Hong Kong homebuyers snap up Sun Hung Kai’s Wetland Seasons Bay launch as improving economy lifts sentiments

Hong Kong’s property buyers returned to the market, defying bearish sentiments in the local stock market to snap up new apartments at the city’s wetlands park, as an improving economy and a tapering Covid-19 outbreak lifted sentiments.

Sun Hung Kai Properties (SHKP), Hong Kong’s largest developer by value, sold 302 of the 350 apartments on offer at the first batch of sales at its Wetland Seasons Bay project in Tin Shui Wai as of 9pm, according to sales agents. More than 10,000 people put down money to register their interest to buy, equivalent to 33 bids vying for each of the 302 apartments available for open sale, while 48 of the larger units were earmarked for sale by tender.

“Sentiment among homebuyers has been lifted, as the economic conditions in Hong Kong have improved while the local coronavirus situation remains contained,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential department.

The strong weekend sales reflects how Hong Kong’s economic recovery and falling unemployment rate are fuelling the city’s real estate market, aided by low mortgage rates and a greater confidence now that the coronavirus outbreak appears to be tapering in the city.

Wetland Seasons Bay, scheduled for completion June 2022, comprises a total of 1,996 apartments and 10 villas across three phases. The average price of the first 245 units released was HK$13,698 per square foot, which was 5.6 per cent higher than the most recent project in the same neighbourhood, released in September 2020.

The 302 units earmarked for open sales in the first batch ranged in sizes from studios measuring 300 square feet (28 square metres), to four-room apartments of 795 sq ft comprising three bedrooms inclusive of an en suite, with prices going from HK$4.55 million going up to HK$11.2 million (US$1.4 million).