CK Asset resumes sales at 21 Borrett Road after waiting out luxury-property slump
The launch reflects growing confidence among developers that the luxury segment has emerged from a multi-year downturn
CK Asset Holdings is releasing more ultra-luxury homes at its 21 Borrett Road project, which was previously linked to one of Hong Kong’s largest failed property transactions, betting that a resurgence in demand from wealthy buyers signals a turning point for the city’s high-end residential market.
The developer on Tuesday released the second phase of the Mid-Levels Central project, putting 16 flats up for tender, with the first-round of bidding scheduled for June 10.
The second phase, comprising 66 flats, includes standard flats from 1,875 sq ft to 2,193 sq ft in saleable area, as well as a limited number of special units, including two penthouses exceeding 2,900 sq ft in size.
The launch reflects growing confidence among developers that the luxury segment has emerged from a multi-year downturn that saw falling prices and fewer transactions after the pandemic broke out.
“We have received a lot of inquiries and feel the time has come,” CK Asset’s executive director Justin Chiu Kwok-hung said in a media briefing on Tuesday.
“Now is a good time to invest in Hong Kong property. The economy is gradually improving and demand for luxury homes is increasing.”
