Kwu Tung North, West Kowloon Projects Draw Record Buyer Interest
On.cc · 1 SOURCESabout 2 hours ago2 MIN
Summary
Wheelock Properties' Palo Springs in Kwu Tung North achieved strong sales on Sunday (June 16), moving 56 units and generating approximately HK$417 million in revenue . Meanwhile, China Resources Land's Nova Prime I project in West Kowloon continues to draw massive interest, having received over 18,000 ballots to become this year's top-selling development in Kowloon .
Key Points
- Palo Springs sold 56 units in its first round, with eight units transacted through tender exceeding HK$78.43 million at an average price per square foot over HK$20,000 .
- The project's highest-priced unit, Flat A on the 3rd floor of Tower 2B, sold for HK$12.568 million, while the peak rate was HK$23,604 per square foot for a terrace unit .
- One buyer purchased four units including three two-bedroom and one one-bedroom flat for nearly HK$25.91 million .
- Nova Prime I launched 78 additional units at a net average price of HK$18,960 per square foot, bringing its total to 180 units with a 99-times oversubscription .
- Buyer profile shows 20% large buyers and investors, 20% mainland and international professionals, with branch families and upgraders each comprising 30% .
Why It Matters
The strong sales performance across both developments signals sustained demand for new private residential units despite market uncertainties, with buyer interest extending from established areas like West Kowloon to emerging locations such as Kwu Tung North . The 99-times oversubscription for Nova Prime I reflects intense competition among buyers seeking entry into Hong Kong's property market, potentially influencing future pricing strategies for developers .
The strong sales performance across both developments signals sustained demand for new private residential units despite market uncertainties, with buyer interest extending from established areas like West Kowloon to emerging locations such as Kwu Tung North . The 99-times oversubscription for Nova Prime I reflects intense competition among buyers seeking entry into Hong Kong's property market, potentially influencing future pricing strategies for developers .