Launch of Northern Metropolis flats attracts strong interest from Hong Kong homebuyers

More than half of the 82 units available at Park Silicon in Kwu Tung were sold, signalling a positive shift in the city’s property market

Wheelock Properties’ Park Silicon project in Kwu Tung North also sold eight units via tender worth more than HK$78.43 million (US$9.99 million), the developer said. The units were among the 18 available via tender starting Sunday.

The positive reception to the launch is a good signal for the property market following slower home sales in July.

Sales of new and lived-in homes fell by about 42 per cent to 4,462 units compared with June, according to the latest data from the Land Registry.

“Furthermore, with property prices having rebounded from their lows and steep discounts fading, prospective buyers are temporarily adopting a cautious, wait-and-see stance to evaluate the higher asking prices,” he added.