Hong Kong developer SHKP rushes out more Sierra Sea flats amid surge of mainland buyers

SHKP raises prices by nearly 10 per cent after first two batches sold out at levels 20 per cent below second-hand flats

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A view of Sun Hung Kai Properties’ residential development Sierra Sea in Shap Sze Heung on April 30, 2025. Photo: Edmond So

Published: 5:00pm, 5 May 2025Updated: 5:17pm, 5 May 2025

Sun Hung Kai Properties (SHKP) is launching another batch of flats in its Sierra Sea project in the New Territories following two consecutive sold-out weekends in one of Hong Kong’s largest residential projects in more than a quarter century.

On Wednesday, Hong Kong’s largest developer will offer 150 flats in the 9,700-unit project in Shap Sze Heung, located between Sai Kung and Ma On Shan. The flats range in size from 301 sq ft to 702 sq ft.

The units are priced between HK$12,675 (US$1,635) and HK$15,486 per square foot. Of the 150 units, 128 will be sold via a regular sale with an average price after discounts of HK$11,897 per square foot – about 9.4 per cent higher than the first two batches of flats launched on April 26 and Saturday. The other 22 flats will be sold via tender.

The sale comes after Saturday’s sale drew a surge in mainland Chinese buyers, whose numbers increased between 10 and 40 per cent compared with the previous weekend’s sale as China’s five-day Labour Day holiday got under way, according to Louis Chan Wing-kit, CEO of Centaline Property Agency.

The first two batches of units at the project hit the market at an average selling price last seen in the area in 2013. The average discounted price of HK$10,877 per square foot was also 20 per cent lower than prices for nearby second-hand flats.

The “project is close to many schools and will benefit from the talent-admission scheme,” Chan said.

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