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Hong Kong Property Market Revival: PARK SEASONS in Tseung Kwan O Sees Subscription Multiple of 23 Times
Apr 20, 2024
Hong Kong Property Market Revival: PARK SEASONS in Tseung Kwan O Sees Subscription Multiple of 23 Times Hong Kong
By   Internet
  • City News
  • Hong Kong property market
  • property subscriptions
  • property transaction prices
  • differential pricing
Abstract: The resurgence of the Hong Kong property market has garnered widespread attention. PARK SEASONS, developed by Kerry Properties in collaboration with MTR Corporation, was launched today and attracted approximately 4,000 subscriptions, resulting in a subscription multiple of nearly 23 times, making it a focal point of interest.

It is understood that units at PARK SEASONS are priced from HK$4.541 million, all consisting of 1- and 2-bedroom units, with nearly 80% priced below HK$7 million, and none exceeding HK$8 million overall. This pricing strategy is expected to attract a significant number of first-time homebuyers, young buyers, and investors.


Simultaneously, SEASONS PLACE, another development in the same series, also recorded transactions, drawing market attention. According to reports, a unit on the 58th floor of Block 3A, with a practical area of 443 square feet and featuring 2 bedrooms and an open kitchen, was transacted at HK$7.067 million, averaging HK$15,953 per square foot. To date, the development has sold a total of 570 units, generating over HK$3.64 billion.


On another front, the collaboration between Henderson Land and MTR Corporation in Ho Man Tin's Langham Place Phase IIB has attracted numerous homebuyers and celebrities. Renowned stock commentator "Uncle Six," Chen Wing-luk, praised the upscale traditional luxury residential area and the prime location above the MTR Ho Man Tin Station, further igniting homebuyers' enthusiasm.


Hong Kong Property Market Revival: PARK SEASONS in Tseung Kwan O Sees Subscription Multiple of 23 Times

Internet


Meanwhile, Sun Hung Kai Properties successfully sold four units, generating nearly HK$314 million. According to the Director of Investment and Sales at Sun Hung Kai Properties, Tseung Chi-wing, these units include one mansion, two garden duplex units, and one sky duplex unit, with practical areas ranging from 1,805 to 3,102 square feet, transacted prices ranging from approximately HK$53.15 million to HK$115 million, and prices per square foot ranging from approximately HK$29,446 to HK$37,344.


Furthermore, K. Wah International Holdings and China SCE Group Holdings jointly developed K. City on Ap Lei Chau, which sold eight units yesterday, all located in Block 1, with transaction prices ranging from HK$50.856 million to HK$64.5455 million, and prices per square foot ranging from HK$26,000 to HK$28,700. In addition, Wharf Development's Olympic Mall‧One Corner in Mong Kok has obtained the occupation permit and plans to launch 18 units next Tuesday, with practical areas ranging from 209 to 405 square feet, and prices ranging from HK$4.6089 million to HK$8.8479 million.


The successful launches and transactions of these properties reflect the vibrancy of the Hong Kong property market and homebuyers' pursuit of quality properties. As market competition intensifies, developers are adopting differential pricing and marketing strategies to meet the diverse needs of homebuyers, indicating that the Hong Kong property market will continue to thrive.

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Hong Kong Property Market Revival: PARK SEASONS in Tseung Kwan O Sees Subscription Multiple of 23 Times
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