PALO SPRINGS in Kwu Tung North Sells 56 Units in First Round, 8 Units via Tender at Up to HK$23,604 psf
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
Wheelock Properties launched the first batch of units for its PALO SPRINGS development in Kwu Tung North on Thursday, selling 56 units through the price list alongside eight units via tender. The project, situated in Hong Kong's Northern Metropolis, attracted strong interest from both local and cross-border buyers, with transactions ranging from HK$5.48 million for an entry-level one-bedroom unit to HK$12.57 million for a premium platform unit. Wheelock chairman Leung Chi-chuen attended the sales event and expressed satisfaction with the market response, noting that the project set a new pricing benchmark for the Kwu Tung North area.
Key Points
- The first batch comprised 82 units on the price list plus 18 tender units, totalling 100 units released for sale
- Eight tender units sold for a combined HK$78.43 million, averaging HK$20,427 per square foot
- The highest price per square foot achieved was HK$23,604 for Unit C, 3/F, Tower 2A (442 sq ft, 2-bedroom with 265 sq ft platform)
- The highest transaction value was HK$12.57 million for Unit A, 3/F, Tower 2B (540 sq ft, 3-bedroom with 382 sq ft platform)
- Fifty percent of tender buyers were local clients while the other half were cross-border businesspeople
Why It Matters
The strong sales performance of PALO SPRINGS as the first new project launched in Kwu Tung North signals robust developer and buyer confidence in the Northern Metropolis initiative. The project establishes pricing benchmarks that will influence future developments in the area, particularly as the government accelerates infrastructure development to support the strategic growth corridor connecting Hong Kong with Shenzhen. The balanced mix of local upgraders and mainland buyers underscores the cross-border appeal of new residential projects near the East Rail Line.
The strong sales performance of PALO SPRINGS as the first new project launched in Kwu Tung North signals robust developer and buyer confidence in the Northern Metropolis initiative. The project establishes pricing benchmarks that will influence future developments in the area, particularly as the government accelerates infrastructure development to support the strategic growth corridor connecting Hong Kong with Shenzhen. The balanced mix of local upgraders and mainland buyers underscores the cross-border appeal of new residential projects near the East Rail Line.