Wheelock Launches Kwu Tung North's First Project PARK SILICON with Attractive Mortgage Packages
AM730 · 1 SOURCESabout 1 hour ago2 MIN
Summary
Wheelock Properties has introduced PARK SILICON, the inaugural residential development in Kwu Tung North, featuring superior transportation connectivity with proximity to five major border crossings and just a two-minute walk to the future MTR Kwu Tung Station. Phase 2 PALO SPRINGS has garnered intense market interest, accumulating around 2,100 registrations of interest, with the first batch of 100 units scheduled for sale this Sunday. Approximately 70% of prospective buyers hail from the New Territories region, indicating strong demand from cross-border workers. To sweeten the deal, Midland Mortgage has rolled out two attractive mortgage packages, including a time-limited fixed rate of 2.73% for the first three or five years.
Key Points
- Phase 2 PALO SPRINGS has secured roughly 2,100 expression of interest submissions, with the first sales arrangement uploaded for 100 units—82 via price list and 18 via tender—scheduled for this Sunday
- Around 70% of buyers originate from New Territories, primarily cross-border workers who frequently travel between Hong Kong and mainland China, highlighting the project's strategic location and transport appeal
- Midland Mortgage's Option 1 offers a fixed rate of 2.73% for three or five years, subsequently dropping to P-1.75% (P stands at 5%), with cash rebates and loan-to-value ratios up to 90% over 30 years
- The starting price for a one-bedroom unit at Phase 2 PALO SPRINGS is approximately HK$5.057 million, requiring merely a 10% down payment of around HK$500,000 under the mortgage insurance programme
- The Northern Metropolis development zone continues to drive market interest, with experts anticipating that rental yields could reach 4% at approximately HK$50-55 per square foot upon project completion
Why It Matters
This launch marks a significant milestone for Hong Kong's Northern Metropolis initiative, positioning Kwu Tung North as a emerging residential hub with direct access to both local MTR connectivity and cross-border infrastructure. The combination of attractive mortgage packages and the area's growth potential could accelerate property transactions in the northern New Territories, particularly as the new Huanggang Port prepares to commence operations next month .
This launch marks a significant milestone for Hong Kong's Northern Metropolis initiative, positioning Kwu Tung North as a emerging residential hub with direct access to both local MTR connectivity and cross-border infrastructure. The combination of attractive mortgage packages and the area's growth potential could accelerate property transactions in the northern New Territories, particularly as the new Huanggang Port prepares to commence operations next month .