Wheelock Properties Launches 100 Units of PALO SPRINGS on Sunday with 23x Oversubscription
On.cc · 1 SOURCESabout 1 hour ago2 MIN
Summary
Wheelock Properties has released an additional 33 units from its PALO SPRINGS development, Phase 2 of PARKING SILICON in Kwu Tung North, marking a significant expansion of the first-round sales to 100 units scheduled for Sunday . The company, led by Vice Chairman and Managing Director Raymond Wong Kwong-yiu, unveiled Price List No. 2 on Wednesday, featuring a mix of 6 one-bedroom and 27 two-bedroom units with saleable areas ranging from 310 to 482 square feet . After applying discounts, prices range from HK$5.48 million to HK$8.755 million, translating to HK$17,106 to HK$18,376 per square foot, with an overall average of HK$17,928 per square foot representing no price increase from the initial launch .
Key Points
- The Sunday sales event will offer 100 units total, with 82 units sold via price list and the remaining units through other arrangements
- Price List No. 2 units include 6 one-bedroom and 27 two-bedroom apartments with prices from HK$5.48M to HK$8.755M
- First-round price list units consist of 28 one-bedroom, 27 two-bedroom open-kitchen, and 32 two-bedroom enclosed-kitchen units
- The project showroom has recorded over 15,000 visitors, with nearly 2,000 subscription registrations for 82 price-list units
- Wheelock Properties has sold over 2,100 units valued at more than HK$25 billion throughout 2024
- Buyers may purchase up to 8 units under the priority allocation scheme, with subscription closing on Saturday
Why It Matters
This strong market response underscores sustained demand for new residential developments in the New Territories, particularly in areas benefiting from infrastructure improvements. The 23-fold over-subscription rate reflects continued buyer confidence in the Hong Kong property market despite broader economic uncertainties, positioning Kwu Tung North as an emerging residential hub as the Northern Metropolis development progresses.
This strong market response underscores sustained demand for new residential developments in the New Territories, particularly in areas benefiting from infrastructure improvements. The 23-fold over-subscription rate reflects continued buyer confidence in the Hong Kong property market despite broader economic uncertainties, positioning Kwu Tung North as an emerging residential hub as the Northern Metropolis development progresses.