New Price List from Pavilion Forest II: 75 Units at Higher Average Price

New World Development and Far East Consortium have released a fresh price list for their Kai Tak residential project Pavilion Forest II, with an average price of HK$25,282 per square foot after the maximum 18% discount — nearly 25% higher than the previous batch launched in January. The latest list of 75 units, comprising 30 one-bedroom and 45 two-bedroom flats (262–448 sq ft), will have an overall market value of about HK$809 million.

When comparing units with the same orientation and similar views, the actual price increase ranges from 7.99% to 9.12%, the developers noted. For example, a 262 sq ft flat on the 21st floor (2/F, Block 2, Unit M) is priced at HK$24,700 psf after discount, up 9.12% from the same stack one floor below in the previous price list. The higher average per-square-foot figure is partly due to most units in this batch being on mid- to high floors, but the like-for-like increases signal that developers are pushing through meaningful price rises.

The cheapest one-bedroom unit in the new list is a 262 sq ft flat at Block 2, 21/F, priced at HK$6.34 million after discount, while the most affordable two-bedroom is a 383 sq ft unit at Block 3, 20/F, priced at HK$8.32 million. The priciest unit is a 287 sq ft one-bedroom on Block 2, 29/F, at HK$8.49 million, or HK$29,594 psf — the highest per-square-foot rate in this batch.

At the same time, the developers have scheduled a sale of just 10 units for this Sunday (10 August). Eight will be sold via the price list, while the remaining two will be put to tender. The selected price-list units include flats on the 21st and 22nd floors of Block 2 and the 25th and 26th floors of Block 3 — all higher-floor units. Pavilion Forest II, completed in March 2023, offers 750 one- and two-bedroom flats (262–451 sq ft) near the Kai Tak waterfront.

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Why Developers Are Pricing Aggressively and What It Means for Kai Tak

Why the headline price jump hides a more measured increase

At first glance, a near-25% leap in average price per square foot looks dramatic, but the figure is heavily influenced by the batch composition. The new list contains many mid- to high-floor units, which naturally command a premium over the predominantly lower-floor units in the previous batch. A more reliable gauge is the like-for-like comparison of same-column units, where the increase narrows to a genuine 7.99–9.12%. That still marks a solid rise and shows developers have sufficient confidence to lift prices rather than merely mix-adjust.

Testing the market with a small number of units

Offering only 10 flats for sale on Sunday — eight via the price list and two by tender — is a deliberate tactic. It limits supply at advertised prices, creates a sense of urgency among potential buyers, and allows the developers to gauge demand at the new price level without exposing too much inventory. If the units sell quickly and the tendered ones fetch even higher prices, the developers will have a stronger hand for subsequent launches. The move suggests they believe Kai Tak’s ready-to-move-in stock still attracts buyers willing to pay a premium for immediate occupation.

What it means for the wider Kai Tak market

Pavilion Forest II is one of several residential projects in Kai Tak. A successful limited launch at elevated prices could embolden other developers in the area to hold or raise their asking prices, especially for completed projects. However, Kai Tak still faces a considerable pipeline of new supply, so a broad-based price rally is not guaranteed. Much depends on whether buyers accept the new benchmark or step back, forcing developers to adjust terms again.

What Homebuyers Should Know Before the Sunday Sale

  • Check the Sunday sale line-up carefully: The eight price-list units are all on higher floors in Blocks 2 and 3. The two tender flats (Block 3, 8/F and 10/F) may have different pricing outcomes, so interested buyers should prepare a separate approach for those.
  • Compare with secondary-market options: With the new price list implying a real increase of up to 9.12% for similar units, recent transactions of comparable completed flats in Kai Tak should be referenced to see if the premium is justified by floor, view or the ability to move in immediately.
  • Entry level remains above HK$6.3 million: The cheapest unit in this batch costs about HK$6.34 million after discount. Buyers should factor in the maximum 18% discount and check whether they qualify for it, as actual net prices can vary depending on payment terms.
  • Be ready for potential further increases: If the Sunday sale clears quickly, the developers are likely to release more units at equal or higher prices. Those on the fence may want to decide early rather than wait for a possible price escalation.