New World Development Business Update – October 2025
New World Development Company Limited (“New World Development” or the “Group”, Hong Kong Stock Code: 00017) announced that its Grade A office landmark in Kowloon West, 83 King Lam Street, has achieved an occupancy of approximately 70%, with over half its tenants multinational corporations. Notably, AECOM, a multinational infrastructure consulting firm, recently leased 120,000 square feet of GFA for its Asia headquarters, marking the largest Grade A office leasing transaction in the district in the post-pandemic era, underscoring the project’s strong appeal to international businesses.
Hong Kong Business
83 King Lam Street Achieves 70% Occupancy Rate, Over Half Occupied by MNCs
Located in Cheung Sha Wan, 83 King Lam Street features a twin-tower design and stands 23 stories tall, with a total GFA of 1.14 million square feet, including 25,000 square feet of green space and a terraced garden plaza. With its innovative design, the project has received multiple architectural awards and green building certifications. It has also attracted a diverse range of tenants from various sectors, including architecture and engineering, fashion, high-end logistics, technology, media and co-working spaces.
Currently, the majority of tenants at 83 King Lam Street are multinational corporations from the United States, Japan and Europe, making up over half of the occupancy. AECOM, which favours the district’s well-developed transportation network and its accessibility, facilitating employee commutes and business development across the Greater Bay Area and Northern Metropolis, has leased approximately 120,000 square feet for its upgraded Asia headquarters, setting a new record as the largest post-pandemic Grade A office leasing deal in the district.
Other notable multinational tenants include American apparel brand Ralph Lauren, British beauty brand LUSH, Japanese logistics company Yusen, suitcase brands LOJEL and DELSEY, Danish pharmaceutical company Novo Nordisk.
HOUSE MUSE Sells Out 115 Units at Launch, Generating Over HK$800 Million
In property sales, the stylish residential project HOUSE MUSE, under the Group’s BOHEMIAN COLLECTION in Kowloon City, launched 115 units by price list late last month. The market response was overwhelming, with all units sold out on the first day, generating over HK$800 million in revenue. Currently, only five unique penthouse units with rooftop access remain available for tender.
Meanwhile, the waterfront luxury residential project THE PAVILIA FOREST in the Kai Tak area, jointly developed with Far East Consortium, has continued its ready-for-occupancy sales. To date, nearly 750 units have been sold, generating more than HK$5.2 billion, reflecting sustained market demand for premium waterfront residences.
In the retail segment, K11 MUSEA recently had its highest visitor numbers during the National Day Golden Week since its opening, with a 12% year-on-year increase in footfall. Member sales grew over 20% year on year, with international luxury brands and watch and jewellery retailers showing particularly impressive growth, recording increases of 46% and 43% year on year, respectively. Notably, high-end spending by Chinese Mainland tourists surged, including a single purchase that exceeded HK$1 million, highlighting the ongoing potential of the high-end consumer market.
Chinese Mainland Business
K11 Golden Week Sales Hit a Record High; Hanxi K11 Attracts 700,000 Visitors in its Opening Week
During this year’s National Day and Mid-Autumn “Super Golden Week”, consumer markets across the Chinese Mainland saw a robust recovery, with the Group’s K11 properties delivering outstanding results. Overall sales were up 23% year on year, with the jewellery and gold categories particularly strong, recording a remarkable 45% year-on-year increase, reflecting the growing appeal of the K11 brand in the Chinese Mainland market.
The Hanxi K11 Art Mall in Guangzhou officially opened at the end of September and quickly established itself as a core new landmark in the Chimelong-Wanbo business cluster, attracting nearly 700,000 visitors in its first week and injecting new vitality into the area’s commercial landscape. Meanwhile, Shenzhen’s K11 ECOAST, which opened in April, launched the “Moonrise by the Sea” event series during the Golden Week holidays, attracting over 150,000 daily visitors and solidifying its position as one of the most popular cultural tourism hotspots in the Greater Bay Area.
The upgraded Guangzhou K11 Art Mall also performed exceptionally well during Golden Week, with overall business performance up nearly 47% year on year. Several luxury brands achieved record-high sales since their opening. A significant increase in spending and transaction volumes by premium members drove a 160% year-on-year surge in total mall sales, underscoring the confidence of high-spending customers in the K11 brand. Tianjin K11 also introduced diverse consumer experiences, such as a high-altitude observatory art exhibition and pop-up events featuring popular gaming IPs, driving a 10% year-on-year increase in sales.
K11’s Chinese Mainland portfolio has continued to expand, with the Hangzhou K11 Art Mall, located in the heart of Wangjiang New Town, Shangcheng District, Hangzhou, set to open gradually from Q4 2027. The project will offer approximately 910,000 square feet of retail space across nine above-ground levels and two basement levels, delivering an innovative and meticulously designed shopping experience. Additionally, the Hangzhou K11 ATELIER, a 19-storey office tower with approximately 530,000 square feet of gross floor area, and the Hangzhou K11 Art Mall form part of the New World Hangzhou Arts Centre. Located next to Hangzhou Station and served by three metro lines, this integrated complex boasts exceptional connectivity and a prime strategic location.
In property sales, the Group’s projects in the Chinese Mainland also performed strongly during Golden Week. Following the opening of the Hanxi K11 Art Mall in Guangzhou, the NEW METROPOLIS integrated project was also in full operation, boosting the sales performance of NEW METROPOLIS MANSION. Meanwhile, the transaction volumes of Central Park View, THE SILLAGE, and New World China Stars were among the industry’s top performers, while Shenyang THE PARKSVILLE continued to lead the district in sales.
Sustainability Performance
ESG Rating Reaches AA+; Listed in the S&P Global: Sustainability Yearbook
In terms of sustainability performance, the Group continues to excel, achieving an AA+ rating in the latest Hang Seng Corporate Sustainability Index, ranking in the top 10% across all industries in areas such as environment, community engagement, consumer issues and corporate governance. This achievement reflects the Group’s leadership in sustainable building practices, earning widespread industry recognition.
Additionally, the Group achieved the highest five-star rating in the 2025 Global Real Estate Sustainability Benchmark (GRESB) and received perfect scores in corporate governance, reporting disclosure, risk management and stakeholder engagement. This underscores the Group’s continued progress and long-term commitment to environmental, social and governance (ESG) excellence. Since 2021, New World Development has been included in S&P Global Sustainability Yearbook, ranking among the top 15% of the global real estate industry, further affirming its outstanding sustainability performance and international recognition.