New World Development Co sold out all the flats in the first phase of its Pavilia Farm III residential project in Hong Kong, according to the developer.
The real estate company offloaded 88 flats for a total of HK$950 million ($121 million), according to a statement from New World. The sales started Saturday morning, and the units were all snatched up within the day, the company said.
The builder announced it would rebuild the two towers at the project due to construction defects in 2021, which added about HK$1.5 billion in additional costs, according to Bloomberg Intelligence. A joint development with MTR Corp, Pavilia Farm III is built above a train station and offers units from one to four bedrooms, with sizes ranging from about 300 square feet to more than 1,000 square feet.
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New World has also sold about 81 other bigger apartments through tenders over the past week, taking the total contracted sales of the entire project to about HK$3 billion, it said.