Latest news with #LouisChanWing-kit
South China Morning Post
05-05-2025
- Business
- South China Morning Post
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
South China Morning Post
26-04-2025
- Business
- South China Morning Post
Investors dominate sales of SHKP's Sierra Sea in New Territories as sentiment improves
Buyers flocked to a mega residential project from Sun Hung Kai Properties (SHKP) in Hong Kong's New Territories on Saturday, as attractive pricing boosted purchasing sentiment from investors and agents forecast improved sales in the city despite economic jitters. Advertisement A total of 231 units out of 318 on sale at the Sierra Sea residential development were sold as of 4.00pm, according to property agents, who expect all units to be gone before the end of the sale which will end at 11.00pm. The project attracted a significant number of investors, said Louis Chan Wing-kit, CEO of Centaline Property Agency. He noted that one of his clients bought seven units, including three 3-bedrooms, three 2-bedrooms and one 1-bedroom, for a total of more than HK$34 million (US$4.38 million). Veteran investor Ken Lui Yu-kin said he bought two units for a total of about HK$10 million, paying in cash as the discounted pricing for the first batch was attractive and developers would increase the price in the upcoming sales. Buyers were enticed by attractive pricing, which was about 20 per cent cheaper than second-hand properties in the district. Photo: Jonathan Wong Liu said he expected to lease one of his units for a rental return of about 4 per cent, and intended to sell the other for 10 per cent higher than the purchase price. Advertisement
South China Morning Post
20-02-2025
- Business
- South China Morning Post
Hong Kong homes lost US$61.7 billion of value after removal of curbs: Centaline
The removal of property curbs a year ago has failed to support home prices, as the market value of private residential properties in Hong Kong was down by HK$480 billion (US$61.7 billion) since February 2024, Centaline Property said on Thursday. The withdrawn measures included the Buyer's Stamp Duty that targeted non-permanent residents and a New Residential Stamp Duty for second-time purchasers. Also, homeowners were no longer required to pay a Special Stamp Duty if they sold within two years. Transactions rose immediately, as first and second-hand private residential market recorded an average of 5,387 deals every month in the second quarter, nearly 90 per cent higher than the previous quarter's 2,873 transactions per month, according to Louis Chan Wing-kit, CEO of Centaline Property Agency. 01:54 Hongkongers react after 2024-25 budget scraps measures to cool property market Hongkongers react after 2024-25 budget scraps measures to cool property market But the improvement was short-lived, with transactions dropping back to an average of 3,017 per month in the third quarter. In October, the city said it would relax its mortgage policies and include property investment in the New Capital Investment Entrant Scheme (CIES). In the fourth quarter, transactions rose to an average of 4,554 per month.
South China Morning Post
15-02-2025
- Business
- South China Morning Post
Hong Kong homebuyers flock to NWD's State Pavilia amid ‘attractive' pricing
Published: 4:23pm, 15 Feb 2025 The latest residential project of New World Development (NWD) received a warm reception on Saturday, as Hong Kong homebuyers snapped up flats on offer at State Pavilia in North Point even after prices were raised for the batch on sale this weekend. As of 3pm, NWD – controlled by the family of chairman Henry Cheng Kar-shun – sold 103 of the 168 units on offer in the initial phase of the firm's redevelopment project at the site of the former State Theatre , according to property agents. 'The pricing is attractive and the developer is expected to put more flats on sale,' said Louis Chan Wing-kit, chief executive of Centaline Property Agency. The developer said the response to the 388-unit State Pavilia project on King's Road in North Point has been 'enthusiastic' , as more than 4,800 buyers wrote cheques as of Tuesday night for a chance to buy one of the 168 flats put on sale this weekend. The batch on offer comprises 44 one-bedroom flats, 122 two-bedroom units and a couple of three-bedroom flats, with prices ranging from HK$6.05 million (US$777,189) to HK$20.4 million after discounts. That translates to a per-square-foot price of between HK$16,888 and HK$28,088. Potential buyers crowd the entrance to the Quarry Bay sales office for New World Development's State Pavilia project. Photo: Edmond So The brisk sales for State Pavilia may inject some dose of optimism to NWD, as the property developer scrambles to dispose of assets to reduce its HK$123.7 billion debt load.
