SHKP sells 150 flats in its Yoho Town project over the long Christmas break Property buyers came out in force over the holiday period, with home-seekers and investors snapping up units in expectation of developers increasing prices. Sun Hung Kai Properties' (SHKP) giant Yoho Town project, the largest private housing estate in Yuen Long, saw 150 units sold over the four-day long holiday weekend with agents saying demand was unfulfilled due to the firm offering only 48 units for sale yesterday. 'More would be sold but for the fact that the developer is holding up the release of units,' a real estate agent based in Yuen Long said. Property investors were making a comeback, with about 20 per cent of recent purchases coming from those looking to rent out properties, an agent said. A strong stock market performance and improving employment prospects have buttressed buyers after price declines of more than 60 per cent over the past five years. Pointing to improved transport links to the northwest New Territories with the opening of the West Rail link last week, the agent said: 'Relatively cheap prices and West Rail are the key reasons.' SHKP sold new units at its Yuen Long project at $2,150 per square foot. New sales at projects such as Sino Land's Residence Oasis in Tseung Kwan O also generated strong interest. An additional 130 units at Residence Oasis were sold in the past four days in the price range of $2,800 to $2,900 per square foot. A Tseung Kwan O-based agent said about 30 to 40 per cent of purchases were made for renting purposes. 'These buyers have money but didn't want to invest in properties last year. But with the sharp turnaround in confidence they are now willing to invest,' he said. Analysts said developers would be cautious in offering for sale their considerable inventory of units. Buggle Lau, chief analyst at Midland Realty, said: 'They want to avoid a repeat of the supply glut that happened in Tseung Kwan O, when developers undercut each others' selling prices to boost sales.' Last week, SHKP deputy general manager Yim Dao-kit said the company would not raise the price of its Yoho Town units despite rival developers such as Henderson Land and New World Development announcing this month their intention to raise prices at some projects by up to 10 per cent. In all, developers had about 40,735 residential units ready for sale next year, with more than 10,000 units in the West Kowloon area, Mr Lau said.