No takers for Sun Hung Kai Properties' Park Yoho Napoli project in Yuen Long

By Sandy Li and Zoe Low / | April 22, 2019 6:52 PM SGT
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.
An aerial view of Sun Hung Kai Properties' Park Yoho Milano (right) and Park Yoho Napoli (left), on 18 Castle Peak Road in Yuen Long. Photo: Roy Issa
"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."
Some 70 per cent of the 369 units in seven projects that go on sale during the four-day holiday are being sold on the open market.
Po said open sales provide more transparency, but its effect on buyers in the current scenario remains to be seen.
On Friday, sales at Park Yoho Napoli started at 10am in the project's shopping centre, Park Circle, on a first come, first served basis.
The viewing area of the sales office was mostly empty, while a few property agents waited outside handing out...