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Cheryl Arcibal

A Hong Kong developer is dangling Mercedes-Benz cars to entice buyers of its high-end homes in the Southern district, riding on a resurgence in the luxury property segment.
K&K Property partnered with Zung Fu Limited to launch the promotion at One Stanley, an 82-unit project that had attracted wealthy local and overseas buyers seeking privacy, exclusivity and sea views, with the campaign coinciding with the 29th anniversary of Hong Kong’s handover.
“This promotion aims to attract potential buyers to accelerate their entry into the market,” a spokeswoman said.
Buyers of units worth at least HK$100 million will receive a Mercedes-Benz S-Class W223, a flagship luxury sedan valued at about HK$1.64 million (US$209,000), while those purchasing units worth between HK$50 million and HK$99.9 million will get a Mercedes-Benz GLC X254, a luxury four-wheel drive SUV valued at about HK$643,000.
Only two cars will be offered on a first-come, first-served basis, with the giveaways totalling a maximum of HK$3.2 million.
This is not K&K’s first car giveaway. In 2017, the developer offered a HK$620,900 cash coupon, which could be exchanged for a Tesla electric vehicle, to the first five buyers of four-bedroom flats at Victoria Skye in Kai Tak.

The latest launch comes amid a more active luxury property segment, with other developers finding buyers for their upmarket homes in recent weeks.
K&K’s giveaway promotion was a “niche, low-cost, brand-aligned marketing tactic unique to small luxury developers facing elite-segment competition, designed to protect official pricing, generate media buzz, shorten sales cycles and appeal to ultra-high-net-worth buyers – all while avoiding the reputational damage of public price reductions”, said Derek Chan Hoi-chiu, head of research at Ricacorp Properties.
K&K said the project had sold 49 units to date, with a total value of HK$5.26 billion. In June alone, three detached houses and one mansion were sold, totalling more than HK$630 million.
Not all developers would be dangling expensive items to draw buyers to their luxury projects, according to Joseph Tsang, chairman of JLL in Hong Kong.
“Every developer has a different sales strategy,” Tsang said. “For example, CK Asset did not offer any sweeteners for the launch of its 21 Borrett Road, but still achieved record-breaking transaction prices.”
CK Asset, the flagship property developer of billionaire Li Ka-shing, sold a penthouse at the project in Mid-Levels via tender for HK$380.77 million on June 26.
Two days later, the company said it sold a four-bedroom unit at Phase 2 of 21 Borrett Road via tender for HK$155.7 million.
A penthouse duplex at Verano in Repulse Bay by The Development Studio was sold via tender for HK$321.76 million, the developer said in a statement on Monday.
The unit at the 12th and 13th penthouse floors had a saleable area of 4,022 sq ft, fetching HK$80,000 per square foot.
“The price reflects market demand for premium quality residences,” the statement said.
Although US Federal Reserve’s quarterly projections released in June indicated that nine Fed officials anticipated an increase in interest rates by the end of this year, Tsang said end users of luxury properties were “unlikely” to be impacted.
“Interest rate hikes mainly affect property investors as the rental yields may no longer be higher than the returns from fixed deposits or other investment products,” he said.


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K&K Property woos wealthy buyers with luxury car sweeteners as the city’s high-end housing market rebounds


K&K Property woos wealthy buyers with luxury car sweeteners as the city’s high-end housing market rebounds.


Fast lane to luxury: Hong Kong developer lures upmarket homebuyers with Mercedes giveaways

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}K&K Property woos wealthy buyers with luxury car sweeteners as the city’s high-end housing market rebounds

K&K Property woos wealthy buyers with luxury car sweeteners as the city’s high-end housing market rebounds