Southside Development Prices New Flats at Discount on Hong Kong Island
Strategic Pricing in Southside Development
CK Asset Holdings is pricing the initial 128 units at Blue Coast II in Wong Chuk Hang at an average of HK$21,526 (US$2,770) per square foot, reflecting a 2% decrease compared to prior units. This pricing strategy, as explained by executive director Justin Chiu Kwok-hung, aims to align with the company's historical approach of offering discounts amidst fluctuating market conditions.
Market Sentiment and Future Expectations
- Current property prices have dropped approximately 7% this year.
- Chiu anticipates a 3% rebound in the next two months.
- The full-year outlook suggests slight declines overall as the market stabilizes.
Project Details
Blue Coast II comprises 558 units positioned as phase 3B of a larger Southside development. With additional insights from Will Chu, it becomes evident that developers are cautiously evaluating consumer response as mortgage rates decline.
Comparison with Secondary Market
Current prices for nearby secondary projects range between HK$26,000 to HK$27,000 per square foot, as noted by Midland Realty. The primary market has recorded an impressive number of transactions following recent interest rate cuts, with forecasts suggesting a possible 2,500 first-hand sales for October.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.