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Hong Kong property: all eyes are on CK Asset’s Blue Coast project for ‘direction’ on housing prices
- ‘The direction is always pretty accurate,’ JLL Hong Kong’s Joseph Tsang says
- Pricing of the first batch of units is likely to be close to the cost, to attract buyers: CGS International
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All eyes are on CK Asset Holdings, the property flagship of Hong Kong billionaire Li Ka-shing, which is likely to launch Blue Coast, its new project in Wong Chuk Hang, this month, analysts said.
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The market will be keen to see how it prices the project, as this could give “direction” to Hong Kong’s recovering housing sector.
“The pricing will not be too aggressive this time, as they focus on volume,” said Joseph Tsang, chairman at JLL Hong Kong. “Every time CK Asset launches a new project, it gives the market a direction, and the market is keeping an eye on its pricing strategy to predict how the property sector will move for the rest of the year.
“The direction is always pretty accurate.”
Last year, CK Asset surprised the market by launching its cheapest new homes in seven years. It sold all 655 units at its Coast Line II project in Yau Tong. The project was ranked second among the top-20 major new developments sold in 2023, according to Dataelements, a data provider that tracks new residential properties in Hong Kong.
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One of the biggest residential launches of 2024, Blue Coast will have two phases totalling 1,200 units. It is being developed as part of phase three of Southside in collaboration with transit operator and developer MTR Corp, and is likely to be launched this month, CK Asset said on Monday.
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