Wheelock's Pak Kok North Project PALO SPRINGS Sells 8 Units via Tender on Launch Day
SingTao · 2 SOURCESabout 2 hours ago2 MIN
Summary
Wheelock Properties launched the first batch of sales for PALO SPRINGS, the Phase 2 component of the PARK SILICON development in Pak Kok North, on May 16. Out of 100 units released, 82 were offered via price list starting from HK$5.48 million, while 18 were sold through tender. The tender exercise yielded 8 unit sales grossing over HK$78.43 million, with the highest psf reaching HK$23,604. Prospective buyers crowded the sales gallery at Hong Kong Group Building in Tsim Sha Tsui, with notable presence of young buyers and Mandarin-speaking customers.
Key Points
- PALO SPRINGS, located at Heung Tsze Road in Pak Kok North, launched 100 units on May 16, comprising 82 price-list units and 18 tender units
- Tender results showed 8 units sold, raising over HK$78.43 million with average psf of HK$20,427
- Highest priced 3-bedroom unit was Flat A on 28/F of Tower 2B, 576 sq ft, sold for HK$11.208 million or HK$19,458 psf
- Top platform unit (Flat A on 3/F of Tower 2B, 540 sq ft with 382 sq ft terrace) sold for HK$12.568 million
- Record psf of HK$23,604 achieved by Flat C on 3/F of Tower 2A, a 442 sq ft 2-bedroom with 265 sq ft platform
- Buyer mix evenly split between local customers and cross-border entrepreneurs, including tech professionals frequently traveling between Hong Kong and Shenzhen
- One cross-border businessman purchased 2 units for approximately HK$22.86 million, including a platform special unit
- Local upgrader spent around HK$23 million on 2 high-floor 3-bedroom units
- Walk-in attendance at price-list sales reached 70-80%, with 70% end-users and 30% investors
- The development comprises 324 units across two towers (2A and 2B), with unit sizes ranging from 275 to 576 sq ft
Why It Matters
As the inaugural residential project in the Northern Metropolis Pak Kok North development zone, PALO SPRINGS' pricing and transaction records establish the first benchmark for this strategic growth area. The strong sales performance, particularly the tender results exceeding price-list averages, signals robust market confidence in the government's Northern Metropolis vision and could influence future land bids and development plans in the corridor .
As the inaugural residential project in the Northern Metropolis Pak Kok North development zone, PALO SPRINGS' pricing and transaction records establish the first benchmark for this strategic growth area. The strong sales performance, particularly the tender results exceeding price-list averages, signals robust market confidence in the government's Northern Metropolis vision and could influence future land bids and development plans in the corridor .