【17】New World Development's large-scale integrated urban and industrial project in Shenzhen debuts. The residential name is "Zhen Yue," initially offering 300 units, focusing on three-bedroom or larger units.

New World Development （00017） Announced that Shenzhen’s first large-scale integrated development project that combines industry, commerce, and residential uses, New World 188, has officially been unveiled, further enriching the group’s layout in the Greater Bay Area of Guangdong, Hong Kong, and Macau. The residential portion launched in the first phase is named “Zhen Yue,” and will be the first to be offered to the market this quarter. The first batch will comprise approximately 300 units, mainly targeting large homes with three bedrooms or more, with the aim of attracting urban elite families and multi-generational families living together.

For many years, New World China has been promoting an integrated development model that combines industry and commerce with residential uses. On the basis of traditional commercial and residential offerings, it has introduced diverse industry elements such as healthcare, education, elder care, and technology. In addition, the group’s first large-scale integrated development project in Shenzhen—New World 188—was officially unveiled last month.

New World 188 spans approximately 9.7 million sq ft

New World said that the project’s total gross floor area is approximately 9.7 million sq ft. It includes more than 2.3 million sq ft of commercial office space, over 10 residential properties, and features a distinctive shop street, a kindergarten, a comprehensive health service center, a cultural activity center, and a large underground car park. The living circle is well-developed and diverse. The project is also adjacent to the Line 3 Yonghu Station of the metro, offering convenient transportation, making it currently a leading integrated industry-commerce-residential development project in eastern Shenzhen by scale.

The residential project “Zhen Yue” launched in the first phase consists of 4 residential properties, providing more than 1,140 units in total. It mainly offers spacious homes with three to five bedrooms, with units sized approximately 820 sq ft to 1,940 sq ft. The community greening rate is as high as 40%, and will feature a themed landscaped garden and about 28,000 sq ft of public space. The first batch of about 300 units will be launched this quarter.

Mainland K11 sees strong foot traffic

For retail, New World said that during the Lunar New Year period, K11 in Mainland China performed ideally. Foot traffic in multiple key projects rose by 10% on average compared with the same period last year. Sales performance in the apparel and 3C digital retail categories was particularly impressive, increasing by 28% and 25% year-on-year, respectively. During the Lunar New Year period, the Guangzhou Hanxi K11 created a Lingnan non-heritage cultural theme, attracting a 50% increase in visitor volume from outside the city. Guangzhou K11 welcomed the opening of more than 10 new stores, driving a near 30% year-on-year increase in Lunar New Year visitor traffic. K11 ECOAST teamed up with Hong Kong Disneyland to create Lunar New Year themed installations, with average daily visitor volume of nearly 150,000 person-times. During the Lunar New Year period, Shanghai K11 also attracted a number of new members, which grew by more than 100% compared with the same period last year. K11 Wuhan is expected to see 13 new stores open one after another this quarter, covering businesses such as lifestyle, fragrances, and diversified dining.

In terms of property sales in Hong Kong, the group’s “BOHEMIAN COLLECTION” continues to be in strong demand in the market. “GRAND AUSTIN BOHEMIAN Zhen Yue,” located in the West Kowloon high-speed rail arts-and-commercial business district, was officially launched last month. In the first round of sales, all 64 units were sold out on the day of launch.

K11 MUSEA updates with over 30% of shop space

K11 MUSEA, the group’s international cultural retail landmark, is carrying out a brand upgrading plan, updating more than 30% of its shop area. More than 60 brands are making their debut. It is expected that after this year’s brand upgrading is completed, the rental of shop spaces involved will record a double-digit increase compared with last year. The international first-tier luxury brands newly moving in or expanding their shop space include Audemars Piguet, Rolex, Prada, Dior Beauty, and dedicated LOEWE stores, among others, which will further strengthen K11’s market appeal.

K11 MUSEA’s occupancy rate has long remained at a high level of 98%. During this year’s Lunar New Year golden period, besides recording a new high in foot traffic, travelers’ spending also increased by approximately 60% year-on-year. This drove the entire month of February to become the highest month for travelers’ spending in more than two years, with a year-on-year growth rate of 80%.

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