As the sales of SEASONS PLACE in General's Bay Sunrise City Phase 12A continue to be brisk, it demonstrates the vitality and potential of the Hong Kong property market. Building upon the success of this case, Henderson Land Development and MTR Corporation once again collaborated to launch the highly anticipated Phase 12B new project, officially named PARK SEASONS. The project is expected to announce brochures and prices this week, with sales starting in April, and an opening price expected to be 5% to 10% higher than SEASONS PLACE.
Leung Chi-kin, Chairman of Henderson Land Development, holds an optimistic view of the Hong Kong property market. He believes that as the Hong Kong economy gradually recovers, the property market will gradually warm up, and foresees a trend of rising property prices in the future. This optimism stems not only from the successful sales of SEASONS PLACE but also from a deep understanding of and confidence in market demand.
Deputy Chairman and Executive Director Wong Kwong-yiu shared the sales situation of SEASONS PLACE. Since its launch, 553 units have been sold in just two weeks, accounting for about 85% of total sales, with total cash-out amounting to HK$3.51 billion, making it the sales champion among new projects. This achievement is attributed to purchases by first-time homebuyers, small families, and numerous investors, demonstrating market recognition and acclaim for SEASONS PLACE.
Yesterday, SEASONS PLACE recorded six transactions, with a total transaction amount of HK$47.435 million. This includes Unit A on the 48th floor of Block 3B, with an area of 665 square feet, a 3-bedroom layout, sold for HK$10.883 million, at an average price of HK$16,365 per square foot. Wong Kwong-yiu revealed that considering the strong demand for 1-bedroom and 2-bedroom units in the market, the company decided to expedite the launch of PARK SEASONS to meet market demand. The price of the new project is expected to be 5% to 10% higher than SEASONS PLACE, but all units will be priced below HK$10 million. Since the beginning of the year, the company has sold a total of 825 units, with a total cash-out exceeding HK$9.27 billion.
PARK SEASONS will offer a total of 685 units, with layouts mainly comprising 1-bedroom and 2-bedroom units, ranging in size from 314 to 537 square feet. Approximately 45% of the units will be 1-bedroom, and 55% will be 2-bedroom. The project is scheduled for delivery by the end of November 2025.
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In addition, Blue Coast, a project jointly developed by Cheung Kong Property and MTR above the Wong Chuk Hang Station, commenced the sale of its first round of 422 units on Saturday, with over 400 units sold on the same day, achieving an astounding cash-out amount of HK$7.5 billion, setting a new record for the highest single-day cash-out amount after the implementation of the new first-hand property example. In response to the enthusiastic market response, the developer promptly released an additional 88 units yesterday, including the debut of four-bedroom layouts.
Zhao Guoxiong, Executive Director of Cheung Kong, expressed satisfaction with the first-round sales performance and noted that the price increase of about 3% is at a "bottom-fishing" price level. Considering the moderate increase in price, which has not yet reached the cost price, Zhao Guoxiong revealed that if the market response continues to be favorable, the developer will actively consider releasing new units before the next round of sales.
Zhao Guoxiong emphasized that even though family members have invested HK$20 million in units, and internal colleagues have subscribed, the first-round sales still adhere to the principles of "openness, fairness, and impartiality," without internal subscription.
Guo Ziwei, Chief Manager of Cheung Kong's business department, introduced the newly added units located on the 23rd to 29th floors, including the highly anticipated debut of four-bedroom layouts. Assistant Chief Manager Yang Guiling added that among the newly released price lists, the 88 units range in size from 454 to 1,267 square feet, with a market value of over HK$2 billion.
The price list for the newly added units ranges from HK$12.409 million to HK$44.342 million, with a price per square foot ranging from HK$24,610 to HK$35,108, and an effective sale price ranging from HK$10.548 million to HK$37.971 million, with an effective price per square foot of HK$20,918 to HK$29,842, and an effective average price of HK$24,289.
Excluding four-bedroom layouts, the effective average price for two-bedroom and three-bedroom units is approximately HK$23,003. The entry-level unit is Unit F on the 27th floor of Block 2B, with an area of 454 square feet, and an effective sale price of HK$10.548 million, equivalent to HK$23,233 per square foot. The highest-priced unit is Unit A on the 29th floor of Block 1A, with an area of 1,263 square feet, a four-bedroom layout, and an effective sale price of HK$37.691 million, with an effective price per square foot of approximately HK$29,842.
