SHKP’s Sierra Sea flats sell out as investors boost mood in Hong Kong’s real estate market
Sun Hung Kai Properties sold all 318 flats in the first batch of its Sierra Sea project in the New Territories
Buyers flocked to a mega residential project from Sun Hung Kai Properties (SHKP) in Hong Kong’s New Territories on Saturday, as attractive pricing boosted purchasing sentiment from investors and agents forecast improved sales in the city despite economic jitters.
All 318 of the new flats on sale at the Sierra Sea residential development found buyers as of 8.30pm, according to property agents.
The project attracted a significant number of investors, said Louis Chan Wing-kit, CEO of Centaline Property Agency. He noted that one of his clients bought seven units, including three 3-bedrooms, three 2-bedrooms and one 1-bedroom, for a total of more than HK$34 million (US$4.38 million).
Veteran investor Ken Lui Yu-kin said he bought two units for a total of about HK$10 million, paying in cash as the discounted pricing for the first batch was attractive and developers would increase the price in the upcoming sales.
Liu said he expected to lease one of his units for a rental return of about 4 per cent, and intended to sell the other for 10 per cent higher than the purchase price.
The first round of sales featured 318 units at an average discounted price of about HK$10,877 per square foot, according to SHKP. The number of potential buyers outnumbered the available units by more than 116 times, SHKP added. The other 11 units will be sold separately via tender.