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
“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.
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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.
