Last year, Wheelock Properties' KOKO HILLS Phase 3A and 3B at Kowloon Bay Lam Tin Station achieved remarkable success, selling a total of 552 units and generating a total cash receipt of HKD 4.47 billion. This contributed to a total of 1,038 units sold throughout the year, with a sales amount of HKD 16.1 billion, marking a significant 70% increase compared to 2022.
Looking ahead to this year's property market outlook, Wheelock Properties' Vice Chairman and Managing Director Ricky Wong is optimistic. He expects a 5% to 8% increase in property prices for the year, citing the dual positive impact of the government's "cooling measures" and market expectations of a U.S. interest rate cut. Wong mentioned that the company will continue to follow market prices, introduce new projects, and offer more choices to homebuyers.
Highlighted projects for this year, in addition to The Glorious Sun Chuen Phase 12A and 12B (1,335 units), include a residential project located on Chun Yuen Street in Wan Chai. The plan is to provide 88 units mainly consisting of 1-bedroom and 2-bedroom units, located approximately a 3-minute walk from Wan Chai MTR Station. This project is a long-awaited addition to the Wan Chai area, catering to the diverse housing needs, especially for young individuals and singles.
Furthermore, other projects planned by Wheelock Properties for release this year include Grande Monaco at 19 Cheung Fai Road in Kowloon East (361 units), Island South at Wong Chuk Hang Station (Phase 6, 1st Section, 463 units), and a luxury residence at 1 Plantation Road on The Peak (5 units). These projects boast prime locations and high-quality interior designs, expected to attract more homebuyers to show interest and make purchases.
In addition to Wheelock Properties, Wharf Holdings and Sun Hung Kai Properties have also started to launch a series of projects on The Peak this year. The third phase of MOUNT NICHOLSON was recently put up for tender, featuring a 4,579 square feet unit on the 15th floor (Unit D). This top-tier luxury project, targeting high-end users, provides private spaces and premium services, constituting a significant part of the Hong Kong real estate market.
However, the Hong Kong real estate market also faces certain risks. Wheelock Properties' Kowloon East Grande Monaco project recently recorded a booking event where a buyer canceled the purchase contract for one unit, resulting in a loss of over HKD 1.23 million in deposits.
The unit is expected to be re-launched for sale next week, accompanied by a promotion called the "Prime 1088 Payment Plan," where buyers can still enjoy the original purchase price and receive up to 9% cash rebate. This incident serves as a reminder to exercise caution when purchasing property, understanding relevant policies and risks to avoid unnecessary financial losses.
