(April 1): CK Asset Holdings Ltd is releasing more units of its Blue Coast project in Hong Kong for sale after registering strong interest from buyers.

As of Saturday evening, there were more than 8,000 bidders for 138 units, and the developer will put up another 110 units for sale, according to property agents. Hong Kong residents were flocking to the property showroom amid a four-day long weekend ending on Monday.

Blue Coast is jointly built by CK Asset and MTR Corporation Ltd, and is located on the southside of Hong Kong Island in a district popular among the wealthy. Buyers can receive a discount of up to 15% for some purchases, according to a press release from the developer published last week.

Along with those discounts, the affordability of the property relative to others in the district may also attract prospective homebuyers. The average unit price of HK$21,968 (US$2,800 or RM13,280) psf — after discounts — is 27% lower than the average transacted at the nearby La Montagne development.

“The development is close to international schools, some units have a sea view, and there has been an increase in interest from mainland Chinese and overseas buyers,” said Eric Tso, the chief vice-president of mReferral Mortgage Brokerage Services. The firm is working with property agency Midland Holdings to offer mortgage perks for overseas buyers who have moved to Hong Kong under various talent schemes.

Last month, Hong Kong authorities scrapped cooling measures on housing as part of the city’s annual budget, as they aim to revive the gloomy property market. Although there was a temporary increase in residential sales following the announcement, transaction levels quickly started dropping again.

Hong Kong’s residential market is expected to continue to weaken this year, with UBS Group AG expecting values to decline 5%. Homebuyers are also gravitating towards new projects, such as Blue Coast. That’s set to add pressure on prices in the secondary market.