Park Silicon Phase 2 PALO SPRINGS Sells 8 Units via Tender, Record HK$23,604 psf
HK01 · 3 SOURCESabout 2 hours ago2 MIN
Summary
Wheelock Properties' PALO SPRINGS, the second phase of its Park Silicon development in Kwu Tung North, launched its first batch of 100 units on Sunday (August 16). Of these, 82 units were offered via price list while 18 units were sold through tender, with the tender portion already securing 8 deals worth HK$78.43 million. A notable buyer—a deep Shenzhen-Hong Kong businessman—acquired two platform specialty units through Centaline Property for HK$22.86 million, establishing new benchmarks for the project.
Key Points
- The tender exercise concluded with 8 units sold for a total of HK$78.43 million, averaging HK$20,427 per square foot .
- The highest price achieved was HK$12,568,100 for Unit A on 3/F of Tower 2B, featuring 540 sq ft of saleable area plus a 382 sq ft platform .
- The record price-per-square-foot of HK$23,604 was recorded for Unit C on 3/F of Tower 2A, a 442 sq ft two-bedroom unit with a 265 sq ft platform, sold for HK$10,433,000 .
- The 82 price-list units range from HK$5.48 million to HK$8.755 million after the maximum 15% discount, with prices per square foot between HK$17,106 and HK$18,376, averaging HK$17,791 .
- Wong Kwong-yiu, Vice Chairman and Managing Director of Wheelock Properties, noted that the tender average price is approximately 15% higher than the first price list, expressing confidence in the results .
- Buyer attendance reached 70-80%, with 30-40% being investors who recognize the future potential of the Northern Metropolis .
- The development sits on land acquired by Wheelock in July 2021 for HK$4.185 billion, translating to HK$8,499 per square foot of floor area .
- PALO SPRINGS comprises 324 units across two towers (2A and 2B) with 27 floors, offering 1- to 3-bedroom units ranging from 275 to 576 sq ft .
Why It Matters
The strong tender results at PALO SPRINGS establish a clear pricing benchmark for future developments in Kwu Tung North, the first new development area in Hong Kong's Northern Metropolis. Industry executives predict August's primary market transactions could reach 1,500 units per month, signaling renewed vigor in Hong Kong's property market amid favorable conditions and restrained pricing by developers .
The strong tender results at PALO SPRINGS establish a clear pricing benchmark for future developments in Kwu Tung North, the first new development area in Hong Kong's Northern Metropolis. Industry executives predict August's primary market transactions could reach 1,500 units per month, signaling renewed vigor in Hong Kong's property market amid favorable conditions and restrained pricing by developers .