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First-time Hong Kong buyer splashes out HK$130 million for 15 flats at Kai Tak’s K. City debut

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K. Wah Holdings likely to see all 208 flats in first batch of project at old airport site taken within the day
K. City, the second residential project to hit the market at Kai Tak, the site of Hong Kong’s former airport, is likely to see all 208 flats of the first batch sold on their debut on Saturday, with a first-time buyer snapping up 15 units worth HK$130 million. A Hongkonger bought 15 flats—the upper limit allowed. They are mainly two-room units. It is the largest number purchased by a buyer since the government raised stamp duty on non-first-time buyers to 15 per cent in November, according to Louis Chan Wing-kit from Centaline Property Agency. Chan said he expected the rental rate of return, which is calculated by dividing annual rent by home price, to be 2 to 3 per cent a year. Buyers – mostly first-time purchasers – who subscribed for two or more flats each grabbed over 120 flats, said Sammy Po, chief executive in Midland Realty’s residential department. “On one hand people think the return is enticing amid a low-interest-rate environment. On the other hand, they are positive about the potential of the Kai Tak area given that more shopping malls and residential projects will be launched,” he said. The first batch of flats in 900-unit K.

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