New World Development Business Update – March 2025
New World Development Company Limited (“New World Development” or “the Group”, Hong Kong Stock Code: 00017) continues to take forward its projects, actively driving business growth. In March this year, the Group commenced construction on 2,500 residential units in Hong Kong, with the latest additions being two new boutique residential projects under the “BOHEMIAN COLLECTION” series, in prime locations of the West Kowloon district.
Following the groundbreaking of the Northern Metropolis’ first large-scale commercial and residential project under the “PAVILIA COLLECTION” series last week, New World Development has also held groundbreaking ceremonies for two new boutique residential projects under the “BOHEMIAN COLLECTION” series, situated in the heart of West Kowloon.
Hong Kong
New “BOHEMIAN COLLECTION” Boutique Residences in West Kowloon
Located in West Kowloon, the two “BOHEMIAN COLLECTION” boutique residential projects are situated on Canton Road and Kwun Chung Street, respectively. Both projects are in close proximity to Austin Station, which connects to the High-Speed Rail network and is strategically linked with four railway lines. From Hong Kong West Kowloon Station, the journey to the Greater Bay Area is as short as 15 minutes, making these residences ideal for individuals who frequently travel between mainland China and Hong Kong.
In addition, the West Kowloon community boasts well-established amenities that meet all daily needs. It is also adjacent to several cultural and commercial landmarks, including the West Kowloon Cultural District, M+ Museum, and the K11 ART MALL and K11 MUSEA—both within the Group’s portfolio. These landmarks offer a creative and stylish experience blending art, culture, and commerce, catering to homebuyers with a taste for refined living.
Building on the strong sales performance of projects such as “STATE PAVILIA” in North Point and “THE PAVILIA FOREST” in Kai Tak, the Group is well-positioned to capitalize on opportunities to accelerate capital recycling in both Hong Kong and mainland markets. This year, the Group plans to launch the sales for the highly anticipated topside property at Wong Chuk Hang Station, The SOUTHSIDE Package 5, as well as the Nga Tsin Long Road project in Kowloon City. Pre-sales preparations for these developments have already begun. Together, they will provide approximately 1,000 residential units.
STATE PAVILIA Takes Top Spot in Q1 New Property Sales
The Group's property sales in Hong Kong continued to improve. Among these, “THE PAVILIA FOREST”, the Kai Tak runway residential project jointly developed by New World Development and Far East Consortium, had sold approximately 540 units as of 24 March 2025, generating about HK$4 billion in revenue. The project also set a sales record for the Kai Tak runway area in 2024.
As for “STATE PAVILIA”, the large-scale world-class heritage residence located at the heart of Hong Kong Island, the last VICTORIA ZONE unit—a three-bedroom suite with storage space measuring 726 square feet and commanding a harbour view—was sold for approximately HK$21.18 million, equating to a price of about HK$29,100 per square foot. All units of the same category have now been sold. Together with the 23 units sold through tender since January, the project has sold 300 units as of 24 March 2025, accounting for more than 90% of the saleable units and generating over HK$3.37 billion in revenue. It is expected to take the top spot in Q1 new property sales, delivering exceptional sales performance.
In addition, the retail landmark “STATE THEATRE by K11”, located at the base of “STATE PAVILIA”, is expected to open in 2027. The four-storey shopping mall, with a gross floor area of over 80,000 square feet, is a continuation of the K11 luxury lifestyle brand concept. It is the first project in Hong Kong to combine Grade-I historic theatre architecture with retail and will be revitalised into a large-scale integrated cultural-retail landmark at the heart of Hong Kong Island.
Mainland China
Significant Progress in the Greater Bay Area and Yangtze River Delta Markets
Shenzhen’s Xili Urban Renewal Project Secures Official Approval
With strong policy support and a gradual increase in demand, the mainland property market has begun to show early signs of stabilisation. The term “Quality Homes” was included in this year’s Government Work Report at the National People's Congress and the Chinese People's Political Consultative Conference, with standards set to be developed and implemented at an accelerated pace. This development is expected to create new opportunities for industry growth. New World Development has successfully maintained its leading position during this market recovery phase, driven by its strategic focus on high-quality projects.
Among these, the Greater Bay Area market has performed exceptionally well. The latest phase of the residential project THE CANTON VIEW, located in Guangzhou Central Park View, achieved RMB 2 billion in sales at its launch. THE SILLAGE, situated in Bai’etan CBD in Guangzhou, has consistently led its segment in visitor traffic and transaction volume for months. Meanwhile, New Metropolis Mansion in Guangzhou recorded the highest average transaction price in Panyu District, highlighting its strong market appeal.
Moreover, the residential project River Opus at the New World Arts Centre, located in Hangzhou, was successfully delivered by the end of 2024. Beijing New World The Masterpiece
has also sold out, showcasing New World’s exceptional brand positioning in the luxury villa market. Responding to market demand, additional units at Shenyang The Parksville were launched, achieving over RMB 200 million in sales within just seven days. The project once again became a standout highlight in the Shenyang market. Similarly, additional units at Anshan New World Mount Crescent were introduced to meet demand, further reinforcing its strong market performance.
In addition to steady progress in residential projects, New World Development has also made significant advances in urban renewal initiatives. The urban renewal project in Xili, Shenzhen has now entered the development phase.
In the commercial property sector, the Beijing Xinjing Commercial Building and the office building of Ningbo New World were successfully sold, while Guangzhou Park Paradise, Shenyang New World Garden, and the commercial components of other projects achieved satisfactory sales results. The office and commercial streets of Hangzhou “New World Arts Centre” are expected to be gradually delivered starting in June 2025 and are anticipated to be fully completed and open by the end of the year. Within the same project, the FRONT TOWER is the only office component available for sale. It is now officially on the market, offering a total saleable floor area of approximately 280,000 square feet. Meanwhile, K11 ECOAST in Shenzhen will be officially unveiled on April 28, 2025. The development integrates cultural retail, multi-functional cultural spaces, offices, and a waterfront promenade, further enhancing the Group's operating revenue and expanding its rental income base.