2025-05-29 28Hse Editor
The highly anticipated Phase 5A of The Southside, Deep Water Pavilia at Wong Chuk Hang, jointly developed by New World Development, Emperor Group, CSI Properties, Lai Sun Development, and MTR Corporation, announced the results of its first tender on May 27. The project sold 17 units, generating a total of HK$1.05 billion in revenue, with some units achieving prices as high as HK$48,000 per square foot, setting a new benchmark for the Island South area. The developer plans to continue sales via tender for the time being.
According to Cannas Ho Ka-yan, director of sales and marketing for special projects at New World Development, the average transaction price of the 17 units was approximately HK$62 million, with an average price per square foot of HK$40,000. This marks a record-breaking single-day tender performance for 2025, with over HK$1 billion in luxury property sales.
The first round of sales attracted five bulk-buying clients, with each purchasing two units. The largest transaction was made by a wealthy foreign buyer who spent HK$147 million on two four-bedroom units.
One of the record-breaking units is a luxury apartment on the 37th floor of Block 1A (Unit P2), featuring four bedrooms, two ensuite bathrooms, a maid’s room, and a utility bathroom. The unit has a usable area of 1,706 square feet and sold for HK$81.88 million, achieving a price of HK$48,000 per square foot. This is the highest price per square foot seen in the Island South area in nearly four years and a new record for the neighbourhood over the past two years.
The second unit purchased by the same buyer was another four-bedroom apartment on the 37th floor (Unit P1), with a usable area of 1,536 square feet. It sold for HK$65.43 million, or HK$42,600 per square foot.
Following the first tender round, only three units remain available for sale. These are the P2 units on the 38th to 40th floors of Block 1A, which are expected to attract significant interest due to their premium features and prime location.
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