Hong Kong property prices heat up anew after record land sale price and surge in stock market
CK Asset Holdings revises target price for nine villas in Hung Hom up by HK$300 million, while Wheelock ups prices at a Kai Tak project by about 12 per cent
The sale this week of a residential site in Kowloon for a record price and a surge in the city’s stock market are fanning the flames of Hong Kong’s red-hot housing market, with developers as well as individual owners rushing to take advantage of positive sentiment in the sector.
Wheelock Properties released the price list on Thursday for 84 flats at Grand Oasis Kai Tak, the second phase of its Oasis Kai Tak project on the site of Hong Kong’s former airport, with prices at an average of HK$22,665 per square foot after factoring in a discount of as much as 16.5 per cent.
That is about 12 per cent higher than the HK$20,225 per square foot at the previous launch in September last year. The cheapest flat at the Grand Oasis Kai Tak development, which is scheduled to be completed in June 2019, is a 360 sq ft unit costing HK$7.6 million (US$972,055).
Almost at the same time, Sun Hung Kai Properties launched the Babington Hill development in Mid-Levels West at an average of HK$32,200 per square foot, after factoring a 12.5 per cent discount, setting
a record in the area where apartments, which are mostly more than 40 years old, are currently going for HK$16,000 to HK$18,000 per square foot.
CK Asset Holdings meanwhile has revised upwards its target price for the tender of nine villas at Stars By The Harbour in Hung Hom by HK$300 million, or 20 per cent, to HK$2.16 billion.