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Cheryl Arcibal

Hong Kong homebuyers flocked to the first batch of units at a major residential project in the Northern Metropolis with 44 – or more than half – of the 82 flats made available via regular sale finding buyers as of 7.30pm on Sunday, according to agents.
Wheelock Properties’ Park Silicon project in Kwu Tung North also sold eight units via tender worth more than HK$78.43 million (US$9.99 million), the developer said. The units were among the 18 available via tender starting Sunday.
The positive reception to the launch is a good signal for the property market following slower home sales in July.
Sales of new and lived-in homes fell by about 42 per cent to 4,462 units compared with June, according to the latest data from the Land Registry.
“The slowdown in home sales and developer launches is a healthy, seasonal consolidation within an ongoing recovery cycle – driven by a temporary dip in buyer footfall during the peak summer holiday travel period, alongside a natural digestion phase following robust first-half transaction volumes,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties.
“Furthermore, with property prices having rebounded from their lows and steep discounts fading, prospective buyers are temporarily adopting a cautious, wait-and-see stance to evaluate the higher asking prices,” he added.
Hong Kong’s residential property market shook off a three-year slump last year, with home sales reaching a four-year high of 62,832, according to official data.
Meanwhile, as of June, lived-in home prices had clawed back 13.4 per cent of the 28.4 per cent which they lost during the downturn, data from the Rating and Valuation Department showed.
The batch of flats under the price lists sold by Wheelock were from the project’s phase 2, named Palo Springs. Units measured between 311 sq ft and 480 sq ft with layouts of one to two rooms. After discounts, the flats were priced starting from HK$5.05 million or HK$15,903 per square foot.


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More than half of the 82 units available at Park Silicon in Kwu Tung were sold, signalling a positive shift in the city’s property market


More than half of the 82 units available at Park Silicon in Kwu Tung were sold, signalling a positive shift in the city’s property market.


Launch of Northern Metropolis flats attracts strong interest from Hong Kong homebuyers

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}More than half of the 82 units available at Park Silicon in Kwu Tung were sold, signalling a positive shift in the city’s property market

More than half of the 82 units available at Park Silicon in Kwu Tung were sold, signalling a positive shift in the city’s property market