21,000 Hongkongers vie for 329 new homes at 12-year-low prices at SHKP's Sierra Sea
Sun Hung Kai Properties (SHKP) , Hong Kong's largest property developer, received more than 21,000 cheques for 329 units at its massive Sierra Sea residential project in the New Territories, indicating that attractive pricing can drive home sales in the city despite economic jitters, according to agents.
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The first round of sales on Saturday will feature 318 units available via regular sale at an average discounted price of about HK$10,877 (US$1,402) per square foot, according to SHKP. The number of potential buyers outnumbers the units by more than 65 times, SHKP added. The other 11 units will be available via tender.
The pricing is about 20 per cent cheaper than second-hand properties in the district, according to Midland Realty.
Sierra Sea is part of the 9,700-unit Sai Sha development in Shap Sze Heung, which is located between Sai Kung and Ma On Shan.
'Sierra Sea is a large-scale development project, so the developer has launched the first batch at a relatively favourable price to attract buyers' attention,' said Derek Chan, head of research at Ricacorp Properties.
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The attractive pricing comes at a time of heightened uncertainty brought about by a worsening trade war between the US and China, Chan said.
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