Sun Hung Kai Properties prices Yuen Long flats at a record high

Sun Hung Kai Properties (SHKP), Hong Kong’s biggest developer, has shrugged off the government’s market-cooling measures launching its latest project in Yuen Long at a record price in the northwestern New Territories.

The aggressive price come four hours after acting-Financial Secretary Chan Ka-keung, said in a Legislative Council meeting on Tuesday morning that the higher stamp duty unveiled by the government in November to tame the city’s runaway real estate prices, had begun to bear fruit as the pace of rising home prices has slowed.

The developer unveiled the price list of the first batch of 166 units at Grand Yoho phase two development, due to be completed as early as next month, at an average of HK$17,998 per square foot on Tuesday afternoon.

After factoring in rebates of as much as 19.5 per cent, SHKP said the average price will reduce to HK$14,488 per sq ft, a level close to units at Taikoo Shing, which average HK$15,114 per sq ft.

“It should set a record price in the Northwestern New Territories, and home price will continue to spiral [upwards] if all units in the first batch sold out,” said Louis Chan Wing-kit, managing director of Centaline Property Agency’s residential department.

“It is getting hard to follow developers’ pricing strategy after seeing land sold by government tender at shockingly high prices,” he said.