Property News · July 9, 2021

Pavilia Farm setback to cost New World Development up to US$154.4 million in rebuilding, compensation to affected buyers


New World Development could end up spending up to HK$1.2 billion (US$154.5 million), or about 15 per cent of its expected profit for coming year, to fix the problems at The Pavilia Farm, Hong Kong’s bestselling new residential property last year.Analysts from CGS-CIMB Securities and Singapore’s UOB estimated the cost of tearing down the two towers, rebuilding them and compensating the affected buyers at between HK$1 billion and HK$1.2 billion, according to reports to clients.While CGS-CIMB…

Source : South China Morning Post
Read more…Pavilia Farm setback to cost New World Development up to US4.4 million in rebuilding, compensation to affected buyers

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