Sun Hung Kai Properties (SHKP) was able to sell a whopping 73 per cent of the units allocated on Sunday to eager buyers of its Sierra Sea residential project. The developer took full advantage of a sharp decrease in interest rates and a renewed sense of optimism in Hong Kong’s stock market outlook. As of 3.40pm local time, SHKP managed to sell 277 out of the 376 units available in phase 1B. This impressive sales streak has been ongoing since the project’s launch last month, showcasing the high demand for residential properties in the city.
The units up for grabs in Sierra Sea include a mix of 39 one-bedroom flats, 271 two-bedroom flats, and 66 three-bedroom flats, ranging in size from 302 sq ft to 807 sq ft. The price range has been set between HK$3.2 million and HK$10.5 million after discounts, translating to HK$9,645 to HK$13,345 per square foot. The total value of the lot amounts to a staggering HK$2.3 billion (US$294 million). Located in Shap Sze Heung, between Sai Kung and Ma On Shan in New Territories, Sierra Sea is set to offer a total of 9,700 units upon completion. This marks the largest project since Cheung Kong Property rolled out 15,808 flats at Kingswood Villas in Tin Shui Wai back in 1999.
Sammy Po Siu-ming, the chief executive of Midland Realty’s residential division, noted that homebuyers are feeling optimistic about the growth potential of the Sierra Sea project. He attributed this positive sentiment to the easing of the trade war and the rebound in stock prices. With Hong Kong’s interbank rates hitting a 33-month low last week and the Hang Seng Index seeing a 15 per cent increase this year, investors are feeling more upbeat, thanks to the surge in liquidity in the banking system. This positive market environment has also been fueled by big gains in new listings, further boosting equity wealth for investors in the city.
