Hong Kong’s home buyers are back in droves at CK Asset’s Sea To Sky project as they shrug aside political concerns

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CK Asset, one of the city’s bellwether property developers, sold 200 flats, or 60 per cent of the 336 flats on offer at its Sea To Sky project, as of 6pm, sales agents said

The developer raised the average price by 5 per cent to HK$16,694 per square foot after selling out all 462 flats – most single-bedroom units – last weekend in the first batch

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As many as 10,000 potential buyers registered to bid for 336 flats of CK Asset Holdings’ Sea To Sky project in Lohas Park, Tseung Kwan O on 4 July 2020. Photo: Nora Tam

Pearl Liu

Published: 6:30pm, 4 Jul 2020Updated: 10:41pm, 4 Jul 2020

Hong Kong’s homebuyers turned out in droves for the second consecutive weekend to snap up the most expensive flats to launch in Lohas Park in two years, shrugging aside concerns about large financial commitments even after the enactment of a security law in the city.

CK Asset Holdings Limited, one of the city’s bellwether property developers, sold 200 flats, or 60 per cent of the 336 flats on offer at its Sea To Sky project, as of 6pm, according to sales agents. More than 10,000 people submitted bids at the launch, comprising 108 two-bedroom flats that start from HK$6.5 million (US$838,676) each, 203 three-bedroom flats and 25 four-bedroom apartments.

The brisk sales, following a sell-out launch last weekend, shows how Hong Kong’s underlying property demand remains strong, lifted by a record wave of easy financing even as the city’s economy is mired in its worst recession on record, and joblessness is expected to climb. The enactment of the national security law could help return the city to normalcy, reversing last year’s anti-government protests that contributed to the housing market’s downturn, agents said.

“The dice has been cast as the security law has passed,” said Louis Chan Wing-kit, Centaline's vice-chairman and chief executive of residential in Asia-Pacific. “The market will stabilise with fewer uncertainties, and we will see even stronger sales in July.”

Sea To Sky comprises three tower blocks, with 1,422 apartments in total. The developer raised the average price by 5 per cent to HK$16,694 per square foot after selling out all 462 flats – most single-bedroom units – last weekend in the first batch. The average price is about 28 per cent higher than the prevailing cost of lived-in homes in the Tseung Kwan O neighbourhood, according to Centaline Property Agency’s data.

“The result is reasonable and in line with our expectation,” said Sammy Po, chief executive of Midland Realty's residential division. “All two-bed room units sold out, and many buyers who failed to get their hands on two-bedroom units today said they will apply again in the next batch.”