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.

The Pavilia Bay consists of 983 units. The development is about five minutes’ walk from West Rail’s Tsuen Wan West station.

It is one of three major new projects under construction in the area. The others are Cheung Kong Property Holdings’ 970-unit Ocean Pride and Chinachem Group’s 953-unit Parc City, which are next to the railway station.

Meanwhile, to compete for buyers, Sun Hung Kai Properties will release the next batch of 89 flats at Grand Yoho phase two at an average discounted price of HK$13,828 per square foot, about 4.5 per cent lower than the first batch.

SHKP said the price difference was because the latest batch of flats had different views and some were on lower floors.

However, the prices for some units are 0.5 per cent to 1 per cent higher than those in the previous launch.

SHKP said it had sold 65 units for a total of HK$850 million on Thursday.

Separately, a man died after he was hit by a bamboo pole which fell from a construction site near the Pavilia Bay on Thursday. Police are investigating.