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The Star
10 hours ago
- Business
- The Star
Villa, luxury home sales rise in Hong Kong as the rich pounce on bargains
Sales of villas, bungalows and luxury homes in Hong Kong soared to a three-year high in the first six months of this year, as an influx of wealthy immigrants fuelled the hunt for bargains on the top end of one of Asia's priciest residential property markets. There were 286 registered transactions of villas in the first half, a jump of 23.3 per cent from the same period last year, according to data provided by Centaline Property, one of the largest real estate agencies in the city. The sales value of the property fell 15.3 per cent to HK$12.34 billion over the same period, due to a 'significant decline' in the sales of primary homes valued at more than HK$500 million, the data showed. The rising volume reflected the 'improved sentiment in both the property and stock markets', and was supported by the start of an interest rate reduction cycle and the city government's relaxation of investment immigration rules, said Centaline's senior associate director Yeung Ming-yee. Homebuyers and investors are 'actively entering the premium luxury housing market, stimulating capital inflows and driving a recovery,' she added. 'Developers delayed the launch of new luxury projects over the past three years, leading to insufficient supply that kept primary-market transactions at a relatively low level of around 30 deals,' said Yeung. She added that the primary market's total transaction value of HK$4.4 billion was 48.1 per cent lower compared to the same period last year. Lived-in luxury homes sold well, with the volume rising 27.2 per cent to 257 deals during the first half, while the transaction value increased 30 per cent to HK$7.9 billion. The bullish outlook is likely to continue into the second half of the year, with the full-year sales forecast rising to a four-year-high of 500 deals, as Hong Kong's stock market boom attracts more companies to seek initial public listings (IPOs), while the government's aggressive talent scheme draws more senior executives to relocate to the city. 'It is anticipated that transactions for new primary residential properties valued over HK$50 million on Hong Kong Island could challenge the 100-unit mark in the second half of the year,' said Jimmy Lee, director for Hong Kong Island at Midland Realty, another large real estate agency. Luxury homes at The Peak and the Southside district of the island are likely to be favoured particularly by wealthy immigrants under the Capital Investment Entrant Scheme and its cash-for-residency initiative, which had received more than 1,500 applications as of June, Lee said. The measure has so far netted more than HK$46 billion in investments to Hong Kong, he added. With US$13.5 billion in funds raised via IPOs in the first half, the Hong Kong stock exchange ranked first globally in terms of maiden share sale activities. This would only augur well for Hong Kong's luxury property segment, said Victoria Allan, founder and managing director at Habitat Property, a boutique property agency that focuses on the upscale homes market. 'There is a real demand for luxury houses and we see that increasing,' she said. 'The pickup in activity in the luxury transaction volumes gives buyers confidence that the market prices will go up this year.' - SOUTH CHINA MORNING POST
South China Morning Post
05-07-2025
- Business
- South China Morning Post
SHKP Tuen Mun project sells out, signalling rebound in Hong Kong's property market
All 160 units of a new residential project by Sun Hung Kai Properties (SHKP) in Tuen Mun sold out on Saturday, buoyed by a recovering stock market and low interest rates, a sign that Hong Kong's property market may be seeing a sustained rebound, according to analysts. The first round of sales for Novo Land Phase 3A offered 160 units at listed prices, with an additional five units available by tender. Prices started at under HK$3 million (US$382,173) for a three-bedroom flat. All available units were snapped up by 2pm, the developer said. The units varied in size from 259 to 686 sq ft, including studio to three-bedroom layouts, with the bigger units priced as high as HK$7.8 million. The average price per square foot was HK$11,398. The pricing reflected a 1.7 per cent discount compared to the initial price list of the previous Phase 3B release. 'Favourable market conditions are the main reason for the strong sales,' said Sammy Po Siu-ming, CEO of Midland Realty's residential division. 'Interest rates are low, the stock market is rising, and the economy is gradually recovering. The central government is also taking steps to support the property market.' The Novo Walk mall at Novo Land in Tuen Mun. Photo: Edmond So He added that rising rents were also attracting investors looking for rental income.
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
06-05-2025
- Business
- South China Morning Post
Hong Kong's April property deals jump to 5-month high as buyers dived in on stamp duty cut
Hong Kong's property transactions surged to a five-month high in April, as a cut in the government's stamp duty spurred more buyers to dive into the market and helped developers like Sun Hung Kai Properties (SHKP) to report brisk sales. Advertisement The value of real estate sales rose 9.8 per cent last month to HK$50.1 billion (US$6.46 billion) involving 7,229 new homes, lived-in abodes, offices, shops, car parking slots and industrial spaces, according to the Land Registry. The number of deals, which grew 8.5 per cent from March, was the highest since November 2024, when 7,689 deals valued at HK$64.1 billion were done, the data showed. The strong data 'primarily reflected the actual market conditions from late March to early April, [when] purchasing power in the secondary residential market was boosted by the reduction of stamp duty to HK$100 for properties priced under HK$4 million', said Derek Chan, head of research at Ricacorp Properties. Residential property buyers turned up in droves last month, helping developers and owners sell 5,694 homes, for the highest monthly tally since November's 6,298 units, the data showed. SHKP was one such developer, selling every flat of the 318 units it released on April 26 at Sierra Sea in the New Territories. The project comprises 9,700 homes, making it Hong Kong's single largest property project in about three decades. People at a shopping centre in Kai Tak with the public housing estate in the background on April 24, 2025. Photo: Jelly Tse Discounts helped attract buyers. The first batch of Sierra Sea was offered at an average price of HK$10,877 per square foot after discounts, about 20 per cent cheaper than lived-in homes in the same neighbourhood, according to Midland Realty.
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.
