The first round of sales on Saturday will feature 318 units via regular sale at an average discounted price of about HK$10,877 (US$1,402) per square foot, it said in a statement. The number of potential buyers outnumbers the units by more than 65 times, SHKP added. The other 11 units will be sold separately via tender.
The developer had earlier indicated the average selling price near levels last seen in the area in 2013. The pricing is still about 20 per cent cheaper than second-hand properties in the district, according to Midland Realty.
Sierra Sea is part of the 9,700-unit Sai Sha development in Shap Sze Heung, which is located between Sai Kung and Ma On Shan.
“Sierra Sea is a large-scale development project, so the developer has launched the first batch at a relatively favourable price to attract buyers’ attention,” said Derek Chan, head of research at Ricacorp Properties.
The attractive pricing comes at a time of heightened uncertainty brought about by a worsening trade war between the US and China, Chan said.
