Hong Kong homebuyers snap up Sun Hung Kai’s Silicon Hill flats for the second weekend in a row, aiming to get ahead of higher interest rates
- Every one of the 198 flats on offer – including eight for sale by tender – at the project at Pak Shek Kok in Tai Po district sold out, according to sales agents
- The flats, ranging from 217 to 770 square feet (71.5 square metres), were priced between HK$3.79 million and HK$11.34 million (US$1.44 million) after discounts
Sun Hung Kai Properties (SHKP)’s Silicon Hill flats have sold out for the second consecutive weekend, as homebuyers plunged into Hong Kong’s housing market to get ahead of higher interest rates.
Every one of the 198 flats on offer – including eight for sale by tender – at the project at Pak Shek Kok in Tai Po district sold out, according to sales agents.
The flats, ranging from 217 to 770 square feet (71.5 square metres), were priced between HK$3.79 million and HK$11.34 million (US$1.44 million), or HK$16,427 to HK$20,354 per square foot after discounts of up to 17.5 per cent. The results of the eight units sold through tender were not released yet.
The sell-out launch marked the second bumper weekend for SHKP, which sold all 170 flats the previous weekend, a successful campaign that gave the developer the confidence to raise the average price by 0.9 per cent over one week.
“The discounts and the low price were the first reasons for the strong sales result,” said Sammy Po, the chief executive of Midland Realty’s residential division in Hong Kong and Macau. “The average price per square foot is lower than the price of second-hand properties in Pak Shek Kok.”
