Sun Hung Kai’s biggest weekend property sale since 2022 pays off, as homebuyers snap up flats at Yoho West amid strong demand

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About 90 per cent of flats on offer this weekend at Yoho West, a joint project between SHKP and MTR Corp, are expected to be sold, according to agents

Yoho West enticed more homebuyers because its cheapest flats were priced at about a 20 per cent discount compared to SHKP’s other Tin Shui Wai project

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Homebuyers line up outside the sales office for Sun Hung Kai Properties’ Yoho West project at the V Walk shopping centre in Sham Shui Po on December 2, 2023. Photo: Xiaomei Chen

Cheryl Arcibal

Published: 5:49pm, 2 Dec 2023Updated: 6:27pm, 2 Dec 2023

Sun Hung Kai Properties’ (SHKP) biggest weekend home sale in nearly a year and half sees strong demand for about 350 units on offer at the developer’s latest residential project in Tin Shui Wai.

As of 6:20pm on Saturday, 228 flats at Yoho West – a joint project between Hong Kong’s largest property developer by market capitalisation and the MTR Corp – had been sold, representing 65 per cent of the total units on offer that were made available to buyers on the first day of sales, according to agents.

“We expect 90 per cent of the units available today to be sold,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau. “Buyers find the pricing attractive and the project is atop the Tin Wing stop of the MTR. Also, it is developed by Sun Hung Kai, a brand that homebuyers know.”

The units put up for sale were drawn from three price lists that SHKP released, covering a total of 613 flats. The first batch of units was priced at an average cost of HK$10,888 (US$1,394) per square foot after discounts – a six-year low for new homes.

People in a queue check out the price list for flats on offer at Sun Hung Kai Properties’ Yoho West project at the company’s sales office inside the V Walk shopping centre in Sham Shui Po on December 2, 2023. Photo: Xiaomei Chen

A second batch of 163 units was priced at HK$11,633 per sq ft on average after discounts, while the third batch of 170 units was priced at HK$12,437 per sq ft after discounts.

The development has enticed more homebuyers because its cheapest flats were priced at about a 20 per cent discount compared to the initial batch of phase three at SHKP’s Wetland Seasons Bay project, also in Tin Shui Wai, according to Midland Realty’s Po. Flats at Wetland Seasons Bay, which was launched in September 2022, were offered at HK$14,344 per sq ft.