Melody Chen

New World Development's (0017) State Pavilia in North Point rocked the property market yesterday as it unveiled its first price list featuring prices that are up to 25 percent cheaper than nearby new projects.

As the first new project of the year, State Pavilia has been priced to attract buyers with an average discounted price of HK$18,540 per square foot for this price list, and the cheapest unit priced at HK$6.06 million after discounts, NWD's general manager of business and marketing for special projects Cannas Ho Ka-yan said.

The cheapest flats by the per-sq-ft price cost HK$16,888 per sq ft and have two bedrooms.