Hong Kong property: Li Ka-shing’s CK Asset lists another 110 flats at Blue Coast after 8,000 buyers jump at first 138

The new list includes 20 two-bedroom units and 90 three-bedrooms flats, with areas ranging from 452 to 972 sq ft. The prices after discounts range from HK$9.05 million (US$1.16 million) to HK$24.7 million, or HK$19,938 to HK25,805 per square foot.

The average price per square foot of the 110 units works out to HK$22,703, HK$735 more than the average price of the first 138 flats, which surprised the market when CK Asset priced them at the lowest level among all completed projects in the residential neighbourhood.

The two price lists include a total of 248 units valued at HK$5 billion, and the developer is likely to start the first round of sales next weekend.

Blue Coast is one of six phases in the Southside development in the Southern district of Hong Kong Island. Part of phase three, Blue Coast is being developed in collaboration with transit operator and developer MTR Corp. It will have 1,200 units in total.

All told, Southside comprises 14 residential towers with a total of 5,200 units. Phases five and six have not yet launched.

Blue Coast is likely to attract 30 per cent investors and 40 per cent buyers from mainland China, with an anticipated rental return of around 3 per cent, according to property agency Midland Realty.

CK Asset’s Blue Coast flats priced well below cost in bid to drum up interest

First-hand transactions are expected to reach 4,300 in March, the highest monthly rate since 1998, Midland said.

The cooling measures, which had been in place for a decade, were scrapped with immediate effect on February 28, ending the imposition of a buyer’s stamp duty designed to target non-permanent residents, a stamp duty for second-time purchasers and a special stamp duty aimed at homeowners who resold their property within two years.