Northern Metropolis Residential Project Draws Strong Buyer Interest in Weekend Launch
SCMP · 1 SOURCESabout 2 hours ago1 MIN
Summary
Wheelock Properties' first batch of units at the Park Silicon project in Kwu Tung North attracted robust buyer interest, with 44 of 82 flats finding buyers via regular sale as of 7:30pm on Sunday. The developer also sold eight units through tender worth more than HK$78.43 million, providing a welcome boost to Hong Kong's residential property market following a 42 percent drop in new home transactions in July.
Key Points
- Park Silicon project in Kwu Tung North, part of Hong Kong's Northern Metropolis development zone
- 44 out of 82 flats sold by 7:30pm Sunday; eight additional units sold via tender for HK$78.43 million
- Phase 2 units called Palo Springs range from 311 to 480 sq ft with one to two bedrooms
- Starting price after discounts: HK$5.05 million or HK$15,903 per square foot
- July new home sales fell 42 percent month-on-month to 4,462 units; full-year 2024 reached 62,832 transactions
- Lived-in home prices recovered 13.4 percent of the 28.4 percent decline recorded during the downturn as of June
Why It Matters
The strong sales performance at Park Silicon suggests buyer confidence is returning to Hong Kong's property market despite a seasonal slowdown in July . With prices rebounding from their lows and discounts narrowing, the market appears to be consolidating after a three-year downturn that pushed home transactions to multi-year highs last year .
The strong sales performance at Park Silicon suggests buyer confidence is returning to Hong Kong's property market despite a seasonal slowdown in July . With prices rebounding from their lows and discounts narrowing, the market appears to be consolidating after a three-year downturn that pushed home transactions to multi-year highs last year .