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South China Morning Post
31-05-2025
- Business
- South China Morning Post
Tepid sales at Hong Kong's Uni Residence as competition heats up in new home market
Competition is intensifying in Hong Kong's new residential property market as improved sentiment and declining mortgage rates have prompted developers to offer attractive prices to entice buyers. Advertisement Homebuyers snapped up just 58 of the 100 flats on offer on the first day of sales at Uni Residence in Tai Wai, agents said. Five out of 10 flats offered by tender were also sold, generating about HK$38 million (US$4.8 million). In contrast, Henderson Land's The Henley in Kai Tak sold 78 of 80 units on offer less than four hours after sales began at noon on Saturday, according to agents. The batch, priced at a discount, consisted of 18 open studios, 50 one-bedroom units and 12 three-bedroom flats. The lowest-priced one, a 238 sq ft unit, sold for HK$4.62 million, or HK$19,415 per square foot. The developer said one group of buyers bought six units, three groups each acquired three units and seven groups each purchased two units. 'With ample new supplies launching in the market at attractive prices, developers may face competition as homebuyers increasingly consider project quality, supporting facilities and the nearby environment,' said Louis Chan Wing-kit, CEO of Centaline Property Agency. Uni Residence in Tai Wai. Photo: Handout Uni Residence's joint developers Wing Tai Properties and China Vanke priced the first 50 units of the new 32-storey, 240-unit building at an average of HK$15,481 per square foot, about 8.5 per cent lower than recent transactions in the nearby secondary market.
South China Morning Post
19-05-2025
- Business
- South China Morning Post
Hong Kong home builders bring new flats to market, seizing on sentiment surge
Hong Kong developers are hastening sales of new residential units at attractive prices amid improving market sentiment and a sharp drop in mortgage rates. Advertisement On Monday, Wing Tai Properties and China Vanke's Hong Kong unit priced flats in a project in the New Territories at around 8.5 per cent lower than recent nearby transactions in the secondary market. Meanwhile, New World Development (NWD) said on Monday that a new project in Wong Chuk Hang, developed with a consortium of builders, would offer its first flats for sale by tender as soon as this week. The announcements came after Sun Hung Kai Properties (SHKP) sold all 376 flats at its Sierra Sea residential project on Sunday, extending a sell-out streak since the company launched the New Territories project last month. Property agents said they expected overall property market sentiment to continue to improve in May, with first-hand transactions nearly doubling from April to around 3,000. Wing Tai Properties and China Vanke priced the first 50 units at Uni Residence in Tai Wai – a 32-storey, 240-unit building – at an average of HK$15,481 (US$1,980) per square foot. The sale was expected to launch this month, they said. Advertisement The price list includes 40 one-bedroom units and 10 two-bedroom flats, ranging from 291 sq ft to 394 sq ft. The cheapest unit is a 297 sq ft one-bedroom home, priced at HK$4.12 million, or HK$13,882 per square foot. Uni Residence was the only new project to hit the market in Sha Tin in the past five years, said Sammy Po Siu-ming, CEO of Midland Realty's residential division. 'The pricing has an advantage as it is more attractive than the current second-hand price of the new developments in Sha Tin,' he said.
