Seasons Place Flats See Third Price Hike, Demand Remains High

Wheelock Properties has implemented a third consecutive price increase for the residences at Seasons Place in Lohas Park, with the average cost reaching HK$15,412 per square foot post-discount, marking a modest 2.1 percent rise.

The latest price list includes 244 units ranging from HK$4.52 million to HK$12.61 million after discounts, with individual square foot prices varying between HK$14,047 and HK$19,379.

Developed in partnership with MTR Corporation, Seasons Place garnered significant interest with 11,536 applications for its first release of 368 apartments, resulting in an oversubscription by 30 times.

Last Saturday, the initial sale saw all 368 units snapped up within a single day, generating approximately HK$2.36 billion for the developers. The next batch of 282 residences is scheduled to hit the market on Wednesday.

Initially introduced at the lowest prices seen in Tseung Kwan O in five years, the subsequent batches at Seasons Place were tagged with a 3.2 percent price increment per list.

Following the removal of property cooling measures in the city, Wheelock has reported the sale of 568 properties, including the Seasons Place apartments, totaling HK$6 billion over a span of 25 days.

In the broader primary market, Centralcon Properties successfully sold five apartments at The Arles in Sha Tin this past weekend, raking in over HK$48 million.

The elimination of stamp duty on February 28 has spurred a significant uplift in the new homes market due to accumulated demand from both local and international buyers.

Wheelock Properties' executive director, Ricky Wong Kwong-yiu, indicated that approximately 60 percent of Seasons Place purchasers are buying residences for self-use.

Despite the surge in demand, housing prices have yet to recover to their peak levels. With an expected influx of over 40,000 new homes entering the market, it is projected that it will take two to three years to absorb the inventory. Consequently, developers are likely to maintain a "low price, high volume" sales approach in the near term.

On the other hand, the secondary market is experiencing a downturn. The 10 major housing estates monitored by Centaline Property Agency saw a 32 percent week-on-week decline in transactions, settling at 19. Similarly, Midland Realty reported a 25 percent drop with 21 sales.

One notable secondary market transaction involved a mainland family purchasing a Fanling Town Centre apartment for HK$4.35 million, with the seller incurring a 13.8 percent loss from their purchase four years prior.