High-Net-Worth Investment Demand in Hong Kong's Luxury Real Estate: A Strategic Analysis of CK Asset and Sun Hung Kai Properties

The Hong Kong luxury real estate market has long been a magnet for ultra-high-net-worth individuals, driven by its status as a global financial hub and its scarcity of premium properties. In 2025, two of the city's most influential developers-CK Asset Holdings and Sun Hung Kai Properties (SHKP)-are intensifying their competition in this segment, each leveraging distinct strategies to capture affluent buyers. While direct collaboration between the two firms remains absent, their parallel investments in high-end residential projects reveal a shared understanding of the market's evolving dynamics and the enduring appeal of luxury assets in a volatile economic climate.

CK Asset's Premium Push: Borrett Road and Strategic Reentry

CK Asset's return to the Hong Kong luxury market has been marked by the launch of 21 Borrett Road, a flagship development in the Mid-Levels. This project, comprising 181 units with sizes ranging from 2,086 to 3,378 square feet, is positioned as a benchmark for opulence, featuring 4- and 5-bedroom layouts with ceiling heights of up to 3.5 meters. Pricing for 4-bedroom units has ranged between HK$154.3 million and HK$377.37 million, while 5+ bedroom units have fetched between HK$150.78 million and HK$459.41 million, according to a centanet listing. These figures underscore the project's exclusivity, with buyers drawn to its prime location and CK Asset's reputation for quality.

The developer's strategy extends beyond Borrett Road. In Sham Shui Po, Seaside Sonata-a 876-unit complex priced at HK$15,000 per square foot-offers a 10% discount compared to neighboring projects, targeting investors seeking value in a competitive market, as reported in an HKSAR article. This dual approach-luxury and value-reflects CK Asset's broader goal of regaining market share after years of international expansion.

SHKP's Integrated Ecosystem: Sai Sha and Cullinan

Sun Hung Kai Properties, meanwhile, has focused on creating integrated ecosystems that combine residential luxury with commercial and recreational amenities. The Sai Sha Residences project, for instance, is complemented by GO PARK Sai Sha, a sprawling sports and commercial complex that has driven foot traffic and enhanced the area's appeal, as noted in SHKP's 2024/25 results. Sai Sha's family-friendly and pet-friendly features have resonated with high-net-worth buyers, particularly those prioritizing lifestyle over pure investment.

In Kai Tak, SHKP's Cullinan Harbour and Cullinan Sky projects have similarly emphasized connectivity and modernity. The third phase of Cullinan West, located atop the Nam Cheong subway station, includes 1,172 units, leveraging transit accessibility to attract buyers seeking convenience without compromising on luxury. The HKSAR article referenced above also discussed how transit-linked phases like Cullinan West can influence buyer preference. These developments highlight SHKP's ability to adapt to shifting buyer preferences, blending residential offerings with commercial infrastructure.

Market Positioning and Investment Demand

The competition between CK Asset and SHKP is not merely about units-it's a battle for market positioning in a segment where location, design, and ecosystem integration are paramount. High-net-worth investors in Hong Kong are increasingly prioritizing properties that offer not just physical assets but also social capital and lifestyle value. For example, 21 Borrett Road's proximity to cultural landmarks and its association with CK Asset's brand equity make it a symbol of status, while Sai Sha's GO PARK component appeals to buyers seeking community and leisure.

Data from the Hong Kong property market indicates that luxury flats have maintained resilience despite broader economic headwinds. According to the HKHA 2025 report, the average price per square foot for premium units in 2025 reached HK$25,000, a 12% increase from 2023. This growth is driven by both local and international buyers, with mainland Chinese investors accounting for 35% of transactions in the Mid-Levels, based on buyer demographics.

Strategic Implications for Investors

For investors, the key takeaway is the importance of aligning with developers who can navigate regulatory challenges and geopolitical uncertainties. Both CK Asset and SHKP have demonstrated agility: CK Asset's price hikes for Blue Coast II flats in 2025 signaled confidence in market recovery, as covered in an SCMP article, while SHKP's phased launches ensure steady supply without oversaturating demand.

However, risks remain. The 2024–2025 interim results for SHKP noted that trade tensions and protest-related disruptions could dampen short-term demand, a point highlighted in SHKP's 2023/24 results. Investors must weigh these factors against the long-term appeal of Hong Kong's luxury market, which remains a store of value for those with the means to access it.

Conclusion

The luxury residential property market in Hong Kong is a testament to the city's enduring allure. While CK Asset and SHKP compete fiercely, their strategies collectively reinforce the sector's potential for high-net-worth investors. As both developers continue to innovate-whether through architectural excellence or ecosystem-driven projects-the demand for premium flats is likely to persist, provided macroeconomic conditions stabilize. For now, the battle for the Mid-Levels and Kai Tak is not just about bricks and mortar; it's about securing a legacy in one of the world's most coveted real estate markets.