Just who is buying the Kai Tak residential units?
Most are Hong Kong identity card holders, says Oliver Lam from developer K Wah International
Home prices in Hong Kong have hit an all-time high, with many buyers left having to play a guessing game on what might trigger the next property buying frenzy.
One Hong Kong developer to have reaped HK$7 billion in property sales from the recent launch of its residential project at the site of the former Kai Tak airport, says the majority of his buyers are Hong Kong residents.
“Geographically, most are Hong Kong identity card holders”, said Oliver Lam, chief financial officer of K Wah International Holdings, the developer behind the “K City” development at the site.
“We haven’t any official figures on where buyers are actually from. But if we use identify card holders as a classification, more have Hong Kong identities,” Lam told South China Morning Post.
“I do not have the feeling that many are mainland buyers,” he added.
The K City development, the second residential project to hit the market at Kai Tak, caught the city by surprise when it was firstly launched in February, with one first-time buyer snapping up 15 units worth HK$145 million in a single purchase, triggering concerns that panicking investors have been rushing into the market.
Home prices in Hong Kong, the world’s least affordable major city, rose for the 11th consecutive month to an all-time high in February.