The project of K Wah International (0173), Wheelock Properties and China Overseas Land & Investment (0688) at 15 Shing Fung Road in Kai Tak has been named KT Marina, which will provide a total of 2,138 units in two phases.
The first phase of the largest residential project in the old Kai Tak airport runway area will offer 1,017 homes ranging from one-bedroom units to three-bedroom units, the developers said yesterday.
The first batch may be unveiled after Lunar New Year, depending on the market conditions, with reference to nearby projects as well as those in Kowloon East and Hong Kong Island East in pricing, they said.
Wheelock Properties' managing director Ricky Wong Kwong-yiu said transaction numbers have rebounded on the news of the border reopening with the mainland and prices have stabilized.
The market will take some time to recover but he expects property prices to rebound after February and rise by 5 to 8 percent this year.
Also in the area, Pano Harbour, which is developed by China Resources Land (Overseas) and Poly Property (0119), sold a 2,088-square-foot unit for HK$105.6 million, or HK$50,561 per sq ft, both new highs in Kai Tak. The developers have sold 30 flats in the project, raking in more than HK$1.53 billion since sales started last year.
