Inside the First Price List: 102 Kowloon Flats From HK$5.298 Million
The joint venture behind one of southwest Kowloon's larger residential pipelines released its first price list on 12 August 2026. The opening batch covers 102 flats, comprising 18 one-bedroom, 66 two-bedroom and 18 three-bedroom units with usable areas from 304 to 657 square feet. After a maximum discount of 16%, net prices range from HK$5.298 million to HK$12.371 million, with net per-square-foot prices of HK$16,538 to HK$19,291. The batch averages HK$17,880 per square foot and has a combined market value of about HK$975 million.
The cheapest one-bedroom is a 304-square-foot unit at HK$5.298 million, or HK$17,428 per square foot. The two-bedroom entry is 422 square feet at HK$6.988 million, or HK$16,559 per square foot, while the three-bedroom entry is 657 square feet at HK$11.608 million, or HK$17,668 per square foot.
The headline attraction is the sharp gap to earlier area launches. The first-batch average is roughly 27.4% to 32.9% below the 2021 first price lists of Viharbour I, II and III, which launched at averages of HK$24,628, HK$26,658 and HK$25,868 per square foot respectively. The scheme is also large: the first phase contains 507 units across six blocks, the wider project will supply more than 2,200 homes, and the developer completed a land-premium payment of more than HK$13.7 billion in January 2023.
Show flats are now open and the developer is accepting purchase registrations, with the first round of sales possible as early as next week. The expected key date is late November 2028, leaving a presale period of about 27 months.
Behind the Discount: China Resources Resets Kowloon New-Home Pricing
China Resources' volume-first pricing
The developer described the first batch as a "West Kowloon must-win price." The logic is volume rather than maximum margin: with more than 2,200 units to sell across phases and a HK$13.7 billion land premium already paid, establishing a visible, market-clearing price early is valuable. A 27-month presale period also makes early sales velocity important for project finance and marketing momentum across later phases.
The 27–33% discount should not, however, be read as a direct markdown against today's market. The Viharbour benchmarks are first launch lists from March and November 2021, when Hong Kong new-home pricing was stronger. Against a more current secondary transaction, the real premium is much narrower.
Viharbour is the benchmark, not the only measure
The Viharbour comparisons explain the headline discount, but the two projects offer different trade-offs. Both have access to Nam Cheong, Cheung Sha Wan and Lai Chi Kok MTR stations and can use V Walk and the Sham Shui Po area for shopping. The new project counters Viharbour's waterfront calm with a larger 120,000-square-foot clubhouse and closer access to the traditional Cheung Sha Wan commercial district, but it comes with more units and a less private setting. Buyers are therefore partly trading a quieter, waterfront position for a lower per-square-foot price and larger internal facilities.
The secondary market is the real pricing test
A more current signal is the 18-year-old nearby estate cited in the launch analysis. Its one-bedroom unit changed hands last month at HK$6.1 million, or HK$15,327 per square foot. The new project's cheapest one-bedroom entry is HK$17,428 per square foot, about 13.7% higher. That is a thin premium for a property nearly 20 years newer, suggesting the developer is clearing stock rather than protecting a wide new-home margin. It also tells secondary sellers that the new launch is setting a visible price anchor.
How Buyers and Market Watchers Should Read the First Batch
- The first-batch entry point is the 304-square-foot one-bedroom at HK$5.298 million, or HK$17,428 per square foot; if you need more space, the 422-square-foot two-bedroom entry at HK$6.988 million is cheaper on a per-square-foot basis at HK$16,559.
- Do not treat the "nearly 30% below Viharbour" figure as a 30% markdown from today's market. Those benchmarks are 2021 launch lists; against a recent 18-year-old secondary sale, the project's one-bedroom entry is only about 13.7% higher in per-square-foot terms.
- Plan for the 27-month presale period: the expected key date is late November 2028, so interim housing and payment schedules need to extend well beyond the first round of sales.
- Use the full first-batch per-square-foot range of HK$16,538 to HK$19,291, not just the HK$17,880 average, when comparing individual units, floors and orientations.
- Secondary sellers and buyers in the immediate area should treat the 507-unit first phase, dominated by 234 two-bedroom units, as a new price anchor; listings well above the HK$15,327–17,428 per-square-foot range may face buyer resistance.
Risk & Opportunity Assessment
| Commercial Risk | Medium | The estimated HK$975 million first-batch value and HK$17,880 per-square-foot average are set against a HK$13.7 billion land premium, so early units appear priced for sales velocity rather than the margins achieved by nearby 2021 launches. |
| Competitive Risk | High | The launch undercuts Viharbour I, II and III first lists by 27.4% to 32.9% and adds 507 units in the first phase, with more than 2,200 ultimately planned, creating a visible pricing benchmark that nearby new and secondary sellers may be forced to follow. |
| Regulatory Risk | Low | The report indicates no change in approvals or policy; presale activity is proceeding under existing rules. |
| Reputation Risk | Medium | The "West Kowloon must-win price" framing and the developer's claim of more than 10,000 enquiries set a performance bar for the first sales round; weak take-up would dent the marketing narrative and pressure pricing for later phases. |
| Technology Disruption | Low | This is a conventional residential project with no stated technology or construction innovation that would alter pricing or demand. |
| Commercial Opportunity | Medium | An aggressive first-batch price can establish liquidity and a benchmark across a 2,200-unit multi-phase scheme, but the same price anchor limits upside if demand is slower than expected. |
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