Kai Tak Harbour Phase 2 Sells 103 Units in Two Days, Developer to Announce New Sales Plan
AM730 · 2 SOURCESabout 4 hours ago2 MIN
Summary
The Kai Tak Harbour Phase 2 new development project achieved robust sales performance, with 103 units sold over two days generating approximately HK$850 million in proceeds. The project, jointly developed by K. Wah International (stock code: 173), Wheelock Properties, and China Overseas Land & Investment (stock code: 688), saw brisk activity on Saturday, September 5, when 86 units were sold via price list alongside 17 tender transactions. A major investor made a significant purchase of nine one-bedroom units valued at over HK$53 million for rental income. The developer announced plans to reveal new sales strategies to meet continued market demand.
Key Points
- Kai Tak Harbour Phase 2 launched 100 units for sale on September 5, consisting of 66 one-bedroom and 34 two-bedroom apartments, with discounted starting prices from HK$5.6 million
- The project recorded a total of 103 units sold within two days including tender transactions, generating approximately HK$850 million in proceeds
- One large investor purchased nine one-bedroom units in a single transaction for over HK$53 million, intended as a long-term rental investment
- Seven groups of buyers acquired two or more units each, with several being existing property owners purchasing additional units
- Ricacorp Properties documented seven substantial transactions, including three instances of a single buyer purchasing three units
Why It Matters
The strong sales performance reflects growing confidence in the Kai Tak development area as infrastructure and amenities mature. The high proportion of investment purchases suggests buyers view the district's rental market favorably, which could sustain demand as Hong Kong's property market navigates broader economic headwinds. The developer's decision to announce additional sales rounds indicates pricing power remains resilient in the prime residential segment despite interest rate pressures affecting the residential sector.
The strong sales performance reflects growing confidence in the Kai Tak development area as infrastructure and amenities mature. The high proportion of investment purchases suggests buyers view the district's rental market favorably, which could sustain demand as Hong Kong's property market navigates broader economic headwinds. The developer's decision to announce additional sales rounds indicates pricing power remains resilient in the prime residential segment despite interest rate pressures affecting the residential sector.