‘Optimistic’ CK Asset’s new development in Lohas Park is district’s most expensive initial launch ever

A new development launched in Lohas Park by Hong Kong tycoon Li Ka-shing’s CK Asset is the district’s most expensive initial launch ever.

The average price at Sea To Sky, the biggest new project in Hong Kong’s largest residential enclave in about two years, will be HK$15,823 (US$2,041) per square foot after discounts for a first batch of 285 flats. The prices start at HK$6.4 million for two-bedroom flats measuring 471 sq ft, or HK$13,648 per square foot. The batch is worth about HK$3.4 billion. The project is expected to be delivered in February 2022.

“This shows that [CK Asset] is very optimistic about the housing market – it thinks many people are still able and willing to buy [such flats],” said Alvin Cheung, associate director at Prudential Brokerage. “The prices have turned out to be firm, despite [Hong Kong’s] high unemployment rate.”

He said the prices at Sea To Sky marked a U-turn in CK Asset’s pricing strategy, as it usually launches projects at lower prices to achieve a fast sales turnover. A good response to recent project launches such as Sun Hung Kai Properties’ Wetland Seasons Park following the announcement of a national security law for Hong Kong probably boosted CK Asset’s confidence, Cheung said.

Sea To Sky’s average price is about 21 per cent higher than the average market price for old homes in Lohas Park, which stands at HK$13,049 according to data from Centaline Property Agency. And if sales are good, other developers will also be encouraged to price new projects at higher levels, Cheung said.

“There will not be such flats with sea view, at such reasonable prices, in Hong Kong in the future,” said Justin Chiu, CK Asset’s executive director, adding that Sea to Sky should not be directly compared with other projects in Lohas Park. “This price is acceptable. We want to invigorate market sentiment.”