Wheelock Properties Unveils Revised Pricing for Park Seasons Amidst Thriving Primary Market

Wheelock Properties has introduced a new pricing tier for its Park Seasons development in Lohas Park, resulting in a slight 0.5 percent increase in the average price to HK$15,122 per square foot after discounts. The latest offering consists of 90 flats, ranging from 283 to 496 square feet, with prices ranging from HK$4.54 million to HK$7.78 million after discounts. Notably, 95 percent of these units are priced below HK$7 million.

This adjustment in prices demonstrates caution and is notably smaller than the 3.8 percent increase observed between the first and second price lists, which were released a month earlier. Ricky Wong Kwong-yiu, Executive Director at Wheelock Properties, mentioned that some flats from the initial list experienced a price increase of approximately 1 percent. The company plans to launch a second round of sales during the upcoming weekend.

Since its launch in March, Wheelock has achieved considerable success, selling a total of 722 units across the Seasons series. The primary market remains vibrant, with developers competitively pricing new homes. For example, CK Asset managed to sell five out of 28 flats at #Lyos in Hung Shui Kiu for HK$45 million after implementing price reductions of up to 32 percent.

In Yuen Long, Sun Hung Kai Properties (SHKP) reported strong sales at The Yoho Hub II, with 205 out of the 213 offered flats being sold on Saturday, accounting for approximately 96 percent of the available units. Over the course of eight days, SHKP sold 414 apartments, amounting to over HK$3.7 billion, representing around 98 percent of the flats available for sale.

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

Looking ahead, the first phase of The Pavillia Forest in Kai Tak is scheduled for launch in the current 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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