Wheelock fails to find any buyer for latest phase of Koko Hills flats as latest coronavirus outbreak keeps Hong Kong’s property investors at home
- Wheelock failed to find any buyer for the 96 apartments on offer at its Koko Hills project in Kwun Tong as of 7:30pm, agents said
- The flats were priced at HK$21,491 (US$2,758) per square foot on average after discounts, 7.5 per cent more expensive than their launch price 18 months ago
Hong Kong’s property buyers stayed home over the weekend, handing Wheelock Properties the first sales slump in more than 12 months as a fresh outbreak of the coronavirus disease sent the market into an early recess three days before the Lunar New Year begins.
Wheelock failed to find any buyer for the 96 apartments on offer at its Koko Hills project in Kwun Tong as of 7:30pm, sales agents said. The flats, leftovers from July 2020, were priced at HK$21,491 (US$2,758) per square foot on average after discounts, 7.5 per cent more expensive than their launch price 18 months ago.
“The time before the [Lunar] New Year is traditionally the quietest time of the year for the property market in Hong Kong,” said Hannah Jeong, head of valuation and advisory services at Colliers Hong Kong. “The fifth wave of the pandemic is also putting further pressure on the residential market.”
Koko Hills comprises three phases, the first phase featuring 413 apartments in three tower blocks, one of which stands at 21 storeys. Wheelock priced its July 2020 launch at a premium to the most recent project in the neighbourhood, and substantially more than second-hand home prices in the area.
