High Demand for CK Asset’s Blue Coast Project as Subscription Rates Soar

CK Asset (1113) has witnessed an overwhelming response for Blue Coast, its latest development perched above the Wong Chuk Hang MTR station, with the collection of over 12,000 checks. The fervor among buyers has led to the first two price lists of 248 flats being oversubscribed by more than 47 times.

In light of the high market demand, Justin Chiu Kwok-hung, the executive director of CK Asset, announced that a third price list will be unveiled soon. Chiu also mentioned the possibility of increasing prices for future batches, depending on market reception. He estimates there's a 70 percent chance that property prices in the city will see an uptick this year. 

Wheelock Properties reported nearly 800 flats sold in the first quarter, amassing close to HK$8.7 billion. A significant portion of these sales, 762 units, occurred in the month following the removal of housing curbs by the government, contributing over HK$7.3 billion.

Seasons Place, a new Wheelock Properties project in Lohas Park, stood out during the quarter with two rounds of sales, pushing 542 flats and accounting for nearly 85 percent of the total quarterly revenue.

During the four-day Easter holiday, the secondary market experienced a slowdown, with many people traveling to mainland China and overseas.

Centaline Property Agency observed a 21 percent decrease in transactions at 10 major housing estates during the holiday to 15 deals, down from 19 in the same period last year. Notably, Taikoo Shing in Quarry Bay and Laguna City in Kwun Tong saw no activity.

Furthermore, weekend transactions dropped by 42 percent to 11, marking the lowest count since the removal of stamp duties just over a month ago, as reported by Centaline.

Louis Chan Wing-kit, Asia-Pacific vice-chairman of Centaline's residential division, attributed the decline in second-hand market transactions to the holiday travel and intense competition from new developments.

Midland Realty’s figures were somewhat more stable, with 21 transactions at 10 blue-chip estates during the holiday, mirroring the 22 transactions of the previous year.

However, even Midland saw a 24 percent decline in weekend transactions to 16, compared to the week before.