New World and Vanke Property price flats in Tsuen Wan at record HK$20,219 psf

New World Development and Vanke Property (Overseas) have launched the sale of their joint residential project in Tsuen Wan, with some units costing more than HK$20,000 per square foot, setting a record in the district.

The developers on Friday released the price list for the first batch of 197 units at Pavilia Bay at an average of HK$15,183 per square foot after factoring in a discount of as much as 22 per cent.

The flats, with sizes ranging from 318 to 1,366 sq ft, are being offered at HK$5.16 million to HK$35.41 million, or HK$15,258 to HK$25,922 per square foot.

The prices will drop to HK$4.41 million to HK$27.62 million, or HK$13,043 to HK$20,219 per square foot, after a discount of up to 22 per cent.

Transaction prices in the secondary market in the nearby area have been between HK$15,000 and HK$16,000 per square foot.

Studio and one-bedroom units at the Pavilia Bay will be given up to a 14.5 per cent discount while two -bedroom to four-bedroom flats will enjoy a price cut of as much as 22 per cent.

The cheapest unit is a 318 sq ft studio flat priced at HK$5.16 million, or HK$4.41 million (HK$13,043 per square foot) after discount.