The new seafront residential project Double Coast I in the Kai Tak development area released 58 flats for sale over the weekend, at listed prices. According to Sammy Po Siu-ming, chief executive of Midland's residential division for Hong Kong and Macau, the project is expected to attract primarily buyers from Kowloon, accounting for about 50%, while the remaining 50% will come from clients in the New Territories and Hong Kong Island.
Po also mentioned that as the local infrastructure and living amenities continue to improve, the project has strong potential for appreciation. It is estimated that the rental price per square foot could reach HK$60, with a rental yield of nearly 4%. Since the project is already completed, it is expected to draw 60% of buyers for self-use and 40% as investors.
Midland has already recorded one group of clients who spent approximately HK$33 million to purchase three units, including two three-bedroom units and one two-bedroom unit.
Double Coast I is a joint development by Wheelock Properties, Henderson Land, China Overseas, and New World Development.
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