Latest news with #SammyPoSiu-ming
South China Morning Post
03-05-2025
- Business
- South China Morning Post
Homebuyers flock to SHKP's new batch of Sierra Sea flats on sale as demand remains strong
Demand for flats at Sierra Sea , a mega residential project of Sun Hung Kai Properties (SHKP) in the New Territories, remained strong for the second consecutive weekend, as homebuyers took advantage of discounted prices that are about 20 per cent lower than those of similar properties in the district. Advertisement As of 12pm on Saturday, Hong Kong's largest property developer already sold 123 of the second batch of 288 new flats put up for sale at Sierra Sea, according to property agents. That comes a week after homebuyers snapped up all 318 of the first batch of flats made available by SHKP. In total, the developer has sold more than 400 Sierra Sea flats that it has put for sale since April 26. 'The project is so popular primarily because of its low price, which is 20 per cent cheaper than other properties in the same district,' said Sammy Po Siu-ming, chief executive of Midland Realty's residential division. 'Everyone believes the project has great potential for appreciation.' The flats on sale this weekend – ranging in size from 301 sq ft to 702 sq ft – include 39 one-bedroom, 170 two-bedroom and 79 three-bedroom units. Prices for these units cost from HK$3.27 million to HK$8.99 million (US$422,000 to US$1.16 million), while the price per square foot is between HK$9,992 and HK$13,533. A general view of Sun Hung Kai Properties' new Sierra Sea residential development at Sai Sha in the New Territories. Photo: Edmond So About 20 to 40 per cent of the prospective homebuyers of Sierra Sea flats are from mainland China, according to property agents.
South China Morning Post
15-04-2025
- Business
- South China Morning Post
Hong Kong's new home prices sink as SHKP launches at 11-year low in Sai Kung
Hong Kong's biggest property developer Sun Hung Kai Properties (SHKP) is shocking the city's housing market by launching new flats at its megaproject in New Territories at a 11-year low in the district, suggesting the market will struggle to rebound in the near term. Advertisement The developer launched the price list for 158 of the 781 units at its Sierra Sea, Phase 1A (2) at HK$10,398 per square foot on average, according to property agents. The units represent the first batch of its 9,700-unit Sai Sha development in Shap Sze Heung, which is located between Sai Kung and Ma On Shan. This would be Hong Kong's single largest property project by a developer since the 15,808 homes at Kingswood Villas in Tin Shui Wai developed by Cheung Kong Property between 1991 and 1999. Cheung Kong was renamed CK Asset Holdings in August 2017. 'The pricing is extremely shocking,' said Sammy Po Siu-ming, CEO of Midland Realty's residential division. 'The average price per square foot is the lowest in about 11 years in Ma On Shan, [possibly] to capture the market focus.' Financial Secretary Paul Chan Mo-po leads a delegation of Beijing officials to view the plans for Northern Metropolis in November 2024. Photo: Handout The first batch comprises three one-bedroom units, 118 two-bedrooms units and 37 three-bedrooms flats, with saleable area ranging from 301 to 574 sq ft. These units were priced between HK$9,499 and HK$11,126 per square foot. All the units were priced under HK$6 million (US$773,400) each, with the cheapest at HK$2.99 million after discounts. Sales will begin next week. Advertisement
Yahoo
15-03-2025
- Business
- Yahoo
China Vanke's Le Mont project in Tai Po selling briskly despite mortgage concerns
China Vanke has sold around a quarter of the more than 200 units on offer at its Le Mont project on the first day of sales, despite earlier reports indicating that some Hong Kong banks were refusing to extend mortgages to prospective buyers. By 1pm on Saturday, 58 of the 228 available flats at the new Tai Po residential project developed by Vanke Hong Kong, a unit of China Vanke, had been sold, said Sammy Po Siu-ming, CEO of Midland Realty's residential division. He expected the flats to be sold out by the end of the day. The flats - ranging from 214 sq ft to 873 sq ft - include 28 studios, 67 one-bedroom units, 93 two-bedroom units, 24 three-bedroom units, nine four-bedroom units and seven special units. They are part of a six-tower residential complex, projected to be completed by July 2026. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Prices for the units range from HK$2.38 million to HK$11.41 million (US$306,000 to US$1.47 million), while the price per square foot is between HK$9,185 and HK$14,392. That is over 30 per cent lower than prices of comparable properties in the neighbourhood two years ago, according to property agents. The Le Mont project is located in Tai Po. Photo: Handout alt=The Le Mont project is located in Tai Po. Photo: Handout> Le Mont closed its ballot registration at 8pm on Thursday, attracting a total of 7,418 applications - an oversubscription of more than 31 times. China Vanke, once the largest real estate developer on the mainland but now battling a liquidity crisis, faced renewed challenges after several banks in Hong Kong rejected mortgage applications from potential buyers of the project. Standard Chartered and Chong Hing Bank were not accepting applications for the project, agents said earlier this week. The banks were assessing the risk of a Vanke default and its capacity to complete the project, according to a lawyer. As of Friday, Hang Seng Bank, HSBC and Bank of East Asia confirmed they would provide mortgage financing for buyers, joining OCBC Hong Kong and Bank of Communications, according to a Vanke spokesman. Bank of China (Hong Kong) and ICBC (Asia) also indicated they would extend mortgages for the project. Some banks in Hong Kong have rejected mortgage applications for the Le Mont project. Photo: Nora Tam alt=Some banks in Hong Kong have rejected mortgage applications for the Le Mont project. Photo: Nora Tam> China Vanke is grappling with nearly US$5 billion in debt maturities this year and is expected to report a record net loss of 45 billion yuan (US$6.2 billion) for 2024. Once regarded as a financially stable developer with state backing, Vanke's struggles underscore the ongoing impact of China's prolonged property downturn. Fitch Ratings in January downgraded China Vanke's long-term foreign and local-currency issuer default ratings from B+ to B-, citing the developer's deteriorating cash flow and sales outlook. While Hong Kong's property market is enduring a third year of downturn, interest has been recovering in recent weeks following the Hong Kong government's reduction of stamp duty on small flats and a recent stock rally that has boosted potential buyers' confidence. Around 1,330 new home sales have been recorded so far this month, compared to 758 in January and 901 in February. The number of transactions is expected to exceed 3,000 by the end of the month, according to Louis Chan Wing-kit, CEO of Centaline Property Agency. Chan noted that the market was rebounding, helped by the competitive pricing of newly launched projects. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved. Sign in to access your portfolio
South China Morning Post
15-03-2025
- Business
- South China Morning Post
China Vanke's Le Mont project in Tai Po selling briskly despite mortgage concerns
China Vanke has sold around a quarter of the more than 200 units on offer at its Le Mont project on the first day of sales, despite earlier reports indicating that some Hong Kong banks were refusing to extend mortgages to prospective buyers. Advertisement By 1pm on Saturday, 58 of the 228 available flats at the new Tai Po residential project developed by Vanke Hong Kong, a unit of China Vanke, had been sold, said Sammy Po Siu-ming, CEO of Midland Realty's residential division. He expected the flats to be sold out by the end of the day. The flats – ranging from 214 sq ft to 873 sq ft – include 28 studios, 67 one-bedroom units, 93 two-bedroom units, 24 three-bedroom units, nine four-bedroom units and seven special units. They are part of a six-tower residential complex, projected to be completed by July 2026. Prices for the units range from HK$2.38 million to HK$11.41 million (US$306,000 to US$1.47 million), while the price per square foot is between HK$9,185 and HK$14,392. That is over 30 per cent lower than prices of comparable properties in the neighbourhood two years ago, according to property agents. The Le Mont project is located in Tai Po. Photo: Handout Le Mont closed its ballot registration at 8pm on Thursday, attracting a total of 7,418 applications – an oversubscription of more than 31 times. Advertisement
South China Morning Post
09-03-2025
- Business
- South China Morning Post
Hong Kong homebuyers deliver brisk weekend sales for developers, as small flats favoured
Hong Kong homebuyers flocked to secure new flats at two projects over the weekend, indicating improving sentiment on the city's battered property market following a reduction in stamp duties and a buoyant stock market. Advertisement On Sunday, Sun Hung Kai Properties sold 96 of 172 units offered at its Yoho West Parkside development in Tin Shui Wai as of 5.20pm, 3.5 hours after the second round of sales there began. The developer sold all 119 flats in the first batch there on Wednesday, and expected the new batch to sell out on Sunday. The one- to three-bedroom flats were priced between HK$2.98 million (US$373,000) and HK$10.57 million, or an average of HK$11,671 per square foot after discounts, 5 per cent higher than the first batch. On Saturday, Henderson Land Development sold 40 out of 55 units it offered at Eight Southpark in Kowloon City, fetching some HK$188 million in total. The flats, measuring from 200 sq ft to 351 sq ft, were priced between HK$3.37 million and HK$8.1 million. Buyers snapped up all flats priced below HK$4 million in the batch, the developer said. Overall, the project sold 221 out of 236 units, or 94 per cent of the available inventory, within eight days of launch, with a total haul of around HK$1.2 billion, it added. Advertisement 'Both projects saw positive responses, considering they were the second round of sales,' said Sammy Po Siu-ming, CEO for the residential division at Midland Realty, one of the city's largest property agents.
