Hong Kong’s Wheelock prices Lohas Park project Seasons Place at 5-year low for Tseung Kwan O
- The average price per square foot for the first batch of 130 units after discounts is HK$14,188, developer says
- Wheelock might gradually raise the average selling price in subsequent batches: CGS International analyst
The project, which is the first of a three-phase residential development in Lohas Park Phase 12, or Phase 12A, will have 650 units and is being developed with transit operator and developer MTR Corp. These three phases of Lohas Park – 12A to 12C – will provide a total of 1,985 units.
According to a price list released on Thursday, the average price per square foot of this batch after discounts is HK$14,188 (US$1,814), the lowest price in the district since the introduction of Grand Montara in Lohas Park’s Phase 7B in June 2019. The first 101 units at Grand Montara, which was also developed by Wheelock, were priced at an average of HK$13,999 per square foot.
“I believe that the first batch of flats will have a good chance of being sold out, and the remaining phases will be launched according to market response,” said Stewart Leung Chi-kin, Wheelock’s chairman. As Hong Kong’s economy is recovering, property prices will see an increase of 5 to 7 per cent this year, added Leung, who also chairs the Real Estate Developers Association of Hong Kong.
Seasons Place’s first batch is also 16 per cent cheaper than the first 130 flats put up for sale at Villa Garda III in Lohas Park’s Phase 11, which was launched in August last year. The project has been developed by Sino Land, K Wah International and China Merchants Land.
