received by the market since its launch in October last year. A total of 30,592 registrations were received by the deadline on 19 June 2021, despite a post-COVID economic downturn, including those who had registered interest in the first two phases of The Pavilia Farm as well as other home-seekers in the market.
Adrian Cheng, Executive Vice-chairman and Chief Executive Officer said, "I believe the record-breaking market response to all three phases of The Pavilia Farm heralds a new era in Hong Kong’s property market. It clearly signals a desire by Hong Kong people, in particular the millennial generation, for true sustainable living, whether in the technology and design of the building or the green space provided to breath and to grow. There are many factors driving this need, which have certainly been accelerated by the current pandemic, but it shows me that there is real enthusiasm for New World Development’s holistic approach, and that very exciting."
A total of 2,936 units have been sold across the three phases of The Pavilia Farm, representing about 90% of total units and generating nearly HK$36 billion of sales receipts in total. As at 20 June 2021, a total of 833 units of The Pavilia Farm III had been sold, generating HK$12.2 billion of receipts in sales.
The strong reaction from the market indicates that home-seekers nowadays have a will to lead a healthy and sustainable lifestyle in the post-COVID era, matching the vision of the Group. The Pavilia Farm is the first farm life infused residential project in Hong Kong, embodying the concept of sustainable and healthy living in its design and planning.
The Pavilia Farm was launched by the Group in October 2020, a residential project above Tai Wai MTR Station in Sha Tin. It stands as the sole new mega residential project within the district in recent years, providing high-end residential units as part of a series of projects called The Pavilia Collection. The Pavilia Farm is situated in a prime location, comprising seven residential towers with over 3,000 units covering a total gross floor area of over 2 million sq ft. The approximate 280,000 sq ft landscape and clubhouse area leads the way in urban-pastoral living. For more information about The Pavilia Farm, please visit: https://www.thepaviliafarm.com.hk/
New World Development
Founded in 1970, New World Development Company Limited ("The Group", Hong Kong stock code: 00017) was publicly listed in Hong Kong in 1972 and is a constituent stock of the Hong Kong Hang Seng Index. A premium brand infused with a unique personality best defined by The Artisanal Movement, New World Group’s core business areas include property development, property investment, roads, aviation and construction. Its operations in Greater China, especially the Greater Bay Area, had a total asset value of approximately HK$503.3 billion as at 30 June 2019. The Group’s two listed companies are NWS Holdings Limited (61%), and New World Department Store China Limited (75%). New World China Land Limited is wholly owned by the Group.
Enquiry Hotline: (852) 8339 8339
Name of the street and street number (provisional): 18 Che Kung Miu Road
District: Sha Tin
The photographs, images, drawings or sketches shown in this advertisement/ promotional material represent an artist’s impression of the development concerned only. They are not drawn to scale and/or may have been edited and processed with computerized imaging techniques. Prospective purchasers should make reference to the sales brochure for details of the development. The vendor also advises prospective purchasers to conduct an on-site visit for a better understanding of the development site, its surrounding environment and the public facilities nearby. #The address of the website designated by the vendor for the Phase for the purposes of Part 2 of the Residential Properties (First-hand Sales) Ordinance.
Name of the Development: THE PAVILIA FARM. Name of the Phase of the Development: The name of Phase 3 of the Development is "THE PAVILIA FARM III" ("the Phase"). The residential portion of THE PAVILIA FARM III comprises Tower 1 (1A & 1B) and Tower 8 (8A & 8B).Vendor: MTR Corporation Limited (as "Owner"), Lucrative Venture Limited (as "Person so engaged") (Note: "Owner" means the legal or beneficial owner of the residential properties in the Phase, and "Person so engaged" means the person who is engaged by the owner to co-ordinate and supervise the process of designing, planning, constructing, fitting out, completing and marketing the Phase). Holding company of the Owner (MTR Corporation Limited): Not Applicable. Holding company of the Person so engaged (Lucrative Venture Limited): New World Development Company Limited. The authorized person for the Phase and the firm or corporation of which the authorized person is a proprietor, director or employee in his or her professional capacity: Mr. Leung Kit-Man Andy of Ronald Lu & Partners (Hong Kong) Limited. Building contractor for the Phase: Hip Seng Construction Company Limited. The firms of solicitors acting for the Owner in relation to the sale of residential properties in the Phase: Deacons, Mayer Brown, Kao, Lee & Yip. Any authorized institution that has made a loan, or has undertaken to provide finance, for the construction of the Phase: Not applicable. Any other person who has made a loan for the construction of the Phase: New World Finance Company Limited. This advertisement is published by the Person so engaged with the consent of the Owner. To the best of the vendor’s knowledge, the estimated material date for the Phase is 30 June 2023 (Material date means the date on which the conditions of the land grant are complied with in respect of the Phase. The estimated material date is subject to any extension of time that is permitted under the agreement for sale and purchase). Prospective purchaser is advised to refer to the sales brochure for any information on the Phase. This advertisement/promotional material and all its contents are for reference only, which do not constitute and shall not be construed as constituting any express or implied offer, representation, undertaking or warranty by the vendor (whether related to view or not).