Brisk sales point to big follow-up

CK Asset (1113) might release the prices of The Coast Line I in Yau Tong this week, after The Coast Line II sold 626 units in the first batch on Saturday, a record since 2015.

Justin Chui Kowk-hung, an executive director of CK Asset, said all units from the first round of sales were sold in a day, indicating the project's affordability for the public.

With a discounted average price of HK$14,868 per square foot for the first batch, this project stands as the most budget-friendly project in the urban area over the past seven years.

The low price also drew significant investor interest. One individual spent about HK$32 million to acquire four flats on Saturday.

Fueled by buyer interest, the developer plans to launch The Coast Line I, with pricing expected later this week.

Chui said that due to the improved quality and increased number of units in this phase, price increments were expected in comparison to the previous sales.

The Coast Line I has 228 units ranging from one bedroom to three bedrooms, with sizes ranging from 273-736 sq ft. Both sizes have sea views.

Priority for registration in the second round will be given to customers who took part in the first round with checks placed.

Addressing concerns about a potential real-estate market downturn and recent discounted new developments, Housing Secretary Winnie Ho Wing-yin said this approach was adopted by some developers, but the overall property market still needed observation.

Due to interest rate increases, the market entry inclination was affected, resulting in caution for investors. But demand for personally owned properties remained high.

Meanwhile, Henderson Land Development (0012) introduced a fresh sales phase for its Baker Circle Greenwich and Baker Circle Euston in Hung Hom on Saturday.

The 23 units in Greenwich, sized 215 to 265 sq ft, start at HK$3.76 million, while the 20 units in Euston, spanning 214 to 378 sq ft, start at HK$4.3 million.

The developer sold six units in Greenwich on Saturday.

The allure of the primary market has contributed to the subdued state of the secondary market.

Four deals were recorded in the top 10 housing estates by Centaline Property this weekend, one more than the previous weekend.

However, the secondary market remains sluggish with 15 weeks of low transactions.

Midland Realty recorded eight transactions, up by four deals week-on-week.

Registered commercial building deals dropped by more than 40 percent in July compared to the previous month, reaching just 49. This was influenced by higher interest rates and slower economic recovery.

Midland expects Grade-A office building prices and deals will continue to decline.