Figures go up for Coast Line I units

CK Asset has released the first price list of The Coast Line I in Yau Tong which offers 50 units, with the cheapest priced at HK$3.86 million after discounts.

And checks have already begun streaming in.

The average price per square foot of this batch is HK$15,250 after discounts - 1.68 percent higher than that of the first batch of the second phase, as the flats in The Coast Line I offer better sea views.

CK Asset executive director Justin Chiu Kwok-hung believes people will still accept the latest prices.

The 50 units cost between HK$3.86 million and HK$11.81 million after discounts.

They comprise 20 one-bedroom, 20 two-bedroom and 10 three-bedroom apartments, with the areas ranging from 286 to 736 sq ft.

After discounts, the cheapest one-bedroom unit worked out to around HK$13,490 per sq ft. The cheapest two-bedroom is HK$6.6 million - or HK$14,937 per sq ft - while the lowest-priced three-bedroom flat is HK$10.3 million - HK$14,370 per sq ft.

Under a special scheme, CK Asset will provide discounts of up to 18 percent for one- and two-bedroom units and as high as 19 percent for three-bedroom flats.

Moreover, the developer offered an additional 1 percent discount for homebuyers who have placed checks in the first round. They will have priority to choose flats in the sales of The Coast Line I.

This came only two days after The Coast Line II sold out 626 units on the first day on Saturday with "explosively cheap pricing," marking a record after 2015.

Last week, CK Asset boomed in the primary market with prices at 2016 levels for the units in the first batch of The Coast Line II. It rolled out four price lists in total within six days.

Louis Chan Wing-kit, Asia Pacific vice chairman of the residential division at Centaline, expects the hot sales to continue and anticipates other local developers to follow suit and offer low prices for their new projects.

Chan projected the number of new home transactions to reach 1,500 this month, far higher than the 620 in July.

But with homebuyers lured to the new projects, the secondary market will remain sluggish for a while, added Chan.

The whole project in East Kowloon provides 886 units in total, with 228 in The Coast Line I and 658 in The Coast Line II.

themis.qi@singtaonewscorp.com