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South China Morning Post
18-05-2025
- Business
- South China Morning Post
Buyers snap up 73% of SHKP's Sierra Sea flats on sale as hot streak continues
Sun Hung Kai Properties (SHKP) sold 73 per cent of the units allocated on Sunday to buyers of its Sierra Sea residential project, capitalising on a sharp fall in interest rates and renewed optimism in the city's stock market outlook. Hong Kong's largest developer sold 277 of the 376 units on offer in phase 1B as of 3.40pm local time, according to agents involved in marketing the project, extending a hot streak since its launch last month. SHKP would continue to take orders from homebuyers up to 11pm, they added. The units on offer include 39 one-bedroom flats, 271 two-bedroom flats and 66 three-bedroom flats, measuring 302 sq ft to 807 sq ft. The price has been set between HK$3.2 million and HK$10.5 million after discounts, or HK$9,645 to HK$13,345 per square foot. The lot is worth HK$2.3 billion (US$294 million) in total. Sierra Sea, located in Shap Sze Heung – between Sai Kung and Ma On Shan in New Territories – offers a total of 9,700 units when fully completed. It is the single biggest project since Cheung Kong Property delivered 15,808 flats at Kingswood Villas in Tin Shui Wai in 1999. 'Homebuyers are optimistic about the growth potential of this project,' said Sammy Po Siu-ming, chief executive of Midland Realty's residential division. 'In addition, sentiment has improved as the trade war eased and stock prices rebounded.' Hong Kong's interbank rates tumbled last week to the lowest level in 33 months as market intervention to weaken the local currency led to a surge in liquidity in the banking system. The Hang Seng Index has risen 15 per cent this year, boosting equity wealth, as investors became more upbeat amid big gains in new listings.
South China Morning Post
18-05-2025
- Business
- South China Morning Post
Hong Kong property: new pricing weighs on home market as tariff war hurts demand
Both transaction volume and home prices in Hong Kong's secondary property market remain under pressure, as developers continue to launch new residential projects at low prices and homebuyers stay cautious amid uncertainties arising from US tariffs, market experts said. 'The cluster of secondary residential projects that are being affected by the low pricing of new projects are bigger due to convenience in transportation' said Norry Lee, senior director of projects strategy and consultancy in Hong Kong at real estate firm JLL. Sun Hung Kai Properties' Sierra Sea – part of its 9,700-unit megaproject in Shap Sze Heung, located between Sai Kung and Ma On Shan – set its selling price last month at levels last seen in the area in 2013. The pricing was still about 20 per cent lower than second-hand properties in the district. 'The project did not just pressure home prices in the second-hand market in nearby districts, but in the whole New Territories East,' Lee said. A 502 sq ft, two-bedroom unit at Solaria in Tai Po was recently sold at a 30 per cent loss, according to an agent. The flat changed hands for HK$6.23 million after the owner bought it for HK$8.8 million in 2018. Potential buyers queue up to the property sale of Sun Hung Kai Properties' Sierra Sea at the International Commerce Centre on May 3. Photo: Elson Li The Centa-City Leading (CCL) Index, a gauge of lived-in homes compiled by Centaline Property Agency, stood at 136.7 on Friday, a 0.3 per cent increase from the same period last month. The sub-index for Kowloon East dropped 1.7 per cent, while Kowloon West and Hong Kong Island saw slight increases.
South China Morning Post
07-05-2025
- Business
- South China Morning Post
Brisk Hong Kong home sales continue at Sun Hung Kai Properties' Sierra Sea
Sun Hung Kai Properties (SHKP) is likely to sell out the latest batch of flats in its massive Sierra Sea development in the New Territories on Wednesday despite a nearly 10 per cent increase in prices, according to analysts. Advertisement Hong Kong's largest developer sold 112 of the 150 flats on offer in the 9,700-unit project as of 6.30pm, according to agents, after the sale began at 3pm. The project in Shap Sze Heung, located between Sai Kung and Ma On Shan, is one of the city's largest residential developments since 1999. The first two batches sold out on April 26 and Saturday as buyers snapped up homes at prices as much as 20 per cent below second-hand properties in the area. 'The real estate market had a good start at the beginning of this month, with Sierra Sea being a hot seller,' said Louis Chan Wing-kit, CEO at Centaline Property Agency. 'Buyers' confidence in entering the market will significantly strengthen, and the first-hand transaction volume this month is bound to increase.' In April, developers sold 1,114 new units, less than half of the 2,418 flats sold in March, according to Midland Realty. Advertisement So far this month, more than 450 primary transactions had been recorded, Centaline's Chan said. The upbeat outlook for the residential market is underpinned by anticipated interest rate cuts in coming months, as well as China's stimulus policies.
