The new Blue Coast development in Wong Chuk Hang, Hong Kong Island, jointly developed by Cheung Kong Property Holdings and MTR Corporation, made its debut in the property market last Saturday (6th), attracting significant attention and enthusiastic response from the market.
According to insider sources, when the subscription period for Blue Coast ended on Friday (5th), nearly 28,000 applications had been received. This not only made Blue Coast the "king of subscriptions" in this year's new project sales but also raised its first-round subscription rate to an astonishing 65 times, with an average of 66 competing applicants per unit.
In the final moments of the subscription period, numerous prospective buyers and agents seized the last opportunity to participate in the application process, resulting in an exceptionally bustling scene. It is understood that nearly 4,000 applications were received on the last day alone, bringing the total number of applications to nearly 28,000. The 422 units scheduled for release on Saturday will face intense competition.
The total number of applications for Blue Coast exceeded the record set by the Pokfulam III project, a joint venture between New World Development and MTR Corporation, during its first round of sales in June 2021. At that time, the project received 27,143 applications, making it the third-highest first-round subscription volume in Hong Kong's property market.
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It is worth mentioning that Cheung Kong Property Holdings secured the top three spots in the first-round subscription volume of new projects in the Hong Kong property market. Among them, the first phase of Tsing Yi Park Island, jointly developed by Cheung Kong and Sun Hung Kai Properties, received approximately 30,400 applications in its first round of sales in 1997, ranking second; while Cheung Kong's Park Yoho Gen II received over 38,000 applications in its first round of sales in August 2023, making it the "king of subscriptions" for new projects in Hong Kong for two consecutive times.
Regarding the first-round sales of Blue Coast, Guo Ziwei, Chief Manager of Cheung Kong's Sales Department, expressed confidence and stated that if the market response continues to be strong, the group will consider releasing more units and may adjust the selling prices, with expected increases of around 10%. Yang Guiling, Assistant Chief Manager of Cheung Kong's Sales Department, added that the sales office located above the Richland Mall in Hung Hom is expected to accommodate 8,000 to 10,000 buyers for ballot drawing.
Blue Coast, located at 11 Yeung Uk Road, will offer a total of 642 residential units, with practical areas ranging from 452 to 1,267 square feet, and is expected to be completed by the end of December 2025.
In addition to Blue Coast, another highly anticipated project is Mount Pokfulam, a townhouse project jointly developed by Wang On Properties and Kerry Properties. The project, located at 86A to 86G Pok Fu Lam Road, announced its first sales arrangement last Friday and plans to bid for the sale of a townhouse from April 9th. The townhouse is located at 86D Pok Fu Lam Road, with a practical area of 4,765 square feet, featuring 5 bedrooms, a 955-square-foot rooftop, and a 2,231-square-foot garden.
The soaring sales of these two projects reflect the strong demand in the Hong Kong property market and investors' confidence in these areas. Blue Coast's prime location, extensive facilities, and the reputation of Cheung Kong Property Holdings, as well as the high-end design and luxury features of the Mount Pokfulam project, have attracted considerable attention from prospective buyers.
