Hong Kong developer SHKP rushes out more Sierra Sea flats amid surge of mainland buyers
Sun Hung Kai Properties (SHKP) is launching another batch of flats in its
Sierra Sea project in the New Territories following two consecutive sold-out weekends in one of Hong Kong's largest residential projects in more than a quarter century.
Advertisement
On Wednesday, Hong Kong's largest developer will offer 150 flats in the 9,700-unit project in Shap Sze Heung, located between Sai Kung and Ma On Shan. The flats range in size from 301 sq ft to 702 sq ft.
The units are priced between HK$12,675 (US$1,635) and HK$15,486 per square foot. Of the 150 units, 128 will be sold via a regular sale with an average price after discounts of HK$11,897 per square foot – about 9.4 per cent higher than the first two batches of flats launched
on April 26 and
Saturday . The other 22 flats will be sold via tender.
The sale comes after Saturday's sale drew a surge in mainland Chinese buyers, whose numbers increased between 10 and 40 per cent compared with the previous weekend's sale as China's five-day Labour Day holiday got under way, according to Louis Chan Wing-kit, CEO of Centaline Property Agency.
The first two batches of units at the project hit the market at an average selling price last seen in the area in 2013. The average discounted price of HK$10,877 per square foot was also 20 per cent lower than prices for nearby second-hand flats.
Advertisement
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RTHK
9 hours ago
- RTHK
HK stocks end flat in wait for trade talks' direction
HK stocks end flat in wait for trade talks' direction The Hang Seng Index ended trading for the day 18 points down at 24,162. File photo: AFP Mainland and Hong Kong stocks gave up early gains to close lower on Tuesday as investors adopted a risk-off stance ahead of fresh cues from the ongoing high-level Sino-US trade talks in London. In Hong Kong, the benchmark Hang Seng Index ended trading for the day 18.56 points, or 0.077 percent, down at 24,162.87. The Hang Seng China Enterprises Index fell 0.15 percent to end at 8,767.36 while the Hang Seng Tech Index fell 0.76 percent to end at 5,392.19. Further north, the benchmark Shanghai Composite Index ended down 0.44 percent at 3,384.82. The Shenzhen Component Index closed 0.86 percent lower at 10,162.18. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, was down 1.17 percent to close at 2,037.27. The trade talks extended to a second day as top officials from the world's two largest economies sought to defuse a bitter dispute that has widened from tariffs to restrictions over rare earths, threatening a global supply chain shock and slower economic growth. "US-China talks are definitely the focus for markets this week, yet after the first day of negotiations we're seeing that markets are relatively flat," said Sean Teo, a sales trader at Saxo in Singapore. The two parties are negotiating more complex strategic issues like rare earths, semiconductors and student visas, which are unlikely to be resolved in this meeting alone, he said, so markets are taking a more wait-and-see approach after the initial optimism. The meeting comes at a critical time when China's exports to the US plunged 34.5 percent in May. Semiconductor and defence stocks led the decline, dropping more than 2 percent each at the close. Shares of rare earth companies, which is at the center of the negotiations, extended their rally, with China Rare Earth Holdings jumping 13 percent, after a 60 percent gain in the previous session. Hang Seng Mainland Properties gained 1.9 percent, following a new government guideline released on Monday that vowed to increase the supply of affordable housing. Weaker-than-expected trade and inflation data on Monday is adding to investor hopes of more government stimulus, Bob Savage, head of markets macro strategy at BNY, said in a note. (Reuters/Xinhua)
RTHK
10 hours ago
- RTHK
Ombudsman probes medical device loan service quality
Ombudsman probes medical device loan service quality The Ombudsman says the Hospital Authority's loan arrangements may cause inconvenience to patients. Photo courtesy of Information Services Department The Ombudsman on Tuesday said it launched an investigation into the Hospital Authority's assistive device loan service. Jack Chan said the service is beneficial to the public, but data has shown that procedures for borrowing and returning such devices are "rather cumbersome and overly stringent". For instance, when an item is returned, the one who pays the deposit has to bring along the receipt in order to receive a refund in person, and others cannot do so on their behalf. Moreover, a refund will not be granted if there is no receipt. "The office has noted that the Hospital Authority's current loan arrangements may cause varying degrees of inconvenience to patients and their families and carers," a statement read. "Given the significant number of borrowers and a deposit as high as HK$3,500 for each assistive device, denying refunds due to missing receipts would not only lead to conflicts but also imposes a financial burden on patients and their families." The public can submit their views on the issue by July 10.
RTHK
10 hours ago
- RTHK
Value of taxi licences 'is in exclusive rights'
Value of taxi licences 'is in exclusive rights' Amid calls for the government to buy back taxi licences for HK$5 million each, John Lee says they give cabbies such rights as accessibility to taxi stands. File photo: RTHK Taxi licences have all along given cabbies "exclusive rights" to operate, Chief Executive John Lee said on Tuesday in response to a proposal from the trade for the government to consider repurchasing licenses that it said have depreciated in value. Some within the taxi industry are calling on the administration to buy back licences for HK$5 million each, saying their value had dropped due to competition from online ride-hailing services. When asked about the suggestion, Lee said the administration has to move with caution where public money is concerned and urged the taxi sector to improve the quality of services rendered amid "a lot of voices and opinions" about cabbies not reaching standards expected. He went on to say that the licences allowed the sector to have "privileges" in operating the vehicles, such as the use of taxi stands and the right to pick up passengers in designated restricted areas and from the street. "These are the privileges granted to taxis under the relevant taxi licences," Lee said. "That's why there's a [direct] return from taxi licences, and taxi operators have been making a profit over a prolonged period with taxi licences." Lee said online ride-hailing was an "irreversible" global trend and that the government is carrying out a study on establishing a regulatory framework for such platforms to specify what type of point-to-point transfer will be considered illegal. "The Transport and Logistics Bureau is working hard and studying all details in relation to the legal framework," he said. "The details will eventually be announced. "I hope that, by then, the public and the Legislative Council will debate all these issues fully so that we can come up with a proper regulatory framework for online ride-hailing platforms and services."
