China Overseas Land and Investment (0688) has received presale consent for One Victoria in Kai Tak and expects it to be the first residential project to go on sale on the former Kai Tak airport runway.

The developer expects to release the sales brochure for the 1,059-flat project next week.

The project sits in Kai Tak Area 4B Site 2, which has a site area of 97,392 sq ft and a maximum gross floor area of 594,082 sq ft. China Overseas won the tender for the residential plot for HK$8.03 billion, or HK$13,523 per buildable sq ft in December 2018.

Two years later in December 2020, the state-run mainland developer also won the tender for another residential plot, Kai Tak Area 4E Site 1, for HK$4.27 billion.

Meanwhile, stamp duty collected from property transactions surged by 62.1 percent month-on-month to about HK$1.41 billion last month, hitting a half-year high, data from the Inland Revenue Department showed.

The number of property transactions subject to stamp duty increased by 82.03 percent from a month before to 628, reaching a five-month high.

Buyers' stamp duty collected rose by 28.22 percent month-on-month to HK$239 million, and the number of cases involved rose 83.87 percent to 114 last month.

The amount of double stamp duty applied to residential property transactions went up by 74.91 percent month-on-month to HK$1.14 billion.

In the luxury property market, former singer Cally Kwong Mei-wan sold a 693-sq-ft flat at Dragons Range in Sha Tin for HK$9.78 million, or HK$14,113 per sq ft. Kwong, who bought the flat for HK$8.7 million in 2014, will gain HK$1.08 million.

Pamela Chung, managing director commercial of Hong Kong at Tricor, bought a 771-sq-ft flat at South Horizons in Ap Lei Chau for HK$14.46 million, or HK$18,755 per sq ft.

One Victoria is being built on the former Kai Tak airport runway. SING TAO

Presales approved for Kai Tak's One Victoria