New World Development woos Hong Kong home buyers with ‘Artisanal Movement’
Third-generation leader Adrian Cheng has upgraded the company’s properties by providing sustainability features, but analysts say home buyers are not yet ready to pay more for them
After giving Hong Kong media a two hour tour of the company’s Mount Pavilia residential development in Sai Kung on Sunday, New World Development vice chairman Adrian Cheng Chi-kong had the following message: “We are different from where we were.”
The third-generation leader of one of the city’s major developers launched what he called an “Artisanal Movement” five years ago, shortly after he was appointed executive director and joint general manager to take on the day to day operations of the group. Cheng, who was promoted to vice chairman in 2015, hopes the greenery, artworks and sustainability features in the company’s new developments can satisfy demands from new home buyers. Gone are the traditional gold or crystal decorations used by Hong Kong developers.
However, some analysts said home buyers are not yet ready to value such artisanal features.
“I will not describe all these sustainability features and artworks as marketing gimmicks, but I think the market is not yet ready to value them, or to value the company’s Artisanal Movement,” said Alfred Lau, property analyst at Bocom International.
Buyers care more about their affordability and the living space inside the units, rather than the environment of the development
“After all, buyers care more about their affordability and the living space inside the units, rather than the environment of the development,” said Lau. “But it is a successful brand building exercise.”