PALO SPRINGS Draws Over 1,000 Checks, Launch Looms
On.cc · 2 SOURCESabout 2 hours ago2 MIN
Summary
Wheelock Properties’ Phase 2 PALO SPRINGS at the PARK SILICON development in Kwu Tung North has drawn strong early demand after opening for registration on August 8. By the afternoon to early evening of August 9, the project had received more than 1,000 to 1,200 subscription registrations against the first price list of 65 units, putting it heavily oversubscribed. The developer said it could launch another batch within 24 to 48 hours and is still aiming to begin the first round of sales by mid-August or earlier. Three-bedroom units are also attracting strong enquiries and may be offered by tender instead of fixed-price sale.
Key Points
- Wheelock Properties vice chairman and managing director Ricky Wong Kwong-yiu said registrations had exceeded 1,000 by about 3pm and topped 1,200 by 6pm on August 9.
- Based on the first price list of 65 flats, the project was more than 14 times oversubscribed by mid-afternoon and about 18 times oversubscribed by early evening.
- The first batch comprises 23 one-bedroom and 42 two-bedroom units, with saleable areas from 311 to 480 square feet
- Discounted prices in the first list start from HK$5.057 million, with an average discounted price of about HK$17,671 per square foot
- Visitor traffic at the showroom exceeded 10,000 since opening to the public, with about 70% of interest from the New Territories and the rest from Kowloon and Shenzhen.
Why It Matters
The response gives an early reading on whether primary home demand in the Northern Metropolis area can translate into actual sales momentum once launches begin. It also suggests developers may test pricing power in Kwu Tung North, especially if the next batch is released quickly and larger units are shifted to tender sales.