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Bond Market News
NWD Raises Luxury Project Apartment Prices on Significant Demand
February 12, 2025
New World Development (NWD) has raised the prices for a new batch of units at its State Pavilla luxury residential project in Hong Kong. This comes as a result of the prospective buyers outnumbering the project’s supply of flats by more than 28 times. More than 4,800 buyers had written cheques for a chance to buy one of the 168 listed units. The 39 units in the third price list, unveiled on Tuesday, are priced between HKD 6.35mn ($815k) and HKD 20.39mn ($2.6mn) after discounts, or at HKD 16,888-28,088 ($2,167-3604) per square foot. For instance, the cheapest unit priced about 0.5% higher than that of the previous price list released on Monday. NWD had previously increased the prices of its second batch of units, up by an average of 2.5% from the first batch in response to strong demand. As we noted earlier, the first batch of units were sold at a significant discount, at an average of HKD 18,540 ($2,379) per square foot, marking an eight-year low for the area. The latest update comes at a time when NWD has been struggling to generate cash in order to reduce its HKD 123.7bn ($15.9bn) debt burden.
NWD’s dollar bonds were trading broadly stable – for instance its 6.15% Perp is currently trading at 38.75 cents on the dollar.
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