Sun Hung Kai repeats its sell-out weekend at Wetland Seasons Bay as Hong Kong’s returning buyers push home prices to near record
- All 300 units on offer at Sun Hung Kai Properties’ Wetland Seasons Bay were sold by 7pm Saturday
- Investors return to the market, taking cue of a near all-time high price trend and buy on fear of missing out
Hong Kong’s homebuyers plunged into the market for fear of missing out as prices approached a record high, helping Sun Hung Kai Properties (SHKP) to record its second sell-out weekend.
All 300 apartments on offer at the Wetland Seasons Bay in Tin Shui Wai were sold at 7pm, as buyers shrugged aside an 11-per cent price increase, which raised the average price to HK$15,176 per square foot from last week’s HK$13,698 per sq ft.
Wetland Seasons Bay, scheduled for completion June 2022, comprises 1,996 apartments and 10 villas across three phases. The average price of the first 245 units released was HK$13,698 per square foot, which was 5.6 per cent higher than the most recent project in the same neighbourhood, released in September 2020.
Over 10,000 registrations of interest were received this weekend, equivalent to about 33 interested buyers vying for each of the 300 units available for sale, according to property agents. About a third of the buyers were investors, according to Sammy Po, chief executive of Midland Realty’s residential department.
Located at the north-western corner of Hong Kong, Tin Shui Wai sits across Shenzhen Bay from southern China’s technology metropolis of Shenzhen. Its name resonates with the eco-tourism and conservation facility nearby, called Wetland Park.