Wheelock's Kwu Tung North Debut Sells 56 of 100 Units as Tender Deals Hit Records

Wheelock's PALO SPRINGS Debut: 100 Units on Offer, 56 Sold

Wheelock Properties opened sales at PALO SPRINGS, the second phase of PARK SILICON and the first private residential project in Hong Kong's Kwu Tung North, offering 100 units in its first round. By the end of the day, the developer reported 56 units sold, with 82 of the initial offering drawn from the project's price list.

The developer highlighted tender transactions that set new pricing records before the main batch opened. The highest achieved price reached HK$23,604 per square foot, a level Wheelock described as a benchmark for the entire Kwu Tung North new development area. Total first-day sales reached nearly HK$417 million, including one buyer who purchased four units — two two-bedroom and two one-bedroom — for about HK$25.91 million.

Buyers were described as New Territories and walled-village families, cross-border technology and business professionals, Shenzhen families, and long-term investors. The project is located at 23 Heung Chau Road, next to the planned Kwu Tung MTR station on the East Rail line and the future Northern Link interchange, with the station expected to open in 2027. PALO SPRINGS provides 324 units across two 27-storey towers, while the earlier PARK SILICON phase provides 457 units.

Why the Record Tender Price Doesn't Tell the Whole PALO SPRINGS Story

A Record Set in the Tender Room, Not the Price-List Queue

The HK$23,604 per square foot headline was struck in tender sales of special units with large platforms, including a 442-square-foot unit with a 265-square-foot platform at 2A, 3/F, C. That is a different buyer segment from the standard price-list units that make up the bulk of the launch. By 4pm the price-list portion had only just crossed the 50-unit mark, and the full-day total stopped at 56. The record therefore signals what willing buyers will pay for scarce special units, not necessarily the clearing price for the remaining standard stock.

Cross-Border Demand Is Real, but Price-Sensitive

Agent accounts show demand concentrated among families from the New Territories, Shenzhen residents and cross-border business people who value proximity to the future Kwu Tung MTR station and the East Rail/Northern Link interchange. Centaline reported a Shenzhen-Hong Kong businessman buying two units for HK$22.86 million, while Midland said buyers included mainland-Hong Kong business people acquiring units for commuting. That supports the Northern Metropolis pitch, but the fact that 44 of 100 units went unsold on day one suggests buyers are still weighing price against a district that will not have its station until 2027.

Wheelock Gets a Benchmark, but Also Unsold Inventory

The launch gives Wheelock a first-mover pricing reference for Kwu Tung North and nearly HK$417 million in one-day revenue. But the slower price-list absorption leaves unsold units to manage ahead of the Phase 1 PARK SILICON supply and the December 2027 key date for PALO SPRINGS. The developer's "Northern Metropolis New Central" branding is now tested by an actual sell-through rate, not just by record tender prints.

What PALO SPRINGS' First Day Means for Buyers and Developers

For buyers

• Treat the HK$23,604 per square foot figure as a tender price for a special platform unit, not the market price for standard PALO SPRINGS units. Ask agents for the actual discounted price per square foot on the 82-unit price-list tranche before comparing value.
• If you are buying for end use, factor in the wait for Kwu Tung MTR station, which the project materials tie to a 2027 opening, and the December 2027 expected key date for PALO SPRINGS.

For developers and agents

• Use the 56-of-100 first-day result as the base case for future Kwu Tung North launches, rather than the record tender print alone.
• Expect the 44 unsold first-round units to test whether Wheelock adjusts pricing or payment terms in the next sales round, especially before PARK SILICON's 457 units add competing supply.