2025-05-08 28Hse Editor
Sun Hung Kai Properties’ Sierra Sea Phase 1A (2) project in Sai Sha held its third round of sales on May 7, offering 150 units. Among them, 128 units were sold via price list with a discounted average price of HK$11,897 per square foot, while an additional 22 special units were offered through tender. By 7:04pm on the same day, all 128 units were sold out.
One highlight of the sale was a corporate buyer who spent approximately HK$25 million to purchase five two-bedroom units for use as staff accommodations, according to Midland Realty. The buyer distribution showed that 70% of purchasers were from the New Territories, with the remaining 30% from Kowloon and Hong Kong Island. Around 70% of the buyers were owner-occupiers, while 30% purchased for investment purposes. The project’s expected rental yield is approximately 4.5%, with an average rental price of HK$45 per square foot.
The 128 units sold via price list included 33 one-bedroom, 66 two-bedroom, and 29 three-bedroom units. Saleable areas ranged from 301 to 702 square feet, with prices between HK$3.35 million and HK$9.14 million after discounts. Prices per square foot ranged from HK$10,774 to HK$13,163. The sales process was divided into groups: AG buyers were required to purchase at least two units and up to five, A3 buyers had to purchase a three-bedroom unit with a saleable area of at least 700 square feet, and B buyers could purchase one or two units.
The third round of sales maintained the strong momentum from the first two rounds, both of which sold out immediately. Centaline noted that 90% of buyers in this round were returning customers who missed out on previous rounds. Market sentiment has remained positive due to favourable government policies, such as interest rate cuts by the People’s Bank of China and expectations of similar measures by the US Federal Reserve.
Sierra Sea Phase 1B, consisting of 794 units, has already uploaded its sales brochure and is expected to launch soon. This development has contributed significantly to the surge in Hong Kong’s property market, with over 450 new home transactions recorded so far this month. Market analysts predict that May could see as many as 3,000 new home sales.
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