Sun Hung Kai Properties poised to sell all 171 flats in latest batch at Tuen Mun project as life returns to Hong Kong housing market

Name: Living in 15 sq ft: Inside Hong Kong’s coffin homes
Uploaded: 2023-03-08T11:59:11.000Z
Duration: 6 min 47 s
Description: Living in 15 sq ft: Inside Hong Kong’s coffin homes

Nearly 10,000 potential buyers have registered an interest in the 171 flats available in the second batch of Phase 2B of the Novo Land project, meaning about 58 people will compete for each unit

Hong Kong’s residential property market appears to be on an upswing, with developers such as SHKP and Wheelock Properties achieving strong sales in their respective projects in recent weeks

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Nearly 10,000 potential buyers have registered an interest in the 171 flats available in the second batch of Phase 2B of the project in the New Territories, according to SHKP. Photo: Xiaomei Chen

Cheryl Arcibal

Published: 7:59pm, 8 Mar 2023Updated: 9:13pm, 8 Mar 2023

Sun Hung Kai Properties (SHKP) looked set for another sell-out at its Novo Land project in Tuen Mun as life returns to Hong Kong’s housing market after almost three years of subdued demand under Covid-19 restrictions.

Nearly 10,000 potential buyers have registered an interest in the 171 flats available in the second batch of Phase 2B of the project in the New Territories, according to SHKP, which means about 58 people are competing for each unit.

As of 9:10pm on Wednesday, some five hours after sales formally opened, 165 units had found buyers, according to agents.

During the weekend, Hong Kong’s most valuable developer sold all 352 units on offer at the development.

Hong Kong’s residential property market appears to be on an upswing, with developers such as SHKP and Wheelock Properties achieving strong sales in their respective projects in recent weeks.

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Living in 15 sq ft: Inside Hong Kong’s coffin homes

The improvement in the property market comes after Hong Kong fully reopened its border with mainland China. The government has also broadened the set of buyers exempted from paying ad valorem stamp duty as it extends tax concessions to buyers of units worth less than HK$10 million.