Yuexiu Property's King Hai I Launch Sets Kowloon 10-Year Low at HK$13,988 psf
AM730 · 2 SOURCESabout 3 hours ago2 MIN
Summary
Yuexiu Property (123) unveiled the inaugural price list for its King Hai I development in Yau Tong on September 29, 2026, introducing 128 units at compelling price points that industry observers described as a "headline-grabbing price" designed to capture maximum market attention . The development's first-batch average discounted price of HK$13,988 per sq ft marks the most affordable Kowloon new project launch since 2016, representing a significant discount compared to both neighboring developments and existing unsold inventory in the area . Property agents widely anticipate the first batch will sell out completely, with some suggesting it could break new record subscription numbers for a development launch .
Key Points
- The 128 units in the first price list span Units 3 and 5, comprising 78 one-bedroom and 50 two-bedroom apartments ranging from 285 to 497 sq ft in saleable area
- With the maximum 18% discount under the 90-day cash payment plan applied, one-bedroom units start at HK$3.7594 million (HK$13,008 psf), while two-bedroom units begin at HK$5.6901 million (HK$13,264 psf)
- The development consists of five residential towers with a total of 1,339 units across three phases; Phase 1 King Hai I offers 617 units and targets completion by December 30, 2028
- The project commands Victoria Harbour views from its seaside location on East Yuen Street, with a 24-hour pedestrian skybridge providing direct access to MTR Yau Tong Station
- Agents project investor buyers will account for approximately 40% of purchasers, with rental yields expected to exceed 4% based on current area rental rates of HK$50-60 psf
Why It Matters
This launch signals a competitive pricing strategy from a major developer amid a challenging property market, with the roughly 30% discount to nearby new project prices potentially intensifying competition among developers in the eastern Kowloon corridor . The strong pre-launch enquiry volume of over 6,000 and predictions of complete sell-out suggest sustained demand for affordably priced new homes in traditional residential districts well-connected to the MTR network, which could influence future pricing strategies across the sector .
This launch signals a competitive pricing strategy from a major developer amid a challenging property market, with the roughly 30% discount to nearby new project prices potentially intensifying competition among developers in the eastern Kowloon corridor . The strong pre-launch enquiry volume of over 6,000 and predictions of complete sell-out suggest sustained demand for affordably priced new homes in traditional residential districts well-connected to the MTR network, which could influence future pricing strategies across the sector .