CSI Properties (0497) executive director Jimmy Fong Man-bun sees land acquisition opportunities as the property market has turned the corner and the group has been considering a site on the Peak and two plots in Kai Tak from government sales.
Fong, also managing director of Couture Homes specializing in hi-end projects, said real estate prices in traditional luxury areas including The Peak, Mid-Levels, Jardine's Lookout, Kau To, Kowloon Tong will be resilient and may even rise.
He said CSI has been looking for partners to bid a site on Mansfield Road at the Peak, which is estimated to be worth HK$40 billion and two others in Kai Tak.
For mass markets, he said properties in some more remote areas have seen price fall already but projects in center of any district are still relatively more resilient.
"The market sentiment is affected by psychological factors more than the recent interest rate hike," said Fong, adding when the market will bottom out will depend on interest rate rising pace and the development of the Sino-US trade war.
He said that after continuously rising, the recent property market decline is a healthy market correction and a double-digit fall may offer buying opportunities for users.
Meanwhile, the group's soon-to-be launched Dukes Place in Jardine's Lookout will offer 32 car parking spaces for the 16 units. It will be the first project in Hong Kong to use Italian natural stone from minotticucine.
Fong said as much as HK$20 million has been used for the kitchens in the 16 units. As much as HK$4 million has been used for one single unit.
Minotticucine's Hong Kong agent Colourliving chief executive Denise Lau Sze-wai said the stones have been used by many celebrities in their homes worldwide including Swedish football player Zlatan Ibrahimovic.