New World Development (NWD), a prominent developer in Hong Kong, has increased the prices of its latest batch of residential units in a highly sought-after project on Hong Kong Island. The demand for these flats has been overwhelming, with potential buyers exceeding the available supply by over 28 times.

In the State Pavilia project located on King’s Road in North Point, the developer has received an enthusiastic response. More than 4,800 hopeful buyers have already expressed their interest in purchasing one of the 168 available units, showing their commitment by writing checks as of Tuesday night.

The third pricing list for the 39 units was released on Tuesday, with prices ranging between HK$6.35 million (US$815,000) and HK$20.39 million after discounts. This equates to around HK$16,888 to HK$28,088 per square foot. The list includes 15 single-bedroom units, 23 double-bedroom homes, and a single three-bedroom unit, with sizes varying from 321 sq ft to 726 sq ft.

NWD has confirmed that this is an increase from the previous pricing list. The least expensive flat in the latest batch is about 0.5% more expensive than the cheapest unit from the 55 homes in the project’s second price list, which was released on Monday.

The project’s first price list received a similar response, with over 2,850 potential buyers expressing their interest in the 88 units that were initially put up for sale on Thursday.

The sale will officially begin on Saturday. This project marks the first phase of NWD’s redevelopment of the former State Theatre site. This article is perfect for anyone interested in investing in real estate or simply seeking information about the current real estate market in Hong Kong.