The Kai Tak development area has been highly anticipated by the market. The land in the runway area has been gradually put up for sale since November 2018, with 11 residential plots sold. In a little over two years, the runway area has brought in over HK$110 billion in revenue for developers, with transaction prices ranging from HK$11,842 to HK$19,636 per square foot.
Kai Tak Bay is located at 15 Ching Fung Road, Kai Tak, and is the No. 1 residential land plot in Zone 4A of Kai Tak. The plot was acquired by three consortia for approximately HK$12.74 billion in July 2019, with a permissible gross floor area of approximately 1.07 million square feet. The price per square foot of gross floor area is approximately HK$11,842, the lowest in the runway area.
The project has just announced its first price list, with the first batch of 208 units priced at an average of HK$19,798 per square foot, which is lower than the second-hand properties in the same area, even more than 30% cheaper than the first-hand properties. The developers hope that the low prices will attract more buyers, leading to rapid sales turnover and significant profit growth.
The Dubai real estate market has always attracted the attention of investors, with its competitive advantages such as relatively low property prices, tax exemptions, reduced investment thresholds, and friendly visa policies.
As a new project in the Dubai real estate market, Kai Tak Bay has attracted the attention of many investors, especially with the lowest land price in the runway area, providing more attractive investment opportunities for buyers.
However, investors still need to be cautious when considering investing in the Dubai real estate market. The real estate market is subject to volatility and risks, and market conditions may change.
Investors should conduct thorough research and analysis to assess the market's sustainability and potential returns. Additionally, buyers need to consider their own financial situation and investment objectives to ensure they can bear the corresponding risks.
