Hongkongers continue their beeline for One Victoria flats in Kai Tak as cheap funds, economic growth lure buyers into market
- China Overseas Land and Investment (COLI) sold 118 apartments, or a third of the 286 units on offer at One Victoria by 9pm
- The launch was oversubscribed by nine times, receiving 2,800 bids for the 286 flats on offer
Hong Kong’s homebuyers continued making their beeline for the first waterfront flats built on the city’s former airport runway, as low-cost mortgages combined with signs of an economic recovery and easing Covid-19 outbreaks to lure them back into the property market.
China Overseas Land and Investment (COLI) sold 118 apartments, or 41 per cent of the 286 units on offer at One Victoria as of 9pm, sales agents said. The project, built on a strip of land that protrudes into Victoria Harbour, is about 45 minutes walk from MTR Corporation’s Kai Tak subway station. The distance – considered far by Hong Kong standards – did little to deter buyers.
“Kai Tak will be a key area for development, so its sophisticated planning and high quality of property in the area attract investors,” said Sammy Po, chief executive of Midland Realty’s residential division, who estimated that 40 per cent of customers are buying One Victoria as a “long-term investment”.
The One Victoria project comprises 1,059 flats of different sizes, all scheduled for delivery at the end of March in 2023.
The current batch on offer featured units with one to three bedrooms, measuring between 332 square feet and up to 766 square feet 766 sq ft (72 square metres). Prices started from HK$8 million, going up to HK$23.6 million (US$3 million), or HK$28,103 per square foot on average after discounts, almost 22 per cent more than the launch price on June 22.
