Hong Kong's property market has turned stable in recent days, with continued robust residential demand, according to Sun Hung Kai Properties (0016).
SHKP deputy managing director Victor Lui Ting believes the US Federal Reserve will launch rate cuts to boost the economy and that it will benefit mortgagors.
He expects this quarter’s primary market to record more deals than the previous one, noting a number of residents have shifted to buy a home rather than leasing one.
The developer’s massive Sai Sha project, Sierra Sea, unveiled its first price list on Tuesday, offering 158 flats with a discounted average price of HK$10,398 per square foot – roughly an 11-year-low in Ma On Shan.
The cheapest home costs HK$2.99 million after discounts, while the cheapest per sq ft comes to HK$9,499 after discounts.
This discounted average price marks the lowest since the end of 2013 in Ma On Shan, according to Midland Realty.
The price is also 39 percent lower than SHKP’s nearby project St Barths. The developer launched the Wu Kai Sha project's first price list in 2018, offering 71 flats with an average discounted price of HK$16,988 per sq ft.
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