A Hong Kong property developer is offering free Teslas to those who sign up to buy their luxury flats.

K&K Property has announced that it will bestow the first five bidders for their four-bedroom apartments with either HK$500,000 ($93,000) cashback or Tesla vouchers worth HK$620,900 ($116,093) - the starting price for a Tesla Model S, according to the Daily Telegraph.

"Having a Tesla car is cool in Hong Kong and this will draw buyer attention," Sammy Po of local estate agent Midland Realty told the SCMP.

The Victoria Skye development in Kai Tak, the site of Hong Kong's former airport, boasts 44 flats of around 1270sq m each.

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They will be sold via a bidding process that is expected to set buyers back at least HK$38 million ($6.9m) apiece.

"The promotion matches our facilities, as all the 143 parking spaces [at Victoria Skye] have charger systems for electric cars," said the development's investment manager Tong Cheung.

Property in Hong Kong is in high demand, exchanging hands for staggering prices. Photo / 123RF
Property in Hong Kong is in high demand, exchanging hands for staggering prices. Photo / 123RF

Parking spaces and property in the land-starved former British colony - which was handed back to China in 1997 - are in high demand, exchanging hands for staggering prices.

In June this year, an 8 sq m parking bay broke records by selling for HK$5.18 million ($968,335).

Another record was smashed this month when two apartments on The Peak, one of Hong Kong's most desirable addresses, sold for a combined HK$1.16 billion ($215.4m), making them the most expensive per square metre in Asia.

Owning an electric car in Hong Kong also became a decidedly hefty investment in April this year when the government scrapped a registration tax waiver for EVs.

The exemption, which was introduced in an attempt to cut air pollution in the city, lead to more vehicles clogging Hong Kong's already congested roads, according to critics.

EV prices shot up by 50-80 per cent after the waiver was scrapped.

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