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Wheelock Properties Introduces New Pricing for Park Seasons Amid Flourishing Primary Market

Squarefoot Editor  2024-05-20  #Tips For Transaction

Wheelock Properties has released a third pricing tier for its Park Seasons development in Lohas Park, marking a modest 0.5 percent increase in the average price to HK$15,122 per square foot after discounts. This latest list includes 90 flats, ranging from 283 to 496 square feet, priced between HK$4.54 million and HK$7.78 million after discounts, with 95 percent of them priced under HK$7 million.

This cautious price adjustment is smaller than the 3.8 percent increase observed from the first to the second price list a month earlier. Ricky Wong Kwong-yiu, Executive Director at Wheelock Properties, noted that some flats from the first list saw a price increase of about 1 percent. The company anticipates launching a second round of sales this upcoming weekend.

Since its launch in March, Wheelock has successfully sold 722 units across the Seasons series. Meanwhile, the primary market continues to thrive as developers price new homes competitively. For instance, CK Asset managed to sell five out of 28 flats at #Lyos in Hung Shui Kiu for HK$45 million, after implementing price cuts of up to 32 percent.

In Yuen Long, Sun Hung Kai Properties (SHKP) reported robust sales at The Yoho Hub II, with 205 of the 213 offered flats being sold on Saturday—about 96 percent of the available units. Over eight days, SHKP has sold 414 apartments, totaling over HK$3.7 billion, which accounts for approximately 98 percent of the flats on sale.

In contrast, the secondary market remains slow, with only four transactions recorded across 10 major housing estates over the weekend, according to Centaline Property Agency. This continues a trend of low activity for the third consecutive week. However, Midland Realty's 10 blue-chip projects saw a 20 percent increase in transactions, totaling six, while the estates tracked by Hong Kong Property Services reported a 33 percent week-on-week increase, totaling four deals.

Looking ahead, the first phase of The Pavillia Forest in Kai Tak is expected to launch this quarter, offering 291 flats. This project, a collaboration between New World Development and Far East Consortium International, will eventually provide a total of 1,305 units across three phases, with an exhibition hall set to open in Kowloon Bay.

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