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CK Asset set to launch Kai Tak project this quarter, sees 5% rise in home prices

Some 723 units in the first two phases of Victoria Blossom have been approved for presale and could be offered to the market this quarter

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Executive director Justin Chiu Kwok-hung reaches out to a homebuyer during a project launch in 2020. Photo: Nora Tam

Hong Kong developer CK Asset Holdings plans to launch its residential project in Kai Tak as soon as this quarter, counting on a recovery in home prices in Hong Kong as investors look past the current turmoil stoked by the US-China tariff war.

The Victoria Blossom project, situated on the former airport runway, would be developed in three phases comprising a total of 1,005 units, executive director Justin Chiu Kwok-hung said on Wednesday. Some 723 units in the first two phases have been approved for presale and could be offered to the market by June, he said.

“The property market is booming this year and the number of transactions has increased,” Chiu said, adding that prices could increase by 5 per cent this year. “The trade war is no longer an issue of concern and it will settle in a few months. Even if trade has slowed down, the impact on Hong Kong is not too significant.”

An impression of Victoria Blossom residential project in Kai Tak, Hong Kong. Photo: Handout
An impression of Victoria Blossom residential project in Kai Tak, Hong Kong. Photo: Handout
US President Donald Trump rolled out his so-called reciprocal tariffs on most of the nation’s trading partners on April 2, roiling global financial markets and contributing to a delay in purchases by homebuyers. A measure of home prices in Hong Kong fell 1.7 per cent last quarter to the lowest level since July 2016, official data showed.

The company, controlled by the family of billionaire Li Ka-shing, had not firmed up the selling prices for Victoria Blossom units, Chiu said. It would take into consideration prices with different views set by projects in the same district, he added.

CK Asset was able to raise the prices of flats at Blue Coast II project in Wong Chuk Hang by 2 per cent during a launch in February. The city’s stock market was booming on the back of DeepSeek’s breakthrough in artificial intelligence services.

Hong Kong’s housing market remains challenging for developers. The number of unsold first-hand private residential units in completed projects rose to a record high last quarter, as they struggled to clear inventory at reduced prices and a global tariff war heightened economic uncertainty.

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