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Sun Hung Kai Properties replaces New World Development as Hong Kong’s biggest developer by sales
- SHKP’s Wetland Seasons Bay in Tin Shui Wai was the most popular project of 2021 with the equivalent to 33 bids vying for each of the first batch of 302 flats on sale
- New World Development suffered a setback in the summer when construction defects forced it to tear down and rebuild two towers at its popular Pavilia Farm project in Tai Wai
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Sun Hung Kai Properties (SHKP) has replaced New World Development as the biggest seller of new homes in Hong Kong after the latter had to tear down and rebuild hundreds of flats under construction in Tai Wai.
Chaired by Raymond Kwok Ping-luen, SHKP recorded sales of HK$29.65 billion (US$3.8 billion) in 2021, 15 per cent higher than the previous year, according to Dataelements, which tracks new residential property in Hong Kong.
New World Development dropped to No. 4 as its sales plunged 45 per cent to HK$14.49 billion. The dramatic tumble in revenues came after the firm announced it would rebuild two blocks of flats at Pavilia Farm, Hong Kong’s best selling project of 2020.
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More than 120 transactions in blocks 1 and 8 at Pavilia Farm III were cancelled after New World announced the concrete walls in the podium of the two towers failed to “meet the requirement of the approved design” during concrete strength tests in July.
New World still managed to sell 846 units at Pavilia Farm III for HK$12.71 billion, according to Dataelements. The project’s sales accounted for 88 per cent of New World’s revenue in 2021.
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Wheelock Properties climbed to second from fourth, as its year-on-year sales jumped 89 per cent to HK$22 billion.
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