CK Asset releases third price list for 174 Blue Coast units, sets stage to sell a total of 422 flats this weekend

CK Asset Holdings, the flagship property developer of Li Ka-shing, Hong Kong’s richest man, has released a third price list for its Blue Coast development, which goes on sale on Saturday.

The third list covers 38 two-bedroom units and 136 three-bedroom flats. The prices after discounts range from HK$9.54 million (US$1.2 million) to HK$26.5 million, or HK$20,400 to HK$27,257 per square foot. The average discounted price per square foot is HK$23,892.

The prices for these 174 units have risen in response to the market’s enthusiastic response, said Justin Chiu Kwok-hung, CK Asset’s executive director. “Units to be launched later will have a larger increase in price,” he added.

Blue Coast has received more than 14,000 expressions of interest from prospective buyers since last Friday, property agents said.

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Blue Coast is among the six phases of the Southside development in Wong Chuk Hang. The project, which is part of phase three, is being developed in collaboration with transit operator and developer MTR Corp. It will have 1,200 units in total.

“As the response is quite well and there is relatively limited supply in this area, there is room for a slight increase in prices for this project and location,” said Martin Wong, director and head of research and consultancy for Greater China at Knight Frank.

The 422 units being put up for sale this coming Saturday have been priced at HK$22,955 per square foot on average after discounts and the whole batch is valued at HK$8.8 billion.

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These units will include 80 two-bedroom flats and 342 three-bedroom flats. These units range in size from 452 sq ft to 1,006 sq ft. Their prices will range from HK$8.78 million to HK$26.5 million, or HK$18,998 to HK$27,257 per square foot, after discounts.

Altogether, Southside will comprise 14 residential towers with a total of 5,200 units. Phases five and six have not yet been launched.