The units, located in the Deep Water Pavilia development in Wong Chuk Hang neighborhood, have a combined 3,242 square feet in saleable area and were sold last month at an average rate of HK$45,440 per square foot (US$62,300 per square meter), the South China Morning Post reported, citing Land Registry data.
One of them, which spans 1,706 square feet and has four bedrooms with two en-suites, fetched HK$81.89 million. The other, also a four-bedroom flat but slightly smaller at 1,536 square feet, changed hands for HK$65.43 million.
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An aerial photo shows a view of Hong Kong Island and Victoria Harbour at sunset on May 19, 2025. Photo by AFP |
Developed by a consortium led by New World Development, the flagship property firm of the billionaire Cheng family and one of the city’s “big four” developers, Deep Water Pavilia has attracted strong buyer interest since its first phase of apartments debuted last month.
All 138 units from the initial batch, comprising two- to four-bedroom flats, sold out within hours after launch. The average launch price, at about HK$21,000 per square foot (US$28,800 per square meter), was a record low for new homes in the area, Bloomberg reported at the time.
New World has started collecting expressions of interest for the second phase, which is expected to hit the market as early as next week, possibly at higher prices.
Since their peak in 2021, home prices in Hong Kong have plunged nearly 30% in a downturn driven by higher mortgage rates, reduced demand after many professionals moved out of the city, and a weak economic outlook, according to Reuters.
Wraight’s purchase came after Morgan Stanley issued a research note in June predicting a four-to-five-year upward cycle for the market, with prices expected to rebound in the second half of the year.
He is among a rising number of investors taking advantage of discounted prices to acquire luxury properties in the city.
For instance, Jeremy Wong, son of Peter Wong, chairman of HSBC’s Asia subsidiary, last month bought two connected units worth HK$121.5 million at Hong Kong Parkview, a prime apartment complex in the Southern District. So far this year, he has spent at least HK$231 million on four luxury flats in the city.
