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Weekend Property
BusinessChina Business

Hong Kong’s homebuyers pile into Kai Tak’s first harbourfront flats after a tepid start, betting on property bull market to continue

  • China Overseas Land sold 364 flats, or 91 per cent of the first batch of 400 units on offer, at One Victoria in Kai Tak on Saturday
  • The development is priced for more than 10 per cent lower than nearby The Henley unveiled by Henderson Land in May

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View of the Kai Tak Sky Garden (centre), a 1.4-kilometre public space that runs the length of the former airport runway, jutting into Victoria Harbour, as of May 22, 2021. One Victoria is under construction on the right. Photo: Martin Chan
Zhang Shidong
Hong Kong’s homebuyers snapped up the first harbourfront flats built on Hong Kong’s former airport runway in Kai Tak despite a slow start, as generous discounts lured investors to double down on their bets of the continuing property bull market.
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China Overseas Land and Investment sold 364 flats, or 91 per cent of the first batch of 400 units on offer at the One Victoria project in Kai Tak on Saturday, according to real-estate agents.
The first batch on offer was priced at an average of HK$22,977 per square foot, about 13 per cent cheaper than Henderson Land Development’s The Henley project in the same area, 70 per cent sold as of May, helped by its location closer to the Kai Tak subway station.

One Victoria is priced about 5 per cent lower than second-hand property in the Kai Tak area, and is 15 per cent cheaper than the leftover property from new projects in the neighbourhood, which could attract buyers who are looking for upsides in their investments, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division. The sales campaign will last until 11pm, giving agents more time to find buyers and close deals, he said.

View of the Kai Tak Sky Garden (centre), a 1.4-kilometre public space that runs the length of the former airport runway, jutting into Victoria Harbour, as of May 31, 2021. One Victoria is under construction on the left. Photo: Winson Wong
View of the Kai Tak Sky Garden (centre), a 1.4-kilometre public space that runs the length of the former airport runway, jutting into Victoria Harbour, as of May 31, 2021. One Victoria is under construction on the left. Photo: Winson Wong
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The weekend’s sales got off to a slow start, with fewer than half being sold in the first few hours. The current batch of the One Victoria flats range from 329 square feet to 643 square feet, with prices starting from HK$6.56 million (US$844,700) after discounts. The whole project will comprise a total of 1,059 apartments when it is completed around March 2023.

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