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Wheelock lines up Koko Rosso, Hong Kong’s first property launch of the year, as developers prepare to sell some 29,500 flats this year
- Wheelock has priced the first batch of 88 units in Koko Rosso at HK$17,973 (US$2,290) per square foot, with the sale likely to start in end-February
- Developers and property agents are offering discounts and prizes, such as a BMW car, to sell leftover stock and boost sales
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Wheelock Properties is set to launch Hong Kong’s first residential project of the year, with the 392-unit Koko Rosso in Yau Tong, eastern Kowloon, among the nearly 29,500 homes likely to hit the market this year.
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The developer released the prices of the first batch of 88 flats in Koko Rosso on Thursday. Priced at HK$17,973 (US$2,290) per square foot on average, it is 10.1 per cent lower than the HK$19,995 per square foot launch price of its sister development, Koko Hills, in July 2020.
The pricing, however, is similar to the HK$17,938 per square foot for Chill Residence, the latest project launched in Yau Tong in November 2022, according to data from Centaline Property Agency.
“More positive signs in Hong Kong’s property market are emerging as market sentiment cautiously continues to recover after the lifting of Covid [restrictions],” said Donglai Luo, senior economist at RICS. “This is evidenced by increased sales market activity along with positive longer-term rental and price expectations.”
Home prices in Hong Kong fell 16 per cent in 2022, dragged by sharp rises in interest rates, population decline and a weak economy because of pandemic-related restrictions and border closures, according to a Morgan Stanley report on February 7.
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