Hong Kong’s residential market has sparked interest with the launch of YOHO WEST PARKSIDE, developed by New World Development Company Limited and MTR Corporation. The ambitious project, located at the Tin Shui Wai Light Rail station, unveiled its initial pricing and unit details today.
According to reports, YOHO WEST PARKSIDE offers 105 residential units, with pricing starting at just 3.025 million HKD, and the average price per square foot set at 10,868 HKD. The variety of units spans from one-bedroom to three-bedroom configurations, providing options for different buyer needs. Specifically, the newly released units include 14 one-bedroom apartments, 65 two-bedroom apartments, and 26 three-bedroom apartments, each varying between 303 to 679 square feet.
The initial pricing structure echoes the previous YOHO WEST phase launched back in November 2023, where the average price was listed at 10,888 HKD. With the public exhibition of these units kicking off tomorrow, interested parties can register their intent to purchase this Thursday, with hopes of closing sales by next week.
New World’s Deputy General Manager, Thunder Lei, commented on the pricing strategy, noting the competitive valuation as “superb value for money,” and hinted at the potential for price growth. Lei referenced positive market conditions supported by strong rental demand and stock market activity, stating, “Given the current interest rate environment, we are providing only one payment plan option, yet it includes notable incentives.”
Specifically, buyers opting for early transactions may receive up to 4% cash back within the first 180 days of their purchase. Units such as flat 5A on the fifth floor of Block 1A, which is 303 square feet, allows entry at the aforementioned starting price.
Among the competitive offerings, the least expensive two-bedroom option is available for 3.974 million HKD, with 411 square feet of living space. The pricing strategy remains cognizant of the interest rate shifts, prompting developers to adjust their approaches to remain appealing to homebuyers.
The comprehensive project plan includes two connected towers, Blocks 1A and 1B, each 46 stories high, providing 525 units total across eight various layouts. These include not only basic one to four-bedroom options but also specialty units featuring open kitchens and additional versatile spaces, catering to diverse lifestyle needs.
For those seeking larger accommodations, particularly notable is the largest unit available (located on the top floor of Block 1A), boasting four bedrooms across 1,067 square feet, complemented by 364 square feet of outdoor platform space.
The sold-out exhibition of model apartments, including two-bedroom with storage room and three-bedroom layouts, has commenced, drawing potential buyers to experience the living spaces firsthand.
New World Development also provided comparisons with other recent market launches, indicating YOHO WEST PARKSIDE’s prices are competitive relative to surrounding developments. For example, Tuen Mun’s Novo Land second phase launched earlier this year had its units priced at 13,598 HKD per square foot.
Further competitive comparisons included the Park Yoho Bologna, cited at 13,088 HKD average, and iconic residential projects like Wetland Season Bay and Wetland Season Park, both launched during 2022, showing the variety and shifts expected within Tin Shui Wai.
Lei expresses confidence moving forward, believing recent trends will fuel increased demand as many renters transition to homebuyers this year. “With the uptick of potential renters shifting toward ownership, we trust this project possesses price growth potential,” remarked Lei, echoing the optimistic outlook presented by the real estate market activity.
With just weeks until the public’s access to registration, excitement is building around the anticipated reception of YOHO WEST PARKSIDE’s initial offering. The development stands poised to play a significant role within Hong Kong’s housing market, bridging affordability with modern living amenities, fostering hope among prospective homebuyers yearning for quality and value.