New World's La Montagne offers 3.5% nomination discount on 28 units

New World Development rolls out a nomination-linked discount scheme for 28 units at its Kowloon Tong project, offering buyers of four-bedroom units up to 3.5% off the list price.

New World Development Co. (00017.HK) uploaded sales arrangements for its Kowloon Tong residential project "La Montagne" on Tuesday, launching 28 units for sale this Friday on a first-come, first-served basis. The developer split the sale into two groups — Group X for nominated buyers and Group XB for the general public — as it seeks to move luxury inventory in a Hong Kong housing market that has seen transaction volumes remain subdued.

"Buyers who purchase a four-bedroom dual-ensuite unit of approximately 1,200 square feet during the tender period will be entitled to one nomination right, while buyers of designated four-bedroom units receive two nomination rights," the developer said in its sales filing. Nominated buyers — who may be the original purchaser, their relatives, or friends — must exercise the benefit within 30 days and will receive an additional 3.5% discount on the sale price, labeled the "Prestigious Owner Nomination Benefit."

The project also recorded a tender sale on Tuesday. Flat S1 on the second floor, named "Morning Mist - Manor," spans 1,294 square feet with a four-bedroom dual-ensuite layout and includes one parking space. The transaction price reached HKD56.936 million, equivalent to HKD44,000 per square foot — a level that provides a pricing benchmark for the upcoming batch.

The nomination scheme reflects developers' growing reliance on creative incentives to stimulate demand in Hong Kong's luxury residential segment. Transaction volumes in the primary market have lagged historical averages as high interest rates and economic uncertainty weigh on buyer sentiment. New World Development's stock fell 1.97% on Tuesday to trade at HKD7.46, with short selling accounting for 18.3% of turnover at HKD3.2 million, suggesting bearish positioning ahead of the launch. The success of this weekend's sale will serve as a near-term indicator of whether discount-driven strategies can revive buying interest in Kowloon Tong's luxury market.

This article is for informational purposes only and does not constitute investment advice.