Hong Kong, already one of the world’s most densely packed cities, is poised to get its most dense residential project yet.
CK Asset Holdings Ltd. is planning to convert its Harbour Plaza Resort City hotel into an apartment complex with 5,000 units, according to Bloomberg. That means more than 50 apartments would be packed onto each floor — a feat that would reportedly qualify the project as the most dense private residential project in Hong Kong.
The developer, CK Asset, is one of the largest based in Hong Kong and was founded by Li Ka-Shing. His son Victor Li took control of the company last March and has since begun laying out plans to redevelop some of the firm’s Hong Kong properties.
The average apartment in Li’s latest project will be about 300 square feet with an expected price of around $535,000, according to Bloomberg. The project reportedly has a good chance of being approved as the city government recently missed its target for increasing housing stock in Hong Kong.
As of 2018, Hong Kong had been rated the world’s least affordable housing market in the world for eight years straight (prices have taken a tumble since August), prompting increasing numbers of Hong Kongers to move into micro units.
Transactions for homes under 300 square feet jumped 52 percent between the first eight months of 2017 to the same period last year. Homes under that square footage made up 12.4 percent last year of apartment sales in Hong Kong, up from 9.3 percent in 2017. [Bloomberg] – Dennis Lynch