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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.
