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Wheelock lines up Koko Rosso, Hong Kong’s first property launch of the year, as developers prepare to sell some 29,500 flats this year
- Wheelock has priced the first batch of 88 units in Koko Rosso at HK$17,973 (US$2,290) per square foot, with the sale likely to start in end-February
- Developers and property agents are offering discounts and prizes, such as a BMW car, to sell leftover stock and boost sales
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Wheelock Properties is set to launch Hong Kong’s first residential project of the year, with the 392-unit Koko Rosso in Yau Tong, eastern Kowloon, among the nearly 29,500 homes likely to hit the market this year.
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The developer released the prices of the first batch of 88 flats in Koko Rosso on Thursday. Priced at HK$17,973 (US$2,290) per square foot on average, it is 10.1 per cent lower than the HK$19,995 per square foot launch price of its sister development, Koko Hills, in July 2020.
The pricing, however, is similar to the HK$17,938 per square foot for Chill Residence, the latest project launched in Yau Tong in November 2022, according to data from Centaline Property Agency.
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“More positive signs in Hong Kong’s property market are emerging as market sentiment cautiously continues to recover after the lifting of Covid [restrictions],” said Donglai Luo, senior economist at RICS. “This is evidenced by increased sales market activity along with positive longer-term rental and price expectations.”
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