2025-04-11 28Hse Editor
New World Development (0017) and Far East Consortium International Limited (0035) yesterday (July 4th) announced the first price list for The Pavilia Forest I, a residential project on Shing King Street in Kai Tak. This first batch offers 60 units, with an average discounted price of HK$17,188 per square foot. The units range from one- to three-bedroom configurations, with the entry-level one-bedroom units starting at HK$3.864 million.
It's worth noting that the average discounted price of HK$17,188 per square foot for The Pavilia Forest I is about 13% lower than the average discounted price of HK$19,798 per square foot for the nearby Kai Tak Harbour I, which was launched in October 2023. This makes the entry-level price for The Pavilia Forest I the lowest ever for a new development in Kai Tak, even cheaper by HK$20,000 compared to the HK$3.888 million starting price for the open-plan units at Vibe Centro launched in 2017.
The first price list includes 60 units, with layouts ranging from one to three bedrooms. Among these, 15 units are one-bedroom, 38 units are two-bedroom, and 7 units are three-bedroom. The list prices range from HK$4.713 million to HK$12.04 million, with a square foot price of HK$19,523 to HK$24,013. After applying a maximum discount of 18%, the discounted prices range from HK$3.864 million to HK$9.872 million, with a discounted square foot price starting from HK$16,008 to HK$19,690.
All the units in this batch have discounted prices below HK$9.9 million, and discounted square foot prices below HK$20,000. The total list price value is HK$484 million, with a total discounted value of HK$397 million.
The development’s rental arrangement targets investors, offering either immediate or construction period payments. Buyers forfeit a 2% self-use discount upon signing a preliminary agreement, and pay the full price upon signing the formal sale and purchase agreement. The developer will provide designated tenants with a two-year fixed lease, guaranteeing a 3.5% rental return. Tenants prepay rent every six months, and the rent includes rates, land rent, and management fees, but excludes utilities. Buyers cannot alter the lease terms.
With a guaranteed rental return of 3.5%, the monthly rent for two years will be approximately HK$11,546, or HK$49.3 per square foot, comparable to current rental prices for one-bedroom units in the Runway area.
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