Launch of Northern Metropolis flats attracts strong interest from Hong Kong homebuyers
Hong Kong homebuyers flocked to the first batch of units at a major residential project in the Northern Metropolis with 44 – or more than half – of the 82 flats made available via regular sale finding buyers as of 7.30pm on Sunday, according to agents. Wheelock Properties’ Park Silicon project in Kwu Tung North also sold eight units via tender worth more than HK$78.43 million (US$9.99 million),…
A major residential project in the Northern Metropolis, Park Silicon from Wheelock Properties, saw strong interest from Hong Kong homebuyers with 44 out of 82 flats sold in the first batch. This accounted for more than half of the units available through regular sales by 7.30pm on Sunday, according to agents. The developer disclosed that eight units were also sold via tender, valued at over HK$78.43 million (US$9.99 million).
These were among the 18 units available via tender that started on Sunday. The positive response to the launch suggests a healthy sign for the property market, which had experienced slower home sales in July. July saw a sharp decline in sales of new and lived-in homes by approximately 42%, bringing the total to 4,462 units compared to June.
Derek Chan Hoi-chiu, head of research at Ricacorp Properties, explained that the slowdown in sales and developer launches is a natural result of a seasonal consolidation within an ongoing recovery cycle. This is influenced by a temporary drop in buyer activity during the peak summer holiday travel period, as well as a natural process of catching up following robust first-half transaction volumes.
Chan also noted that with property prices rebounding from their lows and steep discounts fading, prospective buyers are currently adopting a cautious approach to evaluate the higher asking prices. Hong Kong's residential property market had been recovering from a three-year slump, with home sales hitting a four-year high of 62,832 units.
By June, lived-in home prices had recovered 13.4% of the 28.4% loss they had incurred during the downturn, according to data from the Rating and Valuation Department. The flats sold by Wheelock were from Wheelock Properties’ Park Silicon project in Kwu Tung North's phase 2, named Palo Springs. These units ranged from 311 sq ft to 480 sq ft and were available in layouts of one to two rooms.
After accounting for discounts, these flats were priced starting from HK$5.05 million, which translates to HK$15,903 per square foot.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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