Selling properties "regardless of cost"! Discounts of up to 38.5% offered at the first phase of the Kai Tak Development in Hong Kong

According to the Wise Financial APP, the first phase of Kowloon City Bay, developed by Kerry Properties (00173), Wheelock Properties, and China Overseas Development (00688), launched a "Best Timing Limited Discount" today (September 2nd), with a specified 50 units. The highest discount on property prices is up to 38.5%, with an average discounted price of about HKD 17,384 per square foot, and some units have discounts of about 20%. Kelvin Wan, Director of Marketing and Market Planning (Hong Kong Real Estate) at Kerry Properties, stated that the market expects a rate cut in the United States this month, entering a rate-cutting cycle, making it the best time to buy property. Therefore, the first phase of Kowloon City Bay is "cost-irrelevant, only seeking breakeven," introducing the "Best Timing Payment Plan". Kelvin Wan mentioned that 90 units have already been sold in the project, and the rate cut is of great help to the Hong Kong property market, which will gradually return to the right track. Developers will always sell properties based on market prices and will not hoard inventory. Kelvin Poon, CEO of the Residential Department at Midland Realty, stated that the United States is expected to cut rates this month, and developers are actively deploying new launches. The increase in discount offers this time reflects the determination of developers to clear inventory, with expected ideal sales. It is estimated that about 30% of buyers will be investors, with an expected rental yield of about 3.5%. He further mentioned that Kowloon City Bay is located in the Kai Tak Runway area with a seafront location, and many units enjoy open views. Coupled with the project's proximity to existing buildings, it is believed to attract more end-users and long-term rental clients. Among the estimated customer base, about 70% are end-users and 30% are long-term investors, with an expected rental price of HKD 45 per square foot. Kelvin Poon also believes that the market anticipates a rate cut in September, with many new and remaining stock properties ready to be launched. Once the rate cut is confirmed, with the advantages of low interest rates and lower prices for new properties, buyers are expected to enter the market more quickly. It is expected that the overall property market transaction volume in September will significantly increase compared to August, with about 1,500 first-hand transactions expected; the second-hand market transaction volume is expected to reach about 3,600 transactions, an increase of about 20% from the previous month. Additionally, there is a chance for property prices to stabilize after the decline