NEW WORLD DEV (00017.HK) has announced that the key date for the redevelopment project of Park Avenue III above the Sha Tin Tai Wai Station, which was revealed in July 2021, has been postponed again by a year to March 27, 2026.

Media reports quote the developer's response stating that Park Avenue III, which refers to Blocks 1 and 8 of the development project, has been affected by situations specified in the sales and purchase agreements such as force majeure, natural disasters, fire, or other unforeseen events beyond the seller's control, and adverse weather conditions, causing delays in the project. According to the latest review confirmation by project approvers, the expected key date has been revised to March 2026.

Information shows that when the project was launched for sale in May 2021, the anticipated key date was June 30, 2023. Subsequently, the date was revised to March 2024. It was then announced in August 2022 that the key date would be further delayed by a year to March 2025, and it has now been postponed again.