8th November 2021 – (Hong Kong) Kennedy 38 is a new residential project co-developed by Sun Hung Kai, Henderson Land and Wheelock Properties that provides 342 units, designed in studio layout to 3 bedrooms located on Rock Hill Street in Kennedy Town.

The project provides 341 units with a saleable area ranging from 229 to 456 square feet. The unit types are mainly open-plan, one-bedroom and two-bedroom units. There are also special units with balconies and rooftops, with a saleable area ranging from 207 square feet to 1,000 square feet. The price of the unit at KENNEDY 38 is expected to reach around HK$33,000 per square foot. A 229 square feet studio may cost as much as HK$7.5 million.

As long as an application meets the relevant eligibility criteria (e.g. the maximum property value and the maximum loan amount, etc.), the bank can provide a mortgage loan of up to 80% Loan-To-Value ratio. In other words, homebuyers may only need to pay 20% of the property price (up to HK$10 million) for the down payment, which greatly reduces their down payment burden. Developers in recent years have been reducing the size of apartment units in new projects to make disillusioned buyers think that they are affordable.

However, it is not the inhumane size of the units that caught our attention but rather the nonsensical caption of the project that is mind-boggling. The project caption says, “Whoever You Are, To Lead and Not To Follow“. If a person would really want to lead, he/she would not follow others to live in a micro-size apartment by paying exorbitant and unrealistic price. A successful dentist would definitely not want to ‘lead the pack’ by living in a tiny flat and serve the bank for decades.