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Salina Li

Hong Kong developers are hastening sales of new residential units at attractive prices amid improving market sentiment and a sharp drop in mortgage rates.
On Monday, Wing Tai Properties and China Vanke’s Hong Kong unit priced flats in a project in the New Territories at around 8.5 per cent lower than recent nearby transactions in the secondary market.
Meanwhile, New World Development (NWD) said on Monday that a new project in Wong Chuk Hang, developed with a consortium of builders, would offer its first flats for sale by tender as soon as this week.
The announcements came after Sun Hung Kai Properties (SHKP) sold all 376 flats at its Sierra Sea residential project on Sunday, extending a sell-out streak since the company launched the New Territories project last month. Property agents said they expected overall property market sentiment to continue to improve in May, with first-hand transactions nearly doubling from April to around 3,000.
Wing Tai Properties and China Vanke priced the first 50 units at Uni Residence in Tai Wai – a 32-storey, 240-unit building – at an average of HK$15,481 (US$1,980) per square foot. The sale was expected to launch this month, they said.
The price list includes 40 one-bedroom units and 10 two-bedroom flats, ranging from 291 sq ft to 394 sq ft. The cheapest unit is a 297 sq ft one-bedroom home, priced at HK$4.12 million, or HK$13,882 per square foot.
Uni Residence was the only new project to hit the market in Sha Tin in the past five years, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division. “The pricing has an advantage as it is more attractive than the current second-hand price of the new developments in Sha Tin,” he said.
A 201 sq ft, one-bedroom unit at The Garrison, a 118-unit residential building launched by Far East Consortium in Tai Wai in 2018, sold on April 23 for HK$3.4 million, or HK$16,915 per square foot, according to Midland transaction records.

Po expected that the rent for Uni Residence would reach HK$60 to HK$65 per square foot, for a rental return of around 4.5 per cent. Investors were expected to account for 50 per cent of the buyers, he added.
NWD on Monday reported strong interest in its Deep Water Pavilia project in Wong Chuk Hang, jointly developed with Empire Group, CSI Properties, Lai Sun Development and MTR Corp. The development, which is phase 5A of the Southside project, will provide 447 flats.
More than 100 prospective buyers visited the project’s VIP lounge between its opening on Saturday and Monday, the developer said. The builders expected to put 90 units up for sale in the project’s first batch, it added.
NWD said sales would benefit from a recent drop in mortgage rates, eased US-China trade tensions and a recent increase in higher-value transactions.
The one-month Hong Kong interbank offered rate (Hibor) fell to 1.298 per cent on Friday, the lowest level since August 2022, marking a steep drop from 4 per cent last month, according to the Hong Kong Association of Banks. More than 90 per cent of new mortgage loans in Hong Kong were pegged to the Hibor, according to official data.
SHKP has sold almost 1,300 flats in the Sierra Sea project to date, including Sunday’s tally. Units in the development, in Shap Sze Heung, between Sai Kung and Ma On Shan, were initially priced near levels last seen in the area in 2013.


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Hong Kong property

Hong Kong home builders bring new flats to market, seizing on sentiment surge

Construction under way at Uni Residence in Tai Wai, developed by Wing Tai Properties and China Vanke’s Hong Kong unit. Photo: Handout

Potential buyers queue up at the sale of Sun Hung Kai Properties’ Sierra Sea flats, at ICC in West Kowloon, on May 18, 2025. Photo: Jonathan Wong

Buyers snap up all of SHKP’s Sierra Sea flats on sale as hot streak continues

Buyers mingling inside a Sierra Sea sales showroom in West Kowloon on Sunday. Photo: Jonathan Wong

The Sierra Sea residential project in Shap Sze Heung, New Territories. Photo: Edmond So

Why Hong Kong’s interbank rate at 30-month low is a relief for homeowners, companies

A lower Hibor will reduce the burden for mortgage borrowers and companies. Photo: Shutterstock

A decline in Hibor will benefit mortgage borrowers. Photo: Eugene Lee

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50 units in New Territories launched at 8.5 per cent below market prices, while New World and partners ready Wong Chuk Hang sale


50 units in New Territories launched at 8.5 per cent below market prices, while New World and partners ready Wong Chuk Hang sale.


Hong Kong home builders bring new flats to market, seizing on sentiment surge

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}50 units in New Territories launched at 8.5 per cent below market prices, while New World and partners ready Wong Chuk Hang sale

50 units in New Territories launched at 8.5 per cent below market prices, while New World and partners ready Wong Chuk Hang sale