RT Banner 2021V4.gif

China Daily

News> Hong Kong> Content
Wednesday, January 09, 2019, 23:06
World's least-affordable housing market to get densest apartments
By Bloomberg
Wednesday, January 09, 2019, 23:06 By Bloomberg

A residential housing complex is seen in Hong Kong on Dec 18, 2018. (ANTHONY WALLACE / AFP)

Hong Kong, the world’s least-affordable housing market, is set to get its densest residential development.

CK Asset Holdings Ltd is planning to turn a New Territories hotel into a pair of residential blocks containing 5,000 apartments, a document filed with planning authorities shows. At 47 stories, that works out to an average 53 units per floor, making it the densest private residential project in the city, according to chartered surveyor Vincent Cheung.

Since taking charge of his father Li Ka-Shing’s real estate empire in March, Victor Li has been redeveloping CK Asset’s old properties to combat a shortage of land in the city

The apartments would be an average of about 300 square feet (27.8 square meters), Cheung said. While that typically fits just one bedroom, it would still be about twice the size of the controversial micro-apartments some developers are selling.

ALSO READ: HK top tycoon Li Ka-shing ends CK chairmanship on high note

Small apartments are popular with buyers because their lower price tags offer a way on to the property ladder in a city rated the world’s most expensive for the past eight years.

Since taking charge of his father Li Ka-Shing’s real estate empire in March, Victor Li has been redeveloping CK Asset’s old properties to combat a shortage of land in the city. The developer last year said it would revamp Hutchison House, an office tower in Central. It has also applied to convert two Kowloon hotels into offices.

READ MORE: Victor Li delivers higher profits after taking charge

The latest application is likely to be approved, given the lack of land in Hong Kong, said Thomas Lam, an executive director at Knight Frank LLP. The units may fetch about HK$14,000 (US$1,785) per square foot, he said.

 



Share this story

CHINA DAILY
HONG KONG NEWS
OPEN
Please click in the upper right corner to open it in your browser !