A price war could have happened in the financial hub. The Hong Kong property developer CK Asset has launched a NEW home at the lowest prices in seven years, the market is in shock, realtors said.
Hong Kong comes under the world’s most expensive property market which has retreated again since May. Facing, approximately, a 15% drop in 2022.
Rising interest rates and the weak economic outlook deterred potential homebuyers.
CK Asset, owned by tycoon Li Ka-Shing, said on Thursday (Aug 3) it would sell the first 132 units of Coast Line II, a development in eastern Kowloon, at prices between HK$13,443 to HK$16,407 (S$2,312.42-S$2,822.28) per square foot after discounts.
Property agents said the prices are around 20 percent below market rates in the area, and the lowest unit price at the launch – HK$2.9 million for a 210-square-foot studio apartment – is the cheapest in Hong Kong since 2019.
“All the other developers are under pressure,” said Louis Chan, Asia-Pacific vice-chairman of Centaline Property Agency. “It will intensify a price war that has already started.”
- Published By Team Hongkong Journalist
