Miami Quay sells at 10 per cent discount as Kai Tak developers grapple with monorail loss in a slowing housing market
- Wheelock Properties, Henderson Land Development, New World Development and Empire Group priced the first 130 units of Miami Quay at HK$22,452 per square foot
- The price is about 10 per cent cheaper than the Monaco Marine that launched in the same area in April, and 2.3 per cent less than One Victoria that launched in June 2021
A housing project at Kai Tak launched with a 10 per cent discount to the area’s prevailing price, as developers grappled with the sudden loss of mass-transit access and reduced commercial presence in Hong Kong’s former airport site amid a slowing market.
The first phase of Miami Quay, comprising 648 flats in three tower blocks, is scheduled for completion in August 2023. As the second housing project to go on sale on the former runway, Miami Quay’s price is also 2.3 per cent lower than the average price by its predecessor One Victoria, which launched in June 2021 at HK$22,977 per sq ft.
“Overall it’s cheaper,” said Sam Chi-yung, chief strategist at Patrons Securities in Hong Kong, adding that the 2020 decision to scrap a monorail link between Kai Tak and East Kowloon has affected home prices, as did the conversion of three commercial parcels in the area to residential use. “Higher interest and mortgage rates will affect the ability to repay, which indirectly affects sales.”
[Kai Tak] appears to be mostly residential,” Sam said. “Home prices in a place with only residential [property] will not be as high as where there is also commercial use.”
The entry price of Miami Quay is HK$5.24 million (US$667,590) for a flat that measures 250 square feet (23 square metres).
