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People queued for Phase 2A of the Novo Land project in Tuen Mun at Sun Hung Kai Properties’ sales office in Kowloon on 17 June 2023. Photo: Xiaomei Chen

Hong Kong’s weekend home sale sags amid looming supply

Hong Kong’s home prices may retreat from 2023 until 2025, amid an expected supply surge of about 20,200 private homes, according to data from Our Hong Kong Foundation.

In Tuen Mun, Sun Hung Kai Properties sold 83 per cent of the 223 flats in Phase 2A of its Novo Land project, a setback compared with last week
Over at Ho Man Tin, Chinachem Group found just one buyer for the 66 larger apartments on sale at In One Above

17 Jun 2023 - 8:21PM

Sun Hung Kai Properties continues hot streak in latest sale amid economic upswing

13 May 2023 - 6:00PMvideocam

Hong Kong homebuyers ignore rising rates to snap up flats in New Territories

4 May 2023 - 6:40PMvideocam

At least 8,000 buyers to vie for 160 homes at Sun Hung Kai’s Tai Po project

Up to 500 buyers will be competing for each unit as the University Hill development hits the market on Saturday, with discounted prices in place and amid a surge of Chinese visitors in the city.

27 Apr 2023 - 9:00PM

SHKP’s University Hill project in Tai Po. Photo: Handout

What Hong Kong’s cheap land sales mean to buyers, renters, government coffers

Developers – not renters, buyers or the government – are likely to benefit from sales such as one in Mong Kok on March 1 that fetched 35 per cent less than a pessimistic estimate.

6 Mar 2023 - 8:02AM

SHKP offers discounts, deferred payments to bolster housing sales

The option of paying in instalments appears attractive, but the buyer ends up paying more in interest costs, analysts said.

21 Jul 2022 - 8:30AM

Buyers snap up Grand Jete flats in Hong Kong to pre-empt rate increases

Hong Kong’s biggest mortgage lenders kept their prime rates unchanged immediately after the monetary authority’s June 16 move, giving homebuyers the opening to get ahead of higher borrowing costs.

25 Jun 2022 - 9:31PM

Homebuyers queued up for phase one of Grande Jete apartments in Tuen Mun at the Hung Hom sales office of CK Asset Holdings and Sun Hung Kai Properties (SHKP) on 25 June 2022. Photo: Jonathan Wong

Hong Kong developers lower prices to generate sales amid interest rate hikes, high supply

Sun Hung Kai Properties on Sunday set the starting price for a 217 sq ft flat at its Silicon Hill project at HK$3.85 million in its latest price list. This was lower than the HK$4.97 million it asked for a 291 sq ft flat in the first round of sales on June 3.

21 Jun 2022 - 7:30AMvideocam

Hong Kong home buyers pile in after banks deferred mortgage hikes

HSBC, Standard Chartered, Bank of China (Hong Kong) and Hang Seng Bank kept their prime rates unchanged this week, even after the city’s de facto central bank raised its base rate by 75 basis points.

20 Jun 2022 - 7:36AM

Sun Hung Kai’s Silicon Hill sells out for the second weekend

The sell-out launch marked the second bumper weekend for SHKP, which sold all 170 flats last weekend, a successful campaign that gave the developer the confidence to raise the average price by 0.9 per cent.

11 Jun 2022 - 7:25PM

Property buyers for the Silicon Hill project in Tai Po, at the sales office of Sun Hung Kai Properties (SHKP) at the ICC in Central on 11JUN22. Photo: Xiaomei Chen

Hong Kong proptech start-up Butler expands beyond concierge services

The company, which started out offering domestic services, now aims to revolutionise antiquated property-management practices in Hong Kong and Singapore for big-name developers.

8 Jun 2022 - 7:30AM

Butler founders Angues Chan (left) and Jonathan Lam (right) are seeking to modernise property-management practices in Hong Kong. Photo: Handout

Tuen Mun site bids rejected as premiums come below reserve price

The Hong Kong government rejected all five bids received for a 1.3 million square feet residential site in Tuen Mun, as all tenders came in below the reserve price.

26 Apr 2022 - 9:44PMvideocam

Hong Kong analysts slash forecasts in home prices as Covid-19 bites

Property developers, who usually conduct their sales campaigns on weekends, have deferred the launch of new projects until the second quarter, when the current Covid-19 outbreak is expected to recede.

14 Mar 2022 - 12:09PMvideocam

Explainer | After Henderson Land record, 5 other most expensive land sales in Hong Kong

Hong Kong – one of the most-expensive real estate markets in the world – has consistently set record land sale prices in recent years.

5 Nov 2021 - 7:43AM

Construction at the old Murray Road multi-storey car park building site in Central. Henderson Land bid HK$23.28 billion for the plot in May 2017. Photo: Roy Issa

Hong Kong developers join rush for small flats as home prices soar

Developers are likely to take advantage of rising prices in the city to launch small flats as affordability becomes a concern, analyst says.

24 Sep 2021 - 11:01PMvideocam

People wait to choose and buy flats at Kwai Hung Group’s Mangrove project in Hung Hom on September 18. Photo: Xiaomei Chen

Wheelock touts land sharing scheme proposal a ‘win-win’ solution for all

Private flats to be built under the Land Sharing Pilot Scheme will not necessarily cost more and is a ‘win-win’ solution for all stakeholders, managing director Ricky Wong says.

21 Sep 2021 - 7:48PMvideocam

‘Normal flow’ of people from mainland China to rescue retail, hotels: SHKP

The progress of vaccinations and the lifting of cross-border travel restrictions were prerequisites for a full recovery of the retail sector, Raymond Kwok Ping-luen, SHKP’s chairman and managing director, said on Thursday.

9 Sep 2021 - 9:34PMvideocam

Who is to blame for Hong Kong’s housing woes: developers or the government?

In a city facing a housing crisis where demand hugely outstrips supply, thousands of completed flats remain unsold in Tai Po.

13 Aug 2021 - 2:33PMvideocam

Hong Kong developer Wing Tai bets on affordable luxury for upcoming project

Wing Tai will expand its affordable luxury concept at its upcoming project in Kwu Tung, New Territories, where it set a land price record.

3 Aug 2021 - 6:09PMvideocam

Hong Kong’s weekend sales receive tepid response on leftover flats

The tepid response to the leftover flats marked a momentary breather in Hong Kong’s galloping residential property market, fuelled by low-interest mortgages amid signs of a recovering economy.

24 Jul 2021 - 8:30PM

Price gap narrows between homes in New Territories and Kowloon

The price gap between Kowloon and New Territories has narrowed from HK$4,000 per square foot in 2010, to about HK$1,700 per square foot according to recent sales launches, agents said.

21 Jul 2021 - 4:35PM

Residential buildings near the West Kowloon station in Hong Kong in May 2020. Photo: Bloomberg

Hong Kong developers pile into mega land sale in nod to city’s outlook

The sale of the land is also a crucial test of the so-called two envelope approach, which awards the winning bid on the merit of designs, planning and their congruence with the surrounding, in addition to beating the minimum reserve price.

19 Jun 2021 - 11:54AM

Site 3 Connaught Place in the foreground, with the General Post Office built in 1976 in the background as of June 10, 2021. Photo: Martin Chan

Buyers pile into Hong Kong’s biggest weekend home sales in seven months

Increased investor interest was seen in Saturday’s sales of three newly released projects in Hong Kong.

1 May 2021 - 10:58PM

Developers go pet-friendly in designs amid shift in work-from-home policy

An increasing number of housing estates in Hong Kong are becoming more pet friendly in a nod to homebuyers and residents who have adopted cats and dogs during the coronavirus pandemic, developers said.

21 Apr 2021 - 12:42PM

Developers unveil multigeneration housing concept for greying society

Hong Kong has a rapidly greying population, with the number of residents older than 65 years projected to increase to 2.59 million by 2066, or 37 per cent of the city’s population, according to local authorities.

22 Jun 2022 - 3:34PM

A woman pushes an elderly man on a wheelchair, on a sidewalk in Central district, Hong Kong on 13 September 2017.Photo EPA-EFE

Hong Kong developers’ profits plunge as travel curbs hit hotels, malls

Sun Hung Kai Properties, Hysan Development and Sino Land see profits at their hotel and shopping centre businesses tumble as travel restrictions keep visitors away.

26 Feb 2021 - 11:39AMvideocam

The Four Seasons hotel in Central, pictured, is part of Sun Hung Kai Properties’ hospitality portfolio. Photo: David Wong

Bids for US$970 million plot on Peak hint at optimism, analysts say

The five bids for a rare plot of land in Hong Kong’s upmarket The Peak district were in line with expectations and hinted at optimism about the city’s luxury residential market, analysts said.

5 Feb 2021 - 9:05PM

New World’s Pavilia Farm ends 2020 as Hong Kong’s best seller

The project, developed in partnership with transit operator and property developer MTR Corporation, has sold about 2,100 units in around six weekends for almost HK$24 billion.

20 Dec 2020 - 9:54PMvideocam

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SHKP

Sun Hung Kai Properties is one of Hong Kong’s largest property groups, with revenue of HK$68.4 billion in the 2011-2012 financial year, and profit attributable to shareholders of HK$43.08 billion. The company has been shaken in recent years by disputes between family members, with chairman and chief executive Walter Kwok being forced to step down in a dispute with his brothers Thomas and Raymond. In March, the Independent Commission Against Corruption (ICAC) arrested senior officials as part of a corruption probe that also included former chief secretary Rafael Hui.