Hong Kong buyers shun new flats at Wheelock’s Park Seasons project as home sales slow in May
- Wheelock Properties sold 27 of 154 units on offer at Park Seasons in Lohas Park, Tseung Kwan O, as of 8pm on Saturday
- Hong Kong is set to record a month-to-month decline of 46 per cent and 31 per cent in new home and live-in home transactions
Home purchases in Hong Kong are slowing down after an initial spate of enthusiasm sparked by the government’s rollback of cooling measures nearly three months ago, with buyers taking only 17 per cent of new flats offered by Wheelock Properties in Tseung Kwan O on Saturday.
As of 8pm, 27 of 154 units on offer at Park Seasons in Lohas Park were sold.
The slow sales were “expected” as “many other units of the project had been sold in the previous launch”, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.
Wheelock priced the latest batch between HK$4.5 million and HK$7.8 million after discounts. The average price of the units, which start at 283 square feet, rose marginally from the previous batch by 0.5 per cent to HK$15,122 per sq ft.
The developer sold 126, or about three quarters, of the 168 flats on offer last month at Park Seasons on the first day of sale. The flats comprised one to two-bedroom units between 322 and 496 sq ft, priced from HK$4.54 million to HK$7.7 million.
