CK Asset dismisses concerns about rising interest rates and oversupply, will launch The Coast Line residential development in Yau Tong
- Expected increase in interest rates in the second half of the year ‘is not a big problem’, executive says
- Developer will reference other Kowloon East waterfront projects, as well as the city’s actual economic environment when deciding pricing for the project
The project at 8 Tung Yuen Street is being developed in two phases and will have 886 flats altogether. A second phase with 658 units has also obtained presale approvals and will be launched within the month.
CK Asset did not disclose prices for The Coast Line, but the developer will reference other Kowloon East waterfront projects, including residential developments around Kai Tak station, as well as the city’s actual economic environment, said Executive Director Justin Chiu Kwok-hung.
The company will focus on “affordability”, Chiu said. “We want to help homebuyers buy houses,” he said.
The Coast Line’s launch comes amid a decline in Hong Kong’s lived-in home prices. Prices of such properties fell in May for the first time this year, as looming interest rate increases cast a long shadow over a market facing a glut of newly built flats. Lived-in homes saw sales plummet 13 per cent to 2,411 in June, which was the weakest month of 2023. Non-residential properties saw a 5 per cent decline in sales to 735 in June from a month ago.
CK Asset is expected to give a discount of around 5 per cent, analysts said.
