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Hot projects in Hong Kong's real estate market have stepped up launches as the second half of 2024 approaches. The Kai Tak Parkview I project officially uploaded its prospectus yesterday, offering a total of 29 units, mainly 2-bedroom apartments, with usable area ranging from 374 to 400 sq ft, and is positioned as a "starter home" option. Demonstration units are expected to be opened shortly. Pricing will take reference from the Kai Tak runway's waterfront luxury properties, and sales are expected to commence next month.

The smallest unit in the development is Unit J on the 2nd floor of Block 6, with a usable area of 234 sq ft, which is a 1-bedroom apartment with a 30 sq ft podium. The project also features 12 specialty units, including low-rise units with podiums and high-rise units with rooftops, with rooftop sizes ranging from 353 to 394 sq ft. The market considers the standard 1-, 2- and 3-bedroom units of the project to be relatively small in size within the Kai Tak area, but highly competitive.

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The project's 5 standard floors are designed with 9 units per floor with 3 lifts, while the 6 standard floors have 15 units per floor with 2 lifts. The development is expected to be completed by the end of August 2025, and the construction period will be about 13 months if sales start in July. Mr. Fong Man Cheong, President of Far East Development Property, said that since the government's full withdrawal of spices, there has been a significant increase in transactions in the property market, of which Kai Tak District has become the focus area, with about 835 transactions recorded so far, with a transaction value of up to $16.5 billion. Mr. Chan Fu Keung, General Manager of Sales and Marketing of Far East Development, said that the sales office of the project is set up in Kowloon Bay, and the demonstration units will be opened to the public for viewing in the near future, and can be launched for sale in July at the earliest.

Meanwhile, the Urban Renewal Authority (URA) has re-launched the tender process for the Kai Tak Road project in Kowloon City. In October last year, the project could not be tendered as scheduled due to poor market conditions. The expression of interest for this re-tender will close on the 12th of next month. The project has a site area of about 57,000 square feet and a buildable floor area of about 514,000 square feet, including about 430,000 square feet of residential floor area providing 810 flats, and more than 80,000 square feet of non-residential floor area. In October last year, the URA received 31 expressions of interest, but due to repeated unsuccessful bids in the market, the Government suspended the sale of residential sites in the first quarter. After considering a number of factors, the URA decided to re-tender the sites in the third quarter of this year and invited interested co-developers to submit expressions of interest again.

On the rental market, the wave of Mainland students renting flats continued to expand in June, spreading to public housing. More than 40 cases of Mainland students renting flats were recorded in Tai Po this month. Among them, Room 10 on the lower floor of Wan Lin House (Block 2) in Wan Tau Tong Estate, Tai Po, with a usable area of 445 sq ft and now with a 3-room partition, was originally offered for rent by the landlord for $16,000 and was eventually rented out for $17,500, with a rent of $39 per sq ft, which is comparable to the rental level of private flats in the same district. For example, a semi-new building in the same district, Unit J in Tower 9 of Sky Diamond, with a usable area of 617 sq ft, was rented at $22,500 with a rent of $36 per sq ft.