Sun Hung Kai Properties (SHKP) has exhibited robust financial performance amid challenging conditions in the global residential market.
The firm reported a profit of HK$6.513 billion ($0.84 billion) from property sales in Hong Kong despite headwinds in the local market. Contracted sales for its residential portfolio in the territory reached approximately HK$25.6 billion.
SHKP’s sales in Hong Kong captured over 25% of the market share in 2023, a significant rise from around 23% in 2022. This increase was a function of strong performance of key projects such as Novo Land, University Hill and Yoho West. These developments have consistently ranked among Hong Kong’s top-selling first-hand residential projects by total transacted value.
While facing similar challenges in mainland China, the firm registered a profit of HK$1.337 billion from property sales. However, contracted sales surged significantly to Rmb11 billion ($1.52 billion), driven by the impressive sales in pivoted properties such as Hangzhou IFC and Shanghai Arch.
Among the firm’s plethora of residential projects, Novo Land stands out. Being the largest private residential development in the Tuen Mun area of Hong Kong, this project was the top-selling new property in Hong Kong. The project has achieved several sustainability certifications such as the WELL Community Standard and WELL Building Standard version 2, alongside a Fitwel two-star rating.
Novo Land incorporates a range of amenities including communal gardens, play areas and approximately 88 recreational facilities, catering to a diverse demographic. The incorporation of high-end smart technology, such as virtual keys, QR code visitor cards and Bluetooth automatic sensors, alongside the deployment of robots for various services, have contributed to increased sales, especially among the younger generation.
In mainland China, the firm launched the third phase of its landmark Shanghai Arch project. This property, situated in a prime location on the Huangpu River waterfront, sold 212 upscale residential units in less than a day. Similarly, the firm’s other landmark project in China, Hangzhou IFC, was sold out from the launch of its third phase.