Sierra Sea Phase 1B Sells Out All 376 Units

Sierra Sea, a residential project under Sun Hung Kai Properties (0016), launched the second round of sales for Phase 1B on 18 May, offering 376 units via price list. By approximately 6:30 PM, all units were sold out on the same day.

In this round of sales, a total of 385 units were available, with 376 sold via price list. The units offered included one- and two-bedroom layouts, with 39 one-bedroom units, 271 two-bedroom units, and 66 three-bedroom units. The usable floor areas ranged from 302 to 807 square feet, with discounted prices between HK$3.195 million and HK$10.488 million, translating to discounted per-square-foot prices of HK$9,645 to HK$13,345. An additional 9 units were sold through tender.

Sun Hung Kai Properties has been preparing this Sai Sha project for over 20 years and has paid a substantial land premium exceeding HK$19.64 billion, making it the largest single land premium project in history. In 2017, the developer completed the first stage of the land premium payment, amounting to approximately HK$15.89 billion for 4.9766 million square feet of buildable area, with a land premium of about HK$3,193 per square foot. In 2021, an additional HK$3.72 billion was paid for 1.0646 million square feet of buildable area, with a land premium of approximately HK$4,245 per square foot. A subsequent contract amendment in June 2013 involved a further payment of just HK$1.45 million.

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