Wheelock Properties Sets Competitive Pricing for Seasons Place

Wheelock Properties has introduced a new benchmark in Tseung Kwan O's housing market with the release of its first price list for Seasons Place, presenting 130 flats at an enticing average price of HK$14,188 per square foot. This rate is notably the lowest the area has seen in the past four years.

Chairman Stewart Leung Chi-kin is optimistic, predicting a potential increase of up to 7 percent in home prices this year, bolstered by Hong Kong's rapid economic recovery. This latest forecast exceeds his previous prediction by 3 percentage points, which comes on the heels of the government abolishing all property-related stamp duties.

Seasons Place, part of Lohas Park and the first Wheelock project to launch post-policy change, boasts "competitive prices" that may rise with future sales phases. The initial price list showcases homes ranging from HK$4.47 million to HK$9.79 million, with the most affordable being a 323-square-foot studio.

The project undercuts nearby Uptown East by 4.2 percent, with the latter priced at HK$14,808 per square foot and seeing a subscription rate over 15 times its available units after receiving more than 5,500 checks.

Despite the policy changes, Leung does not expect a sudden surge of investors. Instead, he anticipates that the current market will predominantly attract locals and first-time buyers.

The first batch of units at Seasons Place includes 38 studios, 87 two-bedroom, and 5 three-bedroom flats. Show flats will open this Saturday, with sales expected to commence the following weekend. In a new policy, a single buyer can now acquire up to six units, an increase from the previous cap.

With a cautiously optimistic outlook on land investments, Leung states that while the company holds significant land reserves, it remains open to acquiring more suitable sites.

Louis Chan Wing-kit from Centaline Property anticipates a sell-out for the first batch of Seasons Place, citing the average price point as the lowest in four years for the district.

In other market news, Kerry Properties achieved a sale for a unit at Mont Verra in Beacon Hill for HK$225 million, translating to HK$49,375 per square foot, through a tender. Additionally, CK Asset (1133) is on the brink of receiving approval for a hotel redevelopment project in Hung Hom.