Pavilia Farm ends 2020 as Hong Kong’s best-selling new flats, helping New World top Sun Hung Kai as city’s biggest home seller
- Project might help NWD displace Sun Hung Kai Properties as city’s biggest developer by sales this year
- No big payday for agents despite ‘unbelievable’ sales, Midland Realty executive says
Hong Kong property company New World Development’s (NWD) Pavilia Farm project has been a bright spot in an otherwise dismal year for the city’s real estate sector.
The project, developed in partnership with transit operator and property developer MTR Corporation, has sold about 2,100 units in around six weekends for almost HK$23.8 billion (US$3.06 billion).
NWD reported sales of HK$26.4 billion in the first 11 months of this year, which may help it displace Sun Hung Kai Properties (SHKP) as Hong Kong’s biggest property developer by sales this year. SHKP, which has been the city’s biggest developer since 2016, reported sales of about HK$24 billion in the same period, shows data from provider Dataelements, which covers new residential property in Hong Kong. SHKP, however, remains a dominant player, launching new projects almost every month. For instance, it is expected to launch its St Michel project in Sha Tin in January.
