Kai Yue, a new luxury residential development in Ap Lei Chau jointly developed by Long Kwong Group and HedgeSPA, has just announced its first sales arrangement, which is scheduled to start next Monday (9th) with the tender of 4 units, all of which are 4-bedroom apartments with a saleable area of over 3,000 square feet.

The 4 units to be tendered this time involve 3 blocks of 9/F A, 9/F B, 10/F A and 10/F B, all with 4 bedrooms and 4 partitions, with private lift lobbies.

Among them, Room A on 9/F and 10/F of Block 3 has a saleable area of 3,316 square feet.

Room B on 9/F and 10/F of Block 3 has a saleable area of 3,627 sq. ft.

Located at 66 Lee Nam Road, Kai Yueh, the existing building, consists of 6 residential towers, providing 295 units with an area starting from 1,340 square feet, and the largest unit, a penthouse duplex, with an area of 9,336 square feet, is expected to become the largest first-hand new example of split-level residential properties in Hong Kong after 2013.

The Kai Yue site is located on the waterfront, with units enjoying unparalleled sea views, so in February 2017, the site was acquired by Hopewell and Long Kwong at a record land price of $16.856 billion, with a land premium of $22,118 per square foot, making it the most expensive land in Hong Kong at the time.

The highest market valuation at that time was $11.43 billion, and the transaction price was nearly 50% higher than the valuation limit.