Rise and shine: properties snapped up in Kowloon East
Construction activity in the district is proceeding at a frantic pace – especially in the Kai Tak development area, which has become a hot spot for residential properties
Along with Tsuen Wan and Yuen Long, Kai Tak has been a hot spot for home sales this year. At least 2,522 new homes had been sold off-plan in the five residential developments in the Kai Tak area by mid-October, according to closings filed with the Land Registry.
In the year to October, China Overseas sold 489 flats at One Kai Tak – including the first and second phases, both of which have been completed – at an average price of
HK$20,621 per square foot.
K&K Property managed to sell 726 flats at Victoria Skye at an average price of HK$20,660 per square foot by mid-October, according to Land Registry records, accounting for over 88 per cent of stock availability.
Tony Cheng, K&K Property’s investment manager, says the project’s sales have generated more than HK$7 billion of revenue for the company. About 96 flats at Victoria Skye remained up for grabs by early October, including special units, he adds.
Over the same period, Poly Property offloaded 423 units, at an average price of HK$21,185 per square foot, at the 930-unit Vibe Centro, while about 700 units at K. City, built by K. Wah, were sold at an average price of HK$20,896 per square foot.
Tony Wan, general manager,Hong Kong property sales and marketing at K. Wah, says the company sold more than 940 homes in the first eight months of the year, generating revenue of over HK$9 billion, a record amount for the company in recent years.
