Hong Kong Developers Reduce Discounts at Kai Tak Project Amid Rebounding Confidence

Hong Kong builders reduce price cuts at new Kai Tak scheme as optimism recovers

Double Coast I will be set at a 3 per cent markdown compared to the costs observed in Twin Victoria in Kai Tak the previous month.

Developers in Hong Kong are displaying increased optimism about the city's market future, due to a range of supportive actions. A group comprised of Wheelock Properties and New World Development is proposing smaller price reductions for their new properties in Kai Tak as customer demand has significantly rebounded.

At Double Coast I, the duo of developers along with their collaborators China Overseas and New World Development, established the cost for the initial 78 units at an average of HK$17,899 per square foot. This is roughly 3 per cent less than the average price of units at Twin Victoria in Kai Tak during its inauguration last month.

Midland Realty reports that new residential properties launched in the city usually provide purchasers with a discount that varies between 13 and 20 per cent.

The initial pricing list remains the "most cautious" at Kai Tak, the location of Hong Kong's previous airport runway, as stated by Stewart Leung Chi-kin, the head of Wheelock Properties. "There is potential for a rise in prices down the line."

Buyers can now secure up to 70% funding irrespective of the property's worth or purpose. The ratio of debt servicing has been increased from 40% to 50%, unifying the rate for both residential and non-residential properties.