The "Hong Kong Building" Kai Tak Paradise Phase 2 price list sells 62 units. Midland: A major client intends to spend about HKD 25 million to purchase 3 units

New World Development (00016.HK) today (13th) launched the sale of 62 units for its Kai Tak Paradise Phase 2. Mary Ma, Senior Director of Midland Realty, stated that the project benefits from the advantages of completed buildings and its prime location in the Kai Tak area, leading to a strong market response. It is expected to sell out today, continuing the strong sales momentum from the first phase, and the developer has room for price increases.

Mary Ma added that new developments in the Kai Tak area have always been favored by mainland buyers, with 50% of the buyers being local and 50% being from mainland China. Buyers and investors for this project each account for about 50%. The project is expected to have a rental price of around HKD 70 per square foot, with rental returns estimated at about 4%. A group of major buyers is currently looking to spend approximately HKD 25 million to purchase one two-bedroom unit and two one-bedroom units.

Mary Ma indicated that with the onset of the interest rate reduction cycle, buyer confidence in entering the market has increased. Developers are taking advantage of this trend and plan to launch several new projects in November, which is expected to further ignite market sentiment. It is estimated that over 2,000 primary transactions will be recorded for the entire month. The robust trading in the primary market will also inject momentum into the secondary market, stimulating transaction volume and steadily pushing up property prices