Wheelock's PALO SPRINGS First-Round Sale of 82 Units Oversubscribed 23 Times
Wheelock Properties launched the first-round sale of 82 units at PALO SPRINGS, the second phase of PARK SILICON in Sheung Shui, on Sunday, receiving over 2000 applications and achieving an oversubscription of more than 23 times. Big buyers account for about 20% of applicants, each planning to purchase four units worth HK$20-30 million. Hang Seng Bank offers a fixed-rate mortgage of 2.73% for the first three years.
Wheelock Properties' PALO SPRINGS, the second phase of the PARK SILICON development at 23 Heung Tsz Road, Kwu Tung, Sheung Shui, held its first public sale of 82 units on Sunday (16th), receiving over 2000 applications, representing an oversubscription of more than 23 times. After the project released its first sales arrangement yesterday, a priority selection arrangement for big buyers was confirmed, attracting many such buyers, who currently account for about 20% of applications. Typically, big buyers plan to purchase 4 units, with investments ranging from HK$20 million to HK$30 million, for both self-use and investment purposes.
Lam Hei-yin, head of deposits, foreign exchange and mortgage loans at Hang Seng Bank's retail banking and wealth management division, said the bank offers buyers a fixed-rate plan of 2.73% for the first three years.
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The event has a measured impact on 1 industry. The strongest current signal is positive for Residential Development, with intensity 70/100 and 85% confidence over a short term horizon.
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