Hong Kong developer CK Asset Holdings plans to launch its residential project in Kai Tak as soon as this quarter, counting on a recovery in home prices in Hong Kong as investors look past the current turmoil stoked by the US-China tariff war.
The Victoria Blossom project, situated on the former airport runway, would be developed in three phases comprising a total of 1,005 units, executive director Justin Chiu Kwok-hung said on Wednesday. Some 723 units in the first two phases have been approved for presale and could be offered to the market by June, he said.
“The property market is booming this year and the number of transactions has increased,” Chiu said, adding that prices could increase by 5 per cent this year. “The trade war is no longer an issue of concern and it will settle in a few months. Even if trade has slowed down, the impact on Hong Kong is not too significant.”
The company, controlled by the family of billionaire Li Ka-shing, had not firmed up the selling prices for Victoria Blossom units, Chiu said. It would take into consideration prices with different views set by projects in the same district, he added.
Hong Kong’s housing market remains challenging for developers. The number of unsold first-hand private residential units in completed projects rose to a record high last quarter, as they struggled to clear inventory at reduced prices and a global tariff war heightened economic uncertainty.
