PARK SILICON Phase 2 launches at $17,671 psf
AM730 · 1 SOURCESabout 3 hours ago2 MIN
Summary
Wheelock Properties has formally released the first price list for PALO SPRINGS, Phase 2 of PARK SILICON in Kwu Tung North, with 65 units in the first batch at an average discounted price of HK$17,671 per square foot . The lowest discounted price starts at HK$5.057 million, positioning the project as a relatively accessible new launch within the Northern Metropolis development narrative . Ricacorp Properties New Territories director Cheng Kin-leung described the pricing as competitive and market-acceptable, saying the developer appears to be using attractive pricing to quickly draw both owner-occupiers and investors . He also projected rents of around HK$50 per square foot upon completion, suggesting rental returns could approach 4 percent .
Key Points
- PARK SILICON Phase 2, named PALO SPRINGS, launched its first price list with 65 units in Kwu Tung North on the same day .
- The first batch carries an average discounted price of HK$17,671 per square foot, with entry pricing from HK$5.057 million .
- Ricacorp's Cheng Kin-leung said the pricing is competitive and within market expectations, helping the project seize attention in current conditions .
- Based on an estimated future rent of about HK$50 per square foot, Cheng said rental yield could come close to 4 percent .
- He said the project sits in Kwu Tung North's core development area and may benefit from the Northern Metropolis and Hetao innovation growth .
Why It Matters
The launch highlights how developers are pricing new homes to align with demand linked to the Northern Metropolis rather than relying only on expectations of capital gains . If the Hong Kong-Shenzhen Innovation and Technology Park continues to expand and attract firms and professionals, housing and leasing demand in Kwu Tung North could strengthen, supporting both occupancy and investment interest .