The Kwok family has teamed up with property developer Ballymore to launch the second phase of sales at the Goodluck Hope residential development in East London.
The controlling family behind Sun Hung Kai Properties is offering starter homes in the form of 400 square foot studio flats, with prices starting at £395,000.
Kwok Family Interests holds a 50% stake in the residential development, which is set for the sales launch of its second phase in Hong Kong and London on Friday.
The second phase, known as The Douglas Tower, is a 30-storey high-rise featuring 165 units in layouts that include studio apartments, one-bedroom and two-bedroom flats, plus two loft penthouses.
The first phase featured low-rise units that were launched for pre-sale in Hong Kong on 16 June 2017.
The most expensive unit, a loft penthouse that spans 1,734 sq ft, is priced at £1.675 million.
Jenny Steen, sales director at Ballymore, told the South China Morning Post that prices for Goodluck Hope’s phase two have risen 3% to 5% compared to the first phase.
She said Goodluck Hope should benefit from improved infrastructure and a growing number of cultural and entertainment communities sprouting within East London.
“There is strong growth [in London] in the right projects. Well informed investors like those in Hong Kong are becoming more selective, they’re confident in the market but they’re also looking for well-designed projects with good development [in the surrounding neighbourhood],” said Steen.
The homes are a four minute tube journey from Canary Wharf and are nestled within a neighbourhood of food and beverage outlets, recording and art studios, co-working space and the soon-to-be-relocated London Film School.
Steen claimed the project “checks all the boxes” as a highly liveable residential property that will yield steady return.
“It’s a well-designed space that will have better rental yield and better quality tenants,” she added.