Sun Hung Kai Properties : 2024/25 Annual Results Announcement

About this update from Sun Hung Kai Properties Limited

Sun Hung Kai Properties Limited (SHKP) today announced its 2024/25 annual results. During the year under review, the global economic environment was affected by geopolitical tensions and international trade frictions. SHKP has proactively adapted to shifting market trends, drawing on its solid foundation, strong execution capabilities, time-tested financial discipline and strategies to maintain a stable business performance. During the year, Hong Kong's residential market showed further signs of stabilization on the back of relaxed mortgage restrictions and lower local mortgage rates. The Group recorded contracted sales of about HK$42.3 billion in attributable terms in Hong Kong. Major contributors included Cullinan Sky Phase 1 in Kai Tak; Sai Sha Residences Phases 1A(2) and 1B, namely Sierra Sea; Victoria Harbour II in North Point; YOHO WEST PARKSIDE in Tin Shui Wai; NOVO LAND Phase 3B in Tuen Mun; and the remaining units from completed projects, including The YOHO Hub II in Yuen Long and St Michel in Sha Tin. In addition, units at Dynasty Court in Mid-levels Central continued to receive a positive market response. As at the end of June this year, the Group's contracted sales in Hong Kong yet to be recognized amounted to approximately HK$35.6 billion, of which about HK$30.1 billion is expected to be recognized in the financial year 2025/26. With dedicated government policies to attract investment and talent, coupled with rising home rents and expectations of lower interest rates, buyers' confidence and transaction volumes in the residential sector are expected to continue to improve. Over the next 10 months, the Group will put on the market completed units from the second phases of Cullinan Sky and Cullinan Harbour in Kai Tak. Other major residential developments to be offered for sale in Hong Kong will include Sai Sha Residences Phase 2A and 2B; a project near MTR Tsuen Wan West Station; and the first phase of a large-scale development adjacent to MTR Kwu Tung Station. The Group has established a strong edge in developing large-scale integrated projects, distinguished by innovative concepts, comprehensive facilities and convenient connectivity. The Group's latest landmark, Sai Sha Residences, exemplifies this strength, blending beautiful natural surroundings with modern convenient living to deliver a coastal lifestyle. Its initial phases, Sierra Sea, re...

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