Sun Hung Kai Properties prices new Tin Shui Wai project 9 per cent higher than used homes nearby as trade-war breakthrough boosts confidence
- Hong Kong’s largest developer launches Wetland Seasons Park with flats priced 9 per cent higher than used homes in nearby Kingswood Villa
- Company bets that progress in US-China trade talks will bring confidence back to the beleaguered market
Sun Hung Kai Properties, Hong Kong’s largest developer, has taken advantage of the breakthrough in US-China trade talks by pricing its new project in Tin Shui Wai around 9 per cent higher than used homes in nearby Kingswood Villa.
The Wetland Seasons Park will be the first project to go on sale in 2020, and the first new project in Tin Shui Wai in 10 years.
“There has been progress in the US-China trade talks, and the stock market has also gone up. Although the social unrest in Hong Kong has made buyers take a wait-and-see approach in the second half of the year, market sentiment has improved and I believe consumer confidence will return,” said Victor Lui Ting, deputy managing director at Sun Hung Kai Properties.
“I believe the housing market won’t fluctuate as much in 2020 and will stay steady and healthy.”
He predicted housing prices in the city would see a mild rise in the coming year.
The new batch of 142 flats at Wetland Seasons Park, which could be put on sale as early as next week, will be sold at an average of HK$11,388 per square foot.
That is about 9 per cent higher than used homes sold in the nearby Kingswood Villa. Centaline Property Agency said the average selling price of Kingswood Villa this month was HK$10,460 per sq ft.
Flat sizes at Wetland range from 410 sq ft to 696 sq ft, with the cheapest two-bedroom unit costing HK$4.80 million while the largest three-bedroom flat priced at HK$7.41 million after discounts.