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Hong Kong property
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Hong Kong sees sluggish weekend sales at new developments in Kai Tak and Aberdeen, as buyers snap up only 92 of 303 flats on offer

  • KT Marina, a project in Kai Tak by developers K Wah, Wheelock and China Overseas, sold about 60 units of 218 flats on offer as of 5pm on Saturday
  • Emperor International’s SouthSky development in Aberdeen had 32 flats snapped up out of a total of 85 units on sale

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The facade of Emperor International Holding’s 23-storey SouthSky residential development, which is under construction at 80 Old Main Street in Aberdeen. Photo: Xiaomei Chen
Mia Castagnone

The first weekend of November saw sluggish sales at two Hong Kong residential projects, with a combined 303 units hitting the market, as homebuyers continued to take a wait-and-see approach for potential incentive policies from the government.

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KT Marina, a project in Kai Tak jointly developed by K Wah International, Wheelock Properties and China Overseas, had 218 flats from its first phase on offer. As of 5pm on Saturday, homebuyers had snapped up about 60 units, according to Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau.

Still, Po said the market’s wait-and-see approach is expected to gradually change after the Hong Kong government’s policy address. He indicated that 50 to 60 per cent of the units offered at KT Marina could sell out on Saturday because of their attractive pricing.

The slow sales on Saturday reflect the moderate effect of the Hong Kong government’s decision to relax a number of property cooling measures, including cutting the cost of stamp duties.
WATCH LIVE: HK Chief Executive John Lee’s 2023 policy address
Hong Kong Chief Executive John Lee Ka-chiu’s recent policy address also mentioned that there would be support in Kai Tak in terms of transport infrastructure, according to Po.
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The size of the KT Marina flats, which include one-bedroom to three-bedroom units, measures from 269 square feet to 771 sq ft. Six of the units were put up for tender sale, while the remaining 212 units were on offer based on their list price.

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