Pavilia Farm was Hong Kong’s best-selling residential development last year. Around 2,100 units sold for a total of $3 billion, according to the South China Morning Post. The project was so popular that at one point 88 potential buyers competed for one unit.
The reconstruction is expected to delay move-ins by nine months and will affect 846 buyers. The company plans to pay each buyer the equivalent of about $150,000 for units worth around $19 million.
The complex sits atop a subway station and New World is partnered on the project with subway operator MTR Corporation.
Hong Kong’s property market slowed in the last couple of years as pricing peaked, political turmoil took hold, and the coronavirus pandemic cut off much-needed tourism and travel.