Hong Kong property: discounts bring relief to ailing sector as thousands queue once more for flats at CK Asset’s Coast Line I in Yau Tong

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The developer looked set to shift all 219 units on offer in phase I, according to Sammy Po, CEO of Midland Realty

The HK$15,939 per sq ft price tag was slightly higher than the HK$14,868 at last weekend’s sale, which itself was 16 per cent cheaper than the launch in January of Wheelock’s Koko Rosso project

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The units at Coast Line I ranged in price from HK$3.65 million to HK$13.4 million. Photo: Dickson Lee

Salina Li

Published: 5:57pm, 20 Aug 2023Updated: 9:59pm, 20 Aug 2023

Almost 4,000 homebuyers rushed to snap up flats at CK Asset Holdings’ Coast Line I in Yau Tong on Sunday, just a week after all units in the other phase of the project, Coast Line II, sold out on their first day of sales.

With 95 per cent of the available units sold as of 8pm, the developer looked set to shift all 219 standard units on offer in phase I, according to Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.

There was a sense of déjà vu as hundreds of prospective buyers started to line up outside the sales office in Hung Hom as early as 9.30am. Thousands more then joined a queue that ended up extending all the way from the atrium of the Fortune Metropolis mall to the Hung Hom MTR station.

About 3,700 would-be buyers visited the sales office Sunday morning, according to Justin Chiu Kwok-hung, CK Asset’s executive director.

However, some units were not yet sold due to higher selling prices. “Buyers are extremely price-sensitive nowadays, and they would be discouraged by the slightly higher price than their budgets,” Chiu said.“The market will remain sluggish.”

CK Asset, the flagship property developer of feted tycoon Li Ka-shing, priced the flats in Coast Line I at an average discounted price of HK$15,939 (US$2,035) per square foot.