Launch of Northern Metropolis flats attracts strong interest from Hong Kong homebuyers

Hong Kong homebuyers flocked to the first batch of units at a major residential project in the Northern Metropolis with 44 – or more than half – of the 82 flats made available via regular sale finding buyers as of 7.30pm on Sunday, according to agents.Wheelock Properties’ Park Silicon project in Kwu Tung North also sold eight units via tender worth more than HK$78.43 million (US$9.99 million), the developer said. The units were among the 18 available via tender starting Sunday.The positive reception to the launch is a good signal for the property market following slower home sales in July.Sales of new and lived-in homes fell by about 42 per cent to 4,462 units compared with June, according to the latest data from the Land Registry.“The slowdown in home sales and developer launches is a healthy, seasonal consolidation within an ongoing recovery cycle – driven by a temporary dip in buyer footfall during the peak summer holiday travel period, alongside a natural digestion phase following robust first-half transaction volumes,” said Derek Chan Hoi-chiu, head of research at Ricacorp Properties.“Furthermore, with property prices having rebounded from their lows and steep discounts fading, prospective buyers are temporarily adopting a cautious, wait-and-see stance to evaluate the higher asking prices,” he added.