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First Kai Tak runway residential project priced 13 per cent cheaper to ‘activate sales’

  • First batch of 212 units at One Victoria is priced at an average of HK$22,977 per square foot
  • Sales are expected to start early next month

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One Victoria on the runway of the former Kai Tak airport. Photo: Martin Chan
Lam Ka-sing
Hong Kong’s first residential project on the runway of the city’s former airport at Kai Tak has been priced about 13 per cent lower than a development put on sale in the area in April.
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China Overseas Land and Investment on Thursday set the prices of the first batch of 212 units at One Victoria at an average of HK$22,977 (US$2,959) per square foot.

“The project has a lot of units, so the prices were set more attractively to attract registrations of intent,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division. The project also had to compete with leftover stock in the area, he added.

The launch of the price list comes amid a boom in Hong Kong’s housing market. Residential property transactions have surged by about 35 per cent in the first half of this year – the highest level since the second half of 2012 – to more than 38,500 deals, according to Midland Group. Transaction volumes have also skyrocketed by about half to about HK$366 billion, the highest level since the first half of 1997.

The 1,059-unit One Victoria is expected to be delivered around March 2023. Its average price is lower than the HK$26,448 per square foot Henderson Land Development set in April for The Henley, which is in the same area but is closer to Kai Tak Station. The Henley sold about 70 per cent of units on offer in its first sale last month.

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There was room for prices to increase during launches of subsequent batches, said Tony Yau Wai-kwong, director and general manager of China Overseas Property, a unit of the developer.

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