Hong Kong’s SHKP sells 128 Sierra Sea flats ahead of possible US rate increase
Sun Hung Kai Properties (SHKP), one of Hong Kong’s largest developers, has sold out the latest batch of flats at its Sierra Sea project in the New Territories, where units were offered at discounted prices ahead of a possible US Federal Reserve interest-rate increase by year-end. By 5.40pm on Wednesday, SHKP had found buyers for all 128 flats offered at listed prices in Phase 2C(2) of the…
Sun Hung Kai Properties (SHKP), a major developer in Hong Kong, has sold all 128 discounted flats from its Sierra Sea project in Shap Sze Heung to meet a potential US Federal Reserve interest-rate hike. By 5:40 PM on Wednesday, all units in Phase 2C(2) at the project were sold, according to agents. SHKP began selling the flats at 2 PM on Wednesday.
Derek Chan Hoi-chiu, head of research at Ricacorp Properties, said developers would continue releasing new flats at a steady pace. SHKP sold all 142 flats from a previous batch on Saturday. Along with Wednesday's sale, SHKP offered 24 flats by tender and will offer 19 more by tender from Saturday. The latest batch includes 2- and 3-bedroom units ranging from 418 to 679 square feet, with prices starting at HK$12,714 (US$1,620) per square foot.
Long-term investors accounted for 60% of buyers on Wednesday. The prospect of US Federal Reserve interest rate increases has encouraged developers to accelerate launches, with primary market transactions expected to surpass 2,000 units, hitting a six-month high.
Written by urgent.news from SCMP Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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