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.
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A total of 231 units out of 318 on sale at the Sierra Sea residential development were sold as of 4.00pm, according to property agents, who expect all units to be gone before the end of the sale which will end at 11.00pm.
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.
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