New World Development's SIERRA SEA project in Yau Tong has made a significant splash in the real estate market with the recent launch of 80 residential units. As of April 18, 2025, the project has garnered an impressive response, receiving over 4,000 applications within just two days of opening for sales. This overwhelming interest highlights the ongoing demand for housing in Hong Kong, despite the challenges posed by the current economic climate.
The newly released price list, known as price list No. 2, offers an average discounted price of approximately HKD 10,888 per square foot. This pricing strategy appears to be well-received, as potential buyers have shown a keen interest in the diverse range of units available. The latest offering includes 20 one-bedroom units, 25 two-bedroom units, and 35 three-bedroom units, catering to various buyer preferences.
Among the standout features of this launch is the introduction of a 700-square-foot three-bedroom unit that comes with a storage room, a first for this project. This addition is likely to attract families looking for more spacious living options. The entry-level unit, located at Aqua Avenue Block 5, is a one-bedroom apartment with a saleable area of 301 square feet, priced at approximately HKD 3.0761 million. This translates to a discounted price per square foot of around HKD 10,220.
On the other end of the spectrum, the unit with the lowest price is a three-bedroom apartment located at Aqua Avenue Block 3G. This unit, featuring a saleable area of 523 square feet, is priced at approximately HKD 5.274 million, with a discounted price per square foot of HKD 10,085. The range of prices for the new units spans from HKD 3.0761 million to HKD 7.8761 million, with price per square foot varying between HKD 10,085 and HKD 11,382.
The developer has emphasized that this price list reflects original pricing, indicating a strategic approach to market positioning. The previous price list released on April 15, 2025, had offered 158 units at an average discounted price of HKD 10,398 per square foot, showcasing the developer's consistent pricing strategy across different phases of the project.
Historically, the SIERRA SEA project has been a long-term endeavor for New World Development, with preparations spanning over two decades. The project has seen significant financial commitments, including a total land premium payment of HKD 19.64 billion, marking it as one of the largest land premium projects in Hong Kong's history.
In 2017, the developer completed the first phase of land premium payment, amounting to approximately HKD 15.89 billion. This payment involved around 4.9766 million square feet of floor area, translating to a land premium of about HKD 3,193 per square foot. Following this, another payment was made in 2021 for approximately HKD 3.72 billion, adding an additional 1.0646 million square feet of floor area at a price of approximately HKD 4,245 per square foot.
As the market continues to evolve, the response to the SIERRA SEA project serves as a barometer for the real estate sector's health in Hong Kong. The surge in applications indicates that buyers are eager to invest in new properties, showcasing their confidence in the market despite economic uncertainties.
In addition to the competitive pricing, prospective buyers are likely attracted to the project's location in Yau Tong, which is known for its accessibility and vibrant community. With amenities and infrastructure developments in the area, SIERRA SEA offers a compelling living option for those looking to settle in Hong Kong.
The interest in these units also reflects broader trends in the housing market, where demand remains robust even as prices fluctuate. This pattern suggests that while buyers are cautious, they are still willing to make substantial investments in real estate, particularly in sought-after locations.
As New World Development moves forward with the SIERRA SEA project, the upcoming phases will likely continue to attract attention from both local and international buyers. The developer's commitment to delivering quality housing options, combined with strategic pricing, positions SIERRA SEA as a frontrunner in the competitive Hong Kong real estate market.
With the current wave of applications, the project is set to make a significant impact on the housing landscape in Hong Kong. As more units become available, it will be interesting to see how the market responds and whether this trend of high demand continues in the coming months.
