BLUE COAST II will go on sale as early as October, CK ASSET's Zhao Guoxiong: Selling properties will not hoard and speculate
CK ASSET (1113) plans to launch the 3C phase of the Blue Coast II project in Wong Chuk Hang Station, Hong Kong Island South in the first round of October, in collaboration with MTR Corporation, involving 558 units. Victor Cha, Executive Director of CK ASSET, stated that the project launch will depend on market conditions rather than simply following interest rate trends, emphasizing that they will not hoard properties. If the Federal Reserve cuts interest rates, the market sentiment will become more optimistic, and it is expected that property prices are nearing the bottom, allowing buyers to seize the opportunity to enter the market. In the previous phase, Blue Coast has sold 571 units, generating over HKD 10.8 billion in cash
On the eve of the Federal Reserve's interest rate decision, Hong Kong developers have restarted their sales efforts. Among them, CK ASSET (1113) is deploying the sale of the 3C phase of the Wong Chuk Hang Station project developed in collaboration with MTR Corporation (066), involving 558 units. The first round of sales is planned for October, making it potentially the first new project to go on sale in the fourth quarter of this year.
CK ASSET Executive Director Justin Chiu (pictured) stated that the preparation for the sale of the Wong Chuk Hang Station project has been ongoing for several months and will be launched as soon as possible. He emphasized that the sales deployment will depend on market conditions rather than just interest rate trends, and stressed that there will absolutely be no hoarding for speculation.
The 3C phase of the Wong Chuk Hang Station project on the south side of Hong Kong Island has been officially named "BLUE COAST II" today (16th). The project offers units ranging from two to four bedrooms, with a focus on two-bedroom and three-bedroom units. CK ASSET Executive Director Justin Chiu stated that if the Federal Reserve cuts interest rates this week as expected by the market, the market sentiment will turn more optimistic and lively, which will have a definitely positive impact on the property market. He also estimated a higher chance of a 0.25% rate cut for the first time. Justin Chiu further mentioned that the preparation for the sale of the Wong Chuk Hang Station project has been ongoing for several months and will be launched as soon as possible. He also pointed out that the pricing strategy will be discussed with MTR Corporation based on market acceptance.
Justin Chiu believes that developers will not be willing to sell properties at a loss, expecting that property prices have bottomed out and there is little chance and room for further decline. With a wide range of residential options and low prices in the current market, it is a good time for buyers to enter the market to meet their long-term housing needs.
Same series Blue Coast sold 571 units
CK ASSET Sales Department Chief Manager Gary Kwok (pictured on the right) revealed that with the Golden Week approaching, everything is ready for BLUE COAST II, and the first round of sales for BLUE COAST II is expected to take place in October, potentially becoming the first new project to go on sale in the fourth quarter of 2024.
CK ASSET Sales Department Assistant Chief Manager Alice Yeung (pictured on the left) stated that the previous phase of Blue Coast was launched in April, with 642 units offered. To date, 571 units have been sold, generating over HKD 10.8 billion in sales. The average transaction price is around HKD 19 million, with an average price per square foot of around HKD 25,000. Sales on the first day of the project exceeded HKD 7.5 billion, setting a new daily record after the implementation of the first-hand sales restriction. Sales had surpassed HKD 10 billion by the 8th day.
Furthermore, when asked whether the group was concerned that the earlier price chasing for the new project Hung Fuk Bridge #LYOS would affect sales, Justin Chiu stated that he was not too worried about the impact of the price chasing incident on the project's sales. He believes that buyers will first consider their own affordability when entering the market, but it is difficult to ensure that buyers' circumstances will not change during the property presale period. He emphasized that the group will discuss solutions with buyers facing difficulties and assist them as much as possible However, if some buyers enter the market with a speculative or investment mentality, they should bear responsibility according to the spirit of the contract. (Reporter Lin Defen)
Caption: (From left) Yang Guiling, Assistant Chief Manager of Cheung Kong Realty, Zhao Guoxiong, Executive Director of Cheung Kong Realty, and Guo Ziwei, Chief Manager of Cheung Kong Realty
