The first phase of the residential project at 15 Seng Fung Road, Kai Tak (former runway area), jointly developed by K. Wah, Wheelock Properties and China Overseas, is named Kai Tak Bay 1, offering 1,017 units for sale after the Lunar New Year, with the first batch of units to be put up for sale at market price.

Meanwhile, the first-hand market has recorded a number of multi-billion dollar transactions, with a luxury buyer paying over $160 million for eight units in South West Kowloon Harbourview II, and four-bedroom units in ST. GEORGE'S MANSIONS and Kai Tak River King in Kadoorie Hill sold for over $100 million each.

Kai Tak Bay is being developed in two phases, offering a total of 2,138 units.

The first phase, Kai Tak Bay 1, consists of one tower with Blocks 2A, 2B and 2C, offering 1,017 units with standard flat types ranging from one-bedroom to three-bedroom, with a focus on two-bedroom units.

K. Wah International's Director of Sales and Marketing Planning (Hong Kong Properties), Mr. Winston Wan, said yesterday that the project was "90-90" and was studying the market trend and would launch the units as soon as possible.

Wen also said that the resumption of customs clearance has gradually returned Hong Kong to normal, but the economy is still recuperating, and he expects the government to continue to attract investment, which is expected to improve market conditions in the second half of the year, and the property market will develop steadily this year.

On the same occasion, Mr Yau Wai-kwong, Managing Director of China Overseas Land, believed that the property market would be better this year than last year after the resumption of customs clearance.

Mr Wong Kwong-yiu, Managing Director of Wheelock Properties, also pointed out that with the recent good news and the return of the economy to normal, first and second-hand property transactions have seen an increase and property prices have also stabilised, and it is believed that there will be a significant rebound after the Lunar New Year.

The market is expected to see a rise of around 5% to 8% in property prices this year. Wheelock Properties, Sino Land, K. Wah International and Java Holdings jointly acquired eight units at Harbourview II in South West Kowloon yesterday at a cost of more than $160 million, spread over 20 to 28/F, Unit D, Block 3A.

Among them, Unit D on 28/F, Block 3A, measuring 790 sq ft, was sold for $21.5 million at $27,215 per square foot.

Another transaction was recorded yesterday, with the sale of Unit A on 7/F, Block 1, a 2,140 sq ft, four-room apartment at $48,832, for $104.5 million.

The project has already sold six units in just 10 days since it entered 2023, generating nearly $600 million.

Sino Land's Executive Director, Mr Tian Zhaoyuan, said that the epidemic has stabilised and the normal customs clearance between the Mainland and Hong Kong has improved the market sentiment, which has given buyers confidence in the property market and accelerated the pace of entry, with luxury properties taking the lead.

Another record-breaking transaction of over $100 million was achieved by China Resources Land (Overseas) and Poly Land's joint venture Kai Tak River Hong Kong, with a unit on the 23rd floor of Tower 1, Suite A, sold for over $105 million at a price of over $50,561 per square foot, a new record for the project and a new high for a new property in the former runway area.

The unit is a four-bedroom, three-bedroom apartment with a private lift lobby interval, measuring 2,088 square feet.

According to the developer, it is believed that the demand for quality first-line luxury residential properties with sea view will increase as a result of the favourable property market. The project has sold a total of 30 units since its launch at the end of last year, with a turnover of over $1.53 billion.

To tie in with the Customs Clearance and the High-end Talent Pass Scheme, Centaline Mortgage has partnered with Centaline Property to launch the "Citywide Mortgage Credit Re-launch" special mortgage offer.

Centaline Mortgage's Managing Director, Ms. May Wong, said that customers are free to choose either the "H" or "P" mortgage, with mortgage/ceiling rates as low as 3.125% and up to 90% loan-to-value ratio, and can enjoy up to 2.3% cash rebate and related cash prizes for eligible green mortgage applications, as well as a high savings account. In addition, Centaline Mortgage also offers free mortgage advisor consultation.