Media365
Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by market capitalisation, sold all 218 units released at its Sierra Sea project on Saturday, marking what agents describe as a “mini-boom” ahead of the Lunar New Year.
It marked the sixth consecutive week of sold-out units at the project in Shap Sze Heung, located between Sai Kung and Ma On Shan.
The project’s cumulative sales currently stand at about 1,300 units, underscoring the returning buyer appetite in the world’s most expensive property market.
“Both end users and investors are buying the project,” said Louis Chan Wing-kit, vice-chairman and CEO for residential, Asia-Pacific, at Centaline Property Agency. “This is a result of the property market bounce back that [has seen] a lot of buyers wanting to purchase new flats for self-use or for investment purposes.”
Saturday’s sale comes ahead of the Lunar New Year on February 17.
“Chinese buyers tend to buy flats after the Lunar New Year, as everyone wants a new flat at the beginning of the year,” said Sammy Po Siu-ming, senior director of Midland Realty. “We call it Lunar New Year spring time or mini boom.”
However, as the date for Lunar New Year fell later this year, it triggered a rise in flat purchases prior to that, he added.
