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Sun Hung Kai Properties sells about 90 per cent of last units at Silicon Hill’s phase one amid strong buying interest
- The sales result bodes well for the new homes market, Midland executive says
- By 9pm on Friday, homebuyers had snapped up 62 out of the last 72 units on sale in the first phase of the project
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Hong Kong’s primary housing market maintained strong momentum on Friday, with a project in Tai Po selling nearly 90 per cent of units on offer amid strong buying interest.
By 9pm on Friday, homebuyers – undeterred by the prospects of rising mortgage rates – had snapped up 62 out of the last 72 units on sale in the first phase of Silicon Hill, which are being offered by Sun Hung Kai Properties (SHKP).
“Buyers showed keen interest in the flats,” said Sammy Po, Midland Realty’s Hong Kong and Macau residential division CEO. “The encouraging sales result bodes well for the new homes market.”
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Developers are now offering new flats at lower starting prices to bolster sales as higher mortgage rates weigh on local homebuyers. Hong Kong’s commercial banks have kept their prime rates unchanged after the Hong Kong Monetary Authority’s (HKMA) most recent rate hike, which has kept the interest rate on prime-based mortgages unchanged. Hence people are snapping up property before the banks eventually do raise these rates.
SHKP started sales at 5pm, offering an entry price of HK$3.85 million (US$490,492) for a 217 sq ft flat, or HK$17,732 per square foot. This price was lower than the starting price of HK$4.97 million the developer asked for a 291 sq ft flat in the first round of sales on June 3.
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In the previous three rounds of sales at Silicon Hill, more than 480 flats have found buyers. The homes are expected to be delivered in late February 2024.
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