CK Asset’s bet on home demand pays off as Hong Kong buyers shrug aside US law to snap up Tseung Kwan O’s costliest launch

CK Asset sold 456 of the 462 flats available in the first batch of its Sea To Sky residential complex in Lohas park as of 10pm

As many as 28 people submitted bids for every available unit, attracted by discounts and easier payment schemes

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Buyers lining up for 462 units at Sea To Sky development in Lohas Park, Tseung Kwan O, at CK Asset Holdings Limited’s sales office at Fortune Metropolis in Hung Hom on 27 June 2020. Photo: Jonathan Wong

Published: 5:14pm, 27 Jun 2020Updated: 10:15pm, 27 Jun 2020

Hong Kong’s homebuyers snapped up the most expensive residential property project that launched in the Tseung Kwan O district on Saturday, persuaded by discounts and flexible payment terms to ignore the risks of a recession and escalating US-China tensions.

Sea To Sky, a new project by CK Asset Holdings Limited at Lohas Park, sold 456 of the first 462 flats offered for sale at 10pm, with 28 people submitting bids for every available unit, according to sales agents. The average price of the project, scheduled for delivery to buyers in February 2022, is HK$15,823 (US$2,042) per square foot after a 10-per cent discount for the first 285 flats in the lot.

Prices start at HK$6.4 million for a two-bedroom flat measuring 471 sq ft, going up to HK$17.7 million for a four-bedroom unit of 1,077 sq ft. That sets the average price of the largest development in Lohas Park about 21 per cent over the prevailing price of lived-in homes in the neighbourhood, according to Centaline Property Agency’s data.

Sea to Sky’s discounts at launch are “reasonable”, underscoring the developer’s strategy of “offering prices close to or lower than the market price to attract buyers in the first batch, to be followed by raised prices for the second and third batches,” said Sammy Po, chief executive of Midland Realty’s residential division.

CK Asset Holdings Limited’s Sea to Sky residential project under construction in Lohas Park, Tseung Kwan O on 10 June 2020. Photo: Sun Yeung

As many as 12,896 buyers registered with financial deposits to vie for discounts allocated for the first 285 of the 462 offered for sale. In all, the project comprises 1,422 flats.

The strong showing by CK Assets, one of Hong Kong’s bellwether property developers, draws a stark contrast to failed attempts as recently as three weeks ago when China Evergrande failed on its fourth attempt to attract buyers to its Emerald Bay project in Tuen Mun.

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