Hong Kong, deemed the world’s least-affordable property market, is due to get its densest residential development yet, hoped to help improve the availability of affordable housing in the city.
Small apartments are popular with local and overseas property investors in Hong Kong, due to their lower price tags offering a way on to the property ladder in a city rated the world’s most expensive for the past eight years.
However, this latest residential development is set to be the densest yet to hit the Hong Kong market.
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 storeys, 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.
The apartments would each be an average of about 300 square feet (27.8 square metres), according to Mr Cheung. While that typically fits just one bedroom, it would still be about twice the size of the controversial micro-apartments some developers are currently selling in the city.
Control of the CK Asset Holdings Ltd property empire was passed by founder Li Ka-Shing to son Victor Li last year, and since then he has been redeveloping CK Asset’s old properties to combat a shortage of land in the city.
The developer last year said that it would revamp Hutchison House, an office tower in Central, and It has also applied to convert two Kowloon hotels into offices.
It is hoped that this latest and densest residential development will go further to combat the shortage of affordable Hong Kong property.
For overseas property investors, the apartments would obviously require a minimum of maintenance and upkeep for a relatively hassle-free investment.