Buyers snap up all of SHKP’s Sierra Sea flats on sale as hot streak continues
Lower interest rates and recent boost to stock market wealth have helped shore up sentiment among homebuyers, developer says
Sun Hung Kai Properties (SHKP) sold all 376 flats allocated to buyers of its Sierra Sea residential project on Sunday, capitalising on a sharp fall in interest rates and renewed optimism in the city’s stock market outlook.
The units included 39 one-bedroom flats, 271 two-bedroom flats and 66 three-bedroom flats, measuring 302 sq ft to 807 sq ft. The price ranged from HK$3.2 million to HK$10.5 million after discounts, or HK$9,645 to HK$13,345 per square foot. The units have a total sales value of about HK$2.3 billion (US$294 million), according to the developer.
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 to buyers of 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.”