Hong Kong’s Villa Garda III developers rush to the market with sales launch, hot on the heels of CK Asset’s sold-out project
- Sino Land, K Wah International and China Merchants Land aim to capitalise on a revival in the demand for property and seek to pre-empt launches by rivals
- Move follows the successful sale made by CK Asset Holdings which sold out all 219 standard units at its Coast Line I development in Kowloon
Sino Land, K Wah International and China Merchants Land, the developers behind Villa Garda III housing project in Hong Kong have hastened their sales campaign releasing the first price list at discounts in response to the renewed buying interest sparked by CK Asset’s successful launch.
The project is located in Tseung Kwan O district’s Lohas Park neighbourhood and the developers aim to capitalise on this demand revival, seeking to pre-empt launches by rivals, according to market watchers.
Hong Kong’s inventory of unsold units in completed projects is at its highest since 2007, according to property services company JLL, which said a total of 83,000 housing units are available currently with 18,000 in completed projects and the rest under construction. About 25,000 more units are expected to hit the market in 2023, according to JLL.
“Developers may want to tap prospective buyers who were unsuccessful in purchasing flats in Coast Line II, as Tseung Kwan O and Yau Tong are close to each other,” said Raymond Cheng, managing director, head of HK property at CGS-CIMB Securities. “From a city planning and environmental perspective, Villa Garda III is much better than Coast Line I.”
The Villa Garda III project has released its first price list of 130 units, at an average discounted price of HK$16,938 per square foot. The price is 7.8 per cent lower than the HK$18,378 per square foot price listed by the project’s phase II, launched last year.
The lowest price tag on the list is for a 283 sq ft open studio, for which buyers will have to pay HK$4.97 million, or HK$17,553 per square foot.
