image

Hong Kong property

New World betting on art, sustainability and slow living to bring in young buyers

The developer’s latest project called Mount Pavilia will sit on a 720,000 sq ft site in Sai Kung and feature 340,000 sq ft of public space

PUBLISHED : Monday, 08 May, 2017, 12:07am
UPDATED : Monday, 08 May, 2017, 12:09am

New World Development will incorporate sustainability and art into its future development to attract young customers, according to the firm’s third-generation leader Adrian Cheng Chi-kong.

Cheng was announcing the firm’s latest project called Mount Pavilia, which will sit on a 720,000 sq ft site in Sai Kung and feature 340,000 sq ft of public space, with gardens, playgrounds, artworks and a sustainable ecosystem.

Some of the development’s 27 blocks will have a wind-powered and solar-powered electricity generation system, enough to power each block’s public area and support part of its hot water supply, Cheng said.

Property developers and Hong Kong authorities should co-develop land to increase land supply: think tank

A sustainable eco-park will include a pond where fish will be eat food that has been recycled from human food waste, while the fish’s own excretion will be used to fertilise plants in the pond, which in turn will make the water cleaner, according to Cheng.

“We can see our future customers demanding a slow-living lifestyle, more greenery, sustainability, as well as something spiritual, cultural and art,” Cheng said.

“We are not doing anything flashy, such as using gold or diamond as decorations. It’s more of an attitude towards our future life.”

Boost land supply to rein in the red-hot property market

The development comprises 680 flats. New World put 37 of the units up for sale this month and nine were sold by last Thursday, with an average price of about HK$20,000 per sq ft.

One flat, with an area of 1,841 sq ft, was sold for HK$40.5 million or HK$22,000 per sq ft – a record high for flat prices in Sai Kung and Clearwater Bay.

The company will put 47 more flats up for sale on Tuesday. The flats are sold by tender and the company does not have a reference price for each flat.

business-article-page