CK Asset discounts its first property launch of 2019 by up to 10 per cent, bowing to a stalling market as Hong Kong’s rallies bite
- CK Asset launches new project Seaside Sonata in Cheung Sha Wan at an average of HK$18,688 per square foot after discounts
- The price is 10.4 per cent cheaper than Henderson Land Development’s The Addition, the most recent project in the same neighbourhood, which launched in March
CK Asset Holdings, Hong Kong’s second-largest developer, will discount its first new property project of the year by as much as 10 per cent as it bows to a stalling real estate market that had been rattled by four months of unprecedented street protests.
The first 180 flats of Seaside Sonata in Cheung Sha Wan, a suburb in New Kowloon served by several subway stations, will be priced at an average of HK$18,688 per square foot, with sizes from 488 square feet to 785 sq ft. The project, comprising 876 apartments in four towers, is scheduled for completion in June 2021.
“Buyers will find this price acceptable,” said CK Asset’s executive director Justin Chiu, pointing to the project’s starting price at HK$14,054 per sq ft as “the cheapest” in the city. “We always consider the market’s sentiment when we set the price.”
The property launch comes at a tipping point for Hong Kong’s decade-long property bull run, as the year-long US-China trade war has chipped away at sentiments, while street protests that had frequently spilled over into violent mayhem had sapped appetite for investments. Hong Kong’s economy is on track for a technical recession in the fiscal third quarter that began on October 1.
