Poly to offer smallest flats in Kai Tak, at just 228 sq ft
Sales of its residential development Vibe Centro are expected to kick off next week, ranging in size up to 1,147 sq ft, and be ready by December next year
Poly Property Group, the Hong Kong-listed arm of state-owned China Poly Group, is set to offer the smallest flats in the fast-developing Kai Tak area, the site of the city’s former airport.
Sales of its residential development there, Vibe Centro, are expected to kick off as early as next week, with sales brochures posted on its company website on Wednesday highlighting units starting as small as 228 square feet.
Virginia Kao, head of sales and marketing at Poly Property (Hong Kong), a wholly owned subsidiary of Poly Property Group, shrugged off the expected rise in interest rates in the United States on Thursday as likely to scare off buyers.
“Hong Kong mortgage rates remain low despite the US deciding to raise interest rates. It will not negatively affect home-buying interest,” Kao said after the firm opened its show flats at Vibe Centro for media viewing on Wednesday.
The US Federal Reserve began its two-day policy board meeting on Tuesday to decide whether to tighten lending policy for the first time since December. Expectations are that it will raise the policy rate target by 25 basis points.
Vibe Centro comprises 930 flats from 228 sq ft to 1,147 sq ft in size. The project is expected to be completed by December 2018.
“We will offer the units at prices close to market trend,” Kao said, adding the firm would announce the price list on Thursday.
So far, current deals at Kai Tak are priced around HK$19,000 per square feet, the price set for the K City development, for instance, which is being built by K Wah International.
Poly entered Hong Kong’s property market after paying HK$5.65 billion for two residential sites since 2014. In 2014, it bought Kai Tak Area II Site 3 for HK$3.92 billion.
In 2015, Poly won another site, designated for luxury residential purposes, in Tuen Mun for HK$1.73 billion.