K&K Property has launched a unique promotion offering luxury Mercedes-Benz vehicles to buyers of its high-end residences at One Stanley in Hong Kong’s Southern District. The campaign, timed to coincide with the 29th anniversary of Hong Kong's handover, aims to attract affluent local and overseas purchasers to the luxury housing market, which has recently shown signs of renewed activity.
One Stanley consists of 82 units designed to appeal to buyers seeking privacy, exclusivity, and views of the sea. Under the promotion, purchasers who acquire units priced at HK$100 million or above are eligible for a Mercedes-Benz S-class W223, a flagship model valued at approximately HK$1.64 million. Those buying units with prices between HK$50 million and HK$99.9 million qualify for a Mercedes-Benz GLC X254, a four-wheel-drive luxury SUV worth around HK$643,000. Only two vehicles are available under the promotion, distributed on a first-come, first-served basis, with total giveaways capped at roughly HK$3.2 million.
This is not K&K Property’s first foray into offering luxury incentives. In 2017, the developer provided a cash coupon redeemable for a Tesla electric vehicle to some purchasers of four-bedroom flats at its Victoria Skye project in Kai Tak.
The promotional strategy reflects a broader upswing in activity within Hong Kong’s luxury property segment, where developers have seen heightened interest in high-end homes. According to Derek Chan Hoichiu, head of research at Ricacorp Properties, such giveaways serve as niche, cost-effective marketing tools tailored to small luxury developers. These tactics are intended to protect official pricing, generate media attention, hasten sales, and appeal to ultra-high-net-worth individuals—while avoiding the negative perception that can accompany public price reductions.
K&K has reported selling 49 units at One Stanley, amassing HK$5.26 billion in value. Sales in June included three detached houses and one mansion, collectively surpassing HK$630 million.
However, not all luxury developers are adopting incentive-based sales strategies. Joseph Tsang, chairman of JLL Hong Kong, noted that different developers employ varying approaches. For example, CK Asset Holdings, a leading developer associated with billionaire Li Ka-shing, has not offered incentives for its 21 Borrett Road project but achieved record-breaking transaction prices. Notably, the firm sold a penthouse at 21 Borrett Road for HK$380.77 million via tender on June 26, followed by a four-bedroom unit at Phase 2 of the same development for HK$155.7 million two days later.
Similarly, The Development Studio sold a penthouse duplex at Verano in Repulse Bay for HK$321.76 million. The 4,022-square-foot unit commanded a price of HK$80,000 per square foot, reflecting strong demand for premium residences.
Despite concerns that rising interest rates, as projected by the US Federal Reserve, could dampen property market demand, Tsang said end users of luxury homes are unlikely to be significantly impacted. He explained that interest rate hikes tend to affect investors more than end users, as higher borrowing costs can reduce rental yields, making other investment options more attractive compared to property investments.