Launch of Northern Metropolis flats attracts strong interest from Hong Kong homebuyers

As Hong Kong's residential property market shows signs of recovery, the first batch of units at Park Silicon, a major project in Kwu Tung North, attracted strong interest from homebuyers. More than half of the 82 flats, 44 in total, were sold by the end of Sunday's regular sale, according to agents representing Wheelock Properties.

Additionally, eight units from the tender, priced at over HK$78.43 million (US$9.99 million), found buyers. This positive response to the launch indicates a healthy phase for the market, following a slowdown in July, when home sales dropped by approximately 42%, reaching 4,462 units compared to June. Derek Chan Hoi-chiu, head of research at Ricacorp Properties, explained that the market slowdown is part of a normal seasonal consolidation, occurring during the post-summer travel period and after robust first-half transaction volumes.

He added that as property prices have rebounded and steep discounts have disappeared, buyers are temporarily being cautious, waiting to assess higher asking prices. Despite these cautious measures, Hong Kong's residential property market has shown significant improvement since last year, with home sales hitting a four-year high of 62,832.

In June, lived-in home prices recovered by 13.4% of the 28.4% loss experienced during the downturn, according to the Rating and Valuation Department. The Park Silicon project's phase 2, named Palo Springs, comprised of 18 units priced starting from HK$5.05 million (HK$15,903 per square foot) for 311 to 480 sq ft layouts.