Hong Kong buyers snap up SHKP’s Wetland Seasons flats in Tin Shui Wai for the second weekend as sentiments improve

Hong Kong’s homebuyers piled into the first major residential property project to be launched in Tin Shui Wai in a decade, as they snap up most of the 335 homes offered by Sun Hung Kai Properties (SHKP) at the Wetland Seasons Park project.

SHKP sold 90 per cent of the flats as at 9:30pm, agents said. With nearly 18 buyers bidding for every available flat, the batch is expected to sell out, making it the second consecutive sell-out weekend for the city’s biggest developer by capitalisation, agents said.

“Potential homebuyers are quick to snap up flats, as market confidence has returned,” said Midland Realty’s residential division chief executive Sammy Po, who estimated that 80 per cent of the bidders are buying the flats for their own use. “The property market has been boosted by the rising stock market, as a trade deal is about to be signed between the US and China, and the social movement in the city seems to have cooled down a bit.”

Hong Kong’s property market, which took a stumble last year with the combination of the US-China trade war and the city’s worst political crisis, is struggling to regain its footing in the new year.

Investor sentiment improved in January, drawing some homebuyers back into the market to commit to their investments before the Lunar New Year holiday kick off in late January, said Louis Chan, vice-chairman of Asia-Pacific and chief executive of residential division at Centaline Property Agency.

Tin Shui Wai, which was developed in the 1980s as Hong Kong’s eighth new township to divert population from overcrowded Kowloon and Hong Kong Island, was also the scene of several clashes between police and anti-government protesters. A fight broke out on November 20 at the Tin Shui Wai station, forcing the subway operator to close it, while some protesters obstructed carriage doors, causing delays on the Kwun Tong, Tsuen Wan, Tseung Kwan O and Island lines.