No takers for Sun Hung Kai Properties’ Park Yoho Napoli project in Yuen Long
- Hong Kong’s largest developer by market value manages to sell only six flats on the first day of Easter holiday
- Worst sales result since late November when only two units were sold at the T Plus micro flats project in Tuen Mun
The first day of the Easter holiday has proved to be big disappointment for Sun Hung Kai Properties.
Hong Kong’s largest developer by market value sold just six out of 113 flats on offer at its Park Yoho Napoli project in Yuen Long – the worst for any builder since late November when only two out of 27 units were sold at Jiayuan International Group and Stan Group’s T Plus micro flats project in Tuen Mun.
Market watchers said the poor sales reflects prospective buyers’ wait and see attitude, as a huge supply of small flats gets ready to flood the market in the next few months.
SHKP’s move to release the flats for open sale comes just two weeks after the Real Estate Developers Association instructed its members to release 20 per cent of flats in new projects in this particular category. Developers have been criticised for increasingly selling new flats through tender, a marketing tactic that puts buyers at a disadvantage.
“The units sold cost between HK$4 million and HK$7 million,” said Sammy Po, chief executive at Midland Realty’s residential department. “Flats priced any higher will take longer to sell.”