business · Thestandard

Double Coast III Units Fetch Nearly HK$37.5 Million in Six-Unit Sale

Thestandard · 1 SOURCESabout 2 hours ago2 MIN

Summary

Wheelock Properties sold six units at its Double Coast III development in Kai Tak for nearly HK$37.54 million. The highest-priced unit was a two-bedroom apartment sold via tender for over HK$8.95 million, translating to HK$20,869 per square foot. The project has now sold 574 units overall, accumulating nearly HK$4.55 billion in total sales revenue. Wheelock Properties vice chairman and managing director Ricky Wong Kwong-yiu emphasized Kai Tak's growing prominence as Kowloon's new core area, citing improvements in transportation, healthcare, sports, and cultural tourism infrastructure. Wong noted that the influx of talent is driving both rental and purchasing demand in the Park Peninsula area.

Key Points

Wheelock Properties sold six units at Double Coast III in Kai Tak for nearly HK$37.54 million
The most expensive unit was a two-bedroom apartment sold via tender for over HK$8.95 million at HK$20,869 per sq ft
The project has sold 574 units to date, generating nearly HK$4.55 billion in cumulative sales
Ricky Wong Kwong-yiu, Wheelock Properties vice chairman, highlighted Kai Tak as Kowloon's new core area with improving infrastructure
Wong cited talent influx driving rental and purchasing demand, expected to enhance Park Peninsula's attractiveness

Why It Matters

The strong sales performance at Double Coast III underscores growing confidence in Kai Tak's transformation into a major residential hub. As infrastructure continues to improve and talent flows into the area, demand for both rental and ownership housing in this former airport district is likely to strengthen further, potentially setting new price benchmarks for the wider Kowloon market.