Want a free Tesla? Yours if you are willing to spend up to US$5 million on a Hong Kong flat

A Hong Kong property developer is offering a free Tesla car to anyone signing up to buy flats at its upmarket development on the site of the city’s former airport, hoping that the cachet of the popular electric vehicles will translate into sales.

K&K Property will offer a HK$620,900 (US$79,490) cash coupon that can be exchanged for a Tesla electric car to the first five buyers of four-bedroom flats at the Victoria Skye development in the Kai Tak area, according to its investment manager, Tong Cheung. Or buyers can opt for a HK$500,000 cash rebate on the property, he said.

“The promotion matches our facilities, as all the 143 parking spaces [at Victoria Skye] have charger systems for electric cars,” Cheung said.

The value of the coupon is equivalent to the starting price of a Tesla Model S vehicle, according to Tesla’s Hong Kong website. The flats, which have a size of about 1,270 square feet, could set you back up to HK$38 million (US$4.9 million) however, based on indicative pricing, an expensive way to get a fashionable car.

“The development is aimed at buyers of a younger generation, so the developer needs to come up with a stylish and unique promotion,” said Sammy Po, chief executive of Midland Realty’s residential market.

“Having a Tesla car is cool in Hong Kong and this will draw buyer attention.”

Cheung said that 44 flats from one bedroom to four bedrooms at the development would be released soon, and the company plans to sell them through a bidding process. So far 715 units have been sold at Victoria Skye, or 99 per cent of the development, he said, bringing in total sales revenue of HK$7.5 billion.

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Developers in Hong Kong have been pushing larger flats, buoyed by the recent sale of two four-bedroom homes at the luxury Mount Nicholson development on The Peak for record prices in terms of per square foot. The two flats went for a combined HK$1.16 billion, making them Asia’s priciest address.