All 122 flats released for sale at the One Kai Tak Phase Two project on Saturday were snapped up, signalling strong demand for primary property ahead of the Lunar New Year. The project, on the site of the former Kai Tak airport, is being developed by mainland Chinese developer China Overseas Land and Investment. Flats are available only to buyers who hold Hong Kong permanent resident cards, part of a government programme to make housing more affordable. The sale was oversubscribed by more than 10 times, with 1,300 people registering to buy one of the 122 homes on offer. The largest and most expensive flat, which measures 799 sq ft, costs HK$18.85 million after discounts. Even the smallest, at 375 sq ft, is priced at about HK$6.42 million after discounts. “Kai Tak is an urban area and its potential is highly endorsed by the market,” Sammy Po, chief executive of Midland Realty’s residential department, said. “The recent sales of the primary property market is good and this also gives confidence to buyers.
