A second batch of 163 units has been priced at HK$11,633 per square foot on average after discounts, while the third batch of 170 units has been priced at HK$12,437 per square foot after discounts.
Property agents are optimistic about the sale despite a sluggish property market.
“It is not difficult to see all flats being snapped up on Saturday,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau. About 15,000 prospective buyers have written cheques to vie for the 350 flats on offer, he added.
Yoho West will be profitable despite the current discounts because of an estimated gross margin of 30 per cent, Cheng said. SHKP’s sales in Hong Kong are expected to reach around HK$30 billion to HK$35 billion for the whole financial year, with Yoho West accounting for less than 10 per cent of its overall sales, he added.
The project is attractive as its cheapest flats have been priced at about a 20 per cent discount compared to the first batch of the third phase of SHKP’s Wetland Seasons Bay project, also in Tin Shui Wai, said Midland Realty’s Po. Flats at Wetland Seasons Bay launched in September 2022 were offered at HK$14,344 per square foot.
SHKP banking on ‘one country, two systems’ after reporting lower profit
SHKP banking on ‘one country, two systems’ after reporting lower profit
Yoho West’s discounted selling price ranges from HK$2.99 million to HK$10.9 million, or HK$10,000 to HK$16,701 per square foot, after discount.
Hong Kong home builders are speeding up sales amid downward pressure on home prices, as well as a low number of transactions.
Will Hong Kong developers’ bets on Greater Bay Area backfire?
Will Hong Kong developers’ bets on Greater Bay Area backfire?
The Rating and Valuation Department’s gauge of lived-in home prices slumped to 321.4 – only a whisker higher than the 321.2 recorded in March 2017 – from 328.5 in September, according to the latest data, released on Tuesday.
The primary market recorded a total of 362 transactions in October, a 32 per cent increase from the 274 cases in September, which was this year’s lowest total, according to Midland Realty. But October’s tally was far below that of March, which recorded 2,100 transactions.
However, Victor Lui Ting, SHKP’s deputy managing director, said he remains positive as the negative factors in the market have begun to recede and the positive factors are gradually strengthening.
SHKP launches Guangzhou flats, banks on high-speed rail to attract Hong Kong buyers
SHKP launches Guangzhou flats, banks on high-speed rail to attract Hong Kong buyers
In the past two years, there have been only around 10,000 first-hand transactions, which is on the low side, and lower than the overall average figure in the past, Lui said. “This shows that the market has stored up a huge amount of purchasing power, waiting for attractive properties, and it is believed that property prices will return to the upwards trend next year,” he added.