Latest news with #SunHungKai
Business Times
19-05-2025
- Business
- Business Times
Top Hong Kong builder sees weekend sales frenzy
[HONG KONG] Hong Kong's biggest property developer Sun Hung Kai Properties sold another 376 flats on Sunday (May 18) after receiving more than 34,000 bids, becoming one of the most sought after projects in months thanks to low interest rates. The new round of sales at Sun Hung Kai's Sierra Sea in the Ma On Shan area comes days after a quick sellout of its first batch earlier last week. The flats sold at about HK$9,645 (S$1,601) to HK$13,500 per square feet. A drop in interest rates is helping the city's residential market. The one-month Hong Kong Interbank Offered Rate, or Hibor, which often serves as a reference rate for mortgages, dipped below 1.3 per cent, the lowest since August 2022. 'The one-month Hibor's plunge could push mortgage rates further below residential rental yields and reignite investment interest in Hong Kong's housing market,' Bloomberg Intelligence analysts Patrick Wong and John Wong wrote in a note on Friday. They also expect monthly new-home sales in the Asia financial hub to jump by 36 per cent from 1,100 units in April. The company sold all 160 units in the 1B phase of the same residential development within hours on Wednesday. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Home value for secondary transactions slightly edged up as borrowing costs lowered. Centaline Property Centa-City Leading Index, a gauge for second-hand home prices, climbed by about 0.26 per cent in the week to May 11. Any further advancement in the secondary market will depend on whether the US Federal Reserve cuts rates in June, said Willy Liu, chief executive officer of Ricacorp Properties. Lower interest rates are helping increase the chances of Hong Kong's residential property market bottoming out, according to Jefferies Financial Group. Justin Chiu, executive director of CK Asset Holdings, said Hong Kong's property market is at a 'turning point', and he expects property prices in the city to rise, according to an interview with local media on Monday. The city's home prices are 29 per cent below their peak in 2021, data from the government show. The number of households with negative equity – when the value of a property is less than the outstanding mortgage loan – rose to the highest since 2003 as at the end of March. BLOOMBERG
Business Times
19-05-2025
- Business
- Business Times
Top Hong Kong builder saw weekend sales frenzy
[HONG KONG] Hong Kong's biggest property developer Sun Hung Kai Properties sold another 376 flats on Sunday (May 18) after receiving more than 34,000 bids, becoming one of the most sought after projects in months thanks to low interest rates. The new round of sales at Sun Hung Kai's Sierra Sea in the Ma On Shan area comes days after a quick sellout of its first batch earlier last week. The flats sold at about HK$9,645 (S$1,601) to HK$13,500 per square feet. A drop in interest rates is helping the city's residential market. The one-month Hong Kong Interbank Offered Rate, or Hibor, which often serves as a reference rate for mortgages, dipped below 1.3 per cent, the lowest since August 2022. 'The one-month Hibor's plunge could push mortgage rates further below residential rental yields and reignite investment interest in Hong Kong's housing market,' Bloomberg Intelligence analysts Patrick Wong and John Wong wrote in a note on Friday. They also expect monthly new-home sales in the Asia financial hub to jump by 36 per cent from 1,100 units in April. The company sold all 160 units in the 1B phase of the same residential development within hours on Wednesday. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Home value for secondary transactions slightly edged up as borrowing costs lowered. Centaline Property Centa-City Leading Index, a gauge for second-hand home prices, climbed by about 0.26 per cent in the week to May 11. Any further advancement in the secondary market will depend on whether the US Federal Reserve cuts rates in June, said Willy Liu, chief executive officer of Ricacorp Properties. Lower interest rates are helping increase the chances of Hong Kong's residential property market bottoming out, according to Jefferies Financial Group. Justin Chiu, executive director of CK Asset Holdings, said Hong Kong's property market is at a 'turning point', and he expects property prices in the city to rise, according to an interview with local media on Monday. The city's home prices are 29 per cent below their peak in 2021, data from the government show. The number of households with negative equity – when the value of a property is less than the outstanding mortgage loan – rose to the highest since 2003 as at the end of March. BLOOMBERG
Bloomberg
19-05-2025
- Business
- Bloomberg
Top Hong Kong Builder Saw Weekend Sales Frenzy After Rates Fell
Hong Kong's biggest property developer Sun Hung Kai Properties Ltd. sold another 376 flats on Sunday after receiving more than 34,000 bids, becoming one of the most sought after projects in months thanks to low interest rates. The new round of sales at Sun Hung Kai's Sierra Sea in the Ma On Shan area comes days after a quick sellout of its first batch earlier last week. The flats sold at about HK$9,645 ($1,233) to HK$13,500 per square meter.
The Star
15-05-2025
- Business
- The Star
Hong Kong's top developer sells out homes in hours as rates fall
A drop in interest rates is helping the city's residential sales. - AFP HONG KONG: Hong Kong's biggest property developer Sun Hung Kai Properties Ltd sold out the first batch of homes for a new project within hours, as the lowest mortgage rates in more than two years lured buyers. Sun Hung Kai sold all 160 units in the 1B phase of Sierra Sea, a residential development in the Ma On Shan area, according to Centaline Property Agency. A drop in interest rates is helping the city's residential sales, which saw an unprecedented downturn in the past few years. The one-month Hong Kong Interbank Offered Rate is hovering at 1.3%, the lowest since August 2022. Sun Hung Kai may beat its HK$25 billion (US$3.2 billion) Hong Kong contracted sales target by 50% in the fiscal year ending in June, as mortgage rates drop for new-home buyers, Bloomberg Intelligence said in a note this week. The city's effective mortgage rate linked to Hibor has dropped to 2.87%, the lowest in more than two years, according to mReferral Mortgage Brokerage Services. Falling interest rates are positive for property companies, JPMorgan Chase & Co. analysts including Karl Chan wrote in a note on May 7. They estimate an average 5% earnings boost for every 100 basis point annualized decrease in financing costs from floating debt for the developers. Meanwhile, the chances of Hong Kong's residential property market bottoming out are growing on the back of cheaper interest rates, according to Jefferies Financial Group Inc. Hong Kong home prices are 29% below their peak in 2021, data from the government show. The number of households with negative equity - when the value of a property is less than the outstanding mortgage loan - rose to the highest since 2003 as of the end of March. - Bloomberg
Straits Times
15-05-2025
- Business
- Straits Times
Hong Kong's top developer sells out homes in hours as rates fall
HONG KONG – Hong Kong's biggest property developer Sun Hung Kai Properties Ltd sold out the first batch of homes for a new project within hours, as the lowest mortgage rates in more than two years lured buyers. Sun Hung Kai sold all 160 units in the 1B phase of Sierra Sea, a residential development in the Ma On Shan area, according to Centaline Property Agency. A drop in interest rates is helping the city's residential sales, which saw an unprecedented downturn in the past few years. The one-month Hong Kong Interbank Offered Rate is hovering at 1.3 per cent, the lowest since August 2022. Sun Hung Kai may beat its HK$25 billion (S$4 billion) Hong Kong contracted sales target by 50 per cent in the fiscal year ending in June, as mortgage rates drop for new-home buyers, Bloomberg Intelligence said in a note this week. The city's effective mortgage rate linked to Hibor has dropped to 2.87 per cent, the lowest in more than two years, according to mReferral Mortgage Brokerage Services. Falling interest rates are positive for property companies, JPMorgan Chase & Co analysts including Mr Karl Chan wrote in a note on May 7. They estimate an average 5 per cent earnings boost for every 100 basis point annualised decrease in financing costs from floating debt for the developers. Meanwhile, the chances of Hong Kong's residential property market bottoming out are growing on the back of cheaper interest rates, according to Jefferies Financial Group Inc. Hong Kong home prices are 29 per cent below their peak in 2021, data from the government show. The number of households with negative equity – when the value of a property is less than the outstanding mortgage loan – rose to the highest since 2003 as of the end of March. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
