New World Development

New World tests luxury market in Deep Water Bay

PUBLISHED : Saturday, 11 February, 2006, 12:00am
UPDATED : Thursday, 07 May, 2015, 5:08pm

Developer says properties will have an asking price of $26,000 per square foot

New World Development is set to test the luxury apartment market in the Year of the Dog, releasing three deluxe residences at Deep Water Bay that are expected to fetch $158 million each.

The three houses, each measuring 6,079 square feet, at 33 Island Road have an indicative price of about $26,000 per square foot.

On sale are houses number three, five and six, each with a 2,400 square foot garden and unobstructed sea views.

Barbara Ho Ng Yin-yue, New World's sales and marketing director, is upbeat on the market.

'Prices of super deluxe houses should continue to rise due to scarce supply,' she said.

The buyer of the show flat, house number three, will be required to pay an additional $7 million for the interior decoration and furniture on top of the listed price, said Mrs Ho.

She said the developer - which has already sold seven luxury houses in the development with one reaching $26,300 per square foot - hopes the sales will generate $1.3 billion in total.

Clarence Chow, regional associate director at Centaline Property Agency, said the agency had lined up a number of interested buyers for the show flat.

'Houses at prestigious locations like Island Road are always sought after. Most of the potential buyers are rich and famous and they are demanding about the quality of the house rather than the price,' said Mr Chow.

Last year, Angela Leong On-kei, the fourth wife of casino mogul Stanley Ho Hung-sun, bought house number one as an investment property. It is understood that the house was leased for about $280,000 per month.

In the same area, there are four houses at 40 Island Road still up for sale, he said, and prices achieved were the same as 33 Island Road - $26,000 per square foot.

This year, Mrs Ho said New World planned to release between 2,500 units and 3,000 units for sale with Hunghom Peninsula as its major revenue contributor.

'We have set a target of achieving $11 billion sale revenue from the sale of all these units,' she said.

The remaining 160 units at the Merton in Kennedy Town is its next project up for sale, followed by the 120-unit residential development in Lau Fau Shan, Yuen Long.

Mrs Ho said there were 30 buyers for The Merton who have asked to extend the completion date to the end of this month.

'They are paying the interest penalty at the moment,' she said.

Prices for the remaining units at The Merton have not yet been finalised while units for the residential project in Lau Fau Shan are expected be between $3,000 and $3,500 per square foot.