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[SITUATION] · [QUIET] · [BUSINESS]
2 clusters · 11 sources · 8 days · First seen · Last updated
Hong Kong Northern Metropolis residential market trends
Overview
The Hong Kong residential market has shown varying levels of engagement regarding the Northern Metropolis development. Initially, homebuyers demonstrated interest in the region, specifically at the Park Silicon project in Kwu Tung North. In one instance, more than half of the 82 available flats were sold via regular sale, with some units sold through tender for over HK$78.43 million. This activity was supported by rising residential rents, which made mortgage payments more cost-effective than renting for some buyers.
However, the project has faced challenges due to high pricing. Reports indicated that at the Park Silicon project, only 56 of 100 apartments were sold on the debut day. Analysts noted that average prices exceeding HK$17,000 per square foot in this outlying area nearly match central urban locations like West Kowloon. This pricing structure is viewed as a potential deterrent for future residential launches within the Northern Metropolis hub.
Entities
Wheelock Properties · Morningstar · Northern Metropolis · Ricacorp Properties · Shenzhen
Timeline
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19 days ago
[BUSINESS] 6 sourcesHong Kong Northern Metropolis faces slow start due to high housing pricesHong Kong’s Northern Metropolis tech hub faces early hurdles as high residential prices in the Kwu Tung area lead to middling sales for new developments like Wheelock Properties’ Park Silicon.
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27 days ago
[BUSINESS] 4 sourcesHong Kong homebuyers show interest in Northern Metropolis flatsHong Kong homebuyers are increasingly choosing to purchase property amid rising rents and a recovery in the Northern Metropolis residential market.
Sources
hongkongfp.com · it-boltwise.de · kliinik.ee · livenews.co.nz · m.scmp.com · mingtiandi.com · scMP.com · scmp.com · thebruneian.news · theinfostride.com · toray.co.jp