Grand Seasons Launches 138 Flats for Sale
Developed by Wheelock Properties and MTR Corporation, the latest phase of Lohas Park, Grand Seasons (Phase 12C) in Tseung Kwan O, began its first round of sales at 6PM on January 15. All 138 units from the initial price list were made available, with an average discounted price per square foot of HK$14,773, and prices starting from HK$4.517 million.
Ricky Wong Kwong-yiu, managing director of Wheelock Properties, noted that since the launch of the Seasons series in March last year, the project has seen impressive sales, with over 1,000 units sold, generating more than HK$6.2 billion in revenue. On January 15 alone, 31 transactions were recorded, including one buyer who purchased 6 units for a total of HK$36.1 million. Buyers showed a preference for the newly introduced three-bedroom units with a suite, utility room, and bathroom, as well as two-bedroom units. Many were optimistic about this being the final phase of Lohas Park and were motivated by lower mortgage costs due to interest rate cuts, making it an attractive option for self-use.
According to Sammy Po Siu-ming, chief executive at Midland Realty's residential division for Hong Kong and Macau, approximately 70% of buyers are end-users, while 30% are investors. The estimated rental yield is around 4%, with an average rent of HK$45 per square foot. In terms of buyer demographics, 60% were from Kowloon, while 40% were from Hong Kong Island and the New Territories. Notably, 70% of buyers were younger customers.
The first round of sales included 138 units, with layouts ranging from one to three bedrooms. These included one-bedroom units with open kitchens, two-bedroom units with both open and enclosed kitchens, and three-bedroom units with a suite, utility room, and bathroom. There were also two special platform units. Prices ranged from HK$4.517 million to HK$11.532 million, with discounted prices per square foot between HK$13,989 and HK$18,545. The cheapest unit was a 322-square-foot, one-bedroom unit priced at HK$4.517 million (discounted price of HK$14,028 per square foot).
The sales process was divided into two groups. Group A buyers, typically bulk purchasers, were allowed to purchase up to six units, while Group B buyers, usually individual purchasers, could buy up to two units. Grand Seasons has already garnered over 1,000 inquiries, and the next sales round is expected to take place as early as next week.