New World Development's (00016.HK) Kaitak project 'The Pavilia Bay' sold 13 units today, cashing in over 0.45 billion yuan after selling 10 units earlier this week. Rex Ting, Deputy Director of New World, stated that a total of 23 units were sold this week, with a total sales amount exceeding 10 billion yuan. The upcoming sale of unique units is expected to create a new high in price per square foot for the entire area.

New World's General Manager, Ricky Wu, mentioned that 'The Pavilia Bay' has sold a total of 88 units in less than 4 weeks. Today (31st), the results of another round of bidding were announced, with 13 successful transactions recorded, including several high-value deals. All transactions were for standard units, with transaction amounts ranging from 24.98 million to 78.1 million yuan, and price per square foot ranging from 28,162 to 39,345 yuan. The highest transaction amount and price per square foot were for Unit B on the 43rd floor of Block 3 (Peak Tower), with a saleable area of 1,985 square feet, a transaction amount of 78.1 million yuan, and a price per square foot of 39,345 yuan.

Ricky Wu continued to mention that out of the 88 units sold, 42 were in Peak Tower, with an average selling price exceeding 52 million yuan each. The project has sold a total of 865 units, accounting for over 95% of all units, with the highest selling price and transaction price per square foot being 91.033 million yuan and 45,722 yuan, respectively.

He mentioned that there are still 41 units available for bidding and sale in 'The Pavilia Bay,' with a focus on promoting unique unit types. In addition, nearly 1,200 units have been sold in the first phase of YOHO West in Yuen Long, with gradual handovers expected to begin in November.

Regarding the property market in Hong Kong, Rex Ting mentioned that the recent round of sales at 'The YOHO Hub II' was close to being sold out. There is a high likelihood of another interest rate cut by the Fed next week, which will provide further stimulus and pave the way for a comprehensive recovery in the property market next year.