Hong Kong property developer CK Asset Holdings will put a batch of new flats on the south side of Hong Kong Island on sale as soon as next month, making it one of the first major builders to announce plans ahead of an anticipated interest-rate cut.
Li Ka-shing’s flagship developer on Monday announced the sale of 558 units in Blue Coast II, which is phase 3B of the Southside development in Wong Chuk Hang. CK Asset launched 642 units in Southside phase 3C, marketed as Blue Coast I, in March.
The developer said it will kick off the latest sale as early as next month, adding that it will hopefully be “the first new development to launch in the fourth quarter”. The project was approved for presale in December.
Hong Kong builders are poised to launch at least six new projects with a total of 2,800 flats in September as they bet on a more active local property market after the expected rate cut. The Fed meets on Tuesday and Wednesday, and policymakers are odds-on to cut borrowing costs by at least 25 basis points, according to traders.
The timing of the Blue Coast II launch is not connected to the anticipated rate cut, as the sale has been in the pipeline for a long time, said Justin Chiu Kwok-hung, CK Asset’s executive director.
“The pricing will be according to the market price, and [the market] will accept it,” he said, emphasising that the developer will not hold inventory.
