Data from 28Hse reveals that Seasons Place, a residential project in Lohas Park jointly developed by Wheelock and MTR, recorded 15 second-hand transactions in January. Notably, 60% of these cases involved losses, with price drops ranging from 2.21% to 5.36%, drawing significant market attention.
The most substantial loss was recorded for a mid-floor Unit E in Block 3B, a one-bedroom unit with a usable area of approximately 322 square feet. The property was sold in late January for HK$4.604 million, translating to about HK$14,290 per square foot. Records show that the original owner purchased the unit in April 2024 as a first-hand property for HK$4.865 million. Holding the property for just over a year, the seller incurred a paper loss of HK$261,000, reflecting a depreciation of around 5.36%.
Two key factors are believed to have contributed to the underwhelming performance of Seasons Place in the second-hand market: first, the successive release of new projects in the same development diluted potential buyers. Second: nearby second-hand estates offer prices nearly 10% lower, and the project does not offer a distinct advantage in transportation, making it harder to sustain high resale values.
New Launches in Lohas Park Weaken Seasons Place’s Edge
The continuous rollout of new developments within Lohas Park has increased market supply and reduced Seasons Place’s appeal. Since its initial launch in March 2024, two other projects in the same Seasons series—Park Seasons and Grand Seasons—were introduced in April 2024 and January 2025, respectively, significantly boosting the area’s first-hand property supply.
These subsequent phases cater to a wider range of buyers with more diverse unit offerings. Park Seasons primarily features one- to two-bedroom units, while Grand Seasons includes one- to three-bedroom units and special layouts, providing options for various budgets.
Given the similar proximity of all three phases to the Lohas Park MTR station and nearby shopping malls, some potential buyers may prefer later phases with longer completion times or newer launches, diverting demand away from Seasons Place.
Nearby Estates Offer Lower Prices, Seasons Place Faces Competition
In addition to competition from new launches, second-hand estates in the area also pose challenges to Seasons Place. For example, nearby developments like Malibu and Manor Hill recently recorded average transaction prices of approximately HK$14,285 and HK$14,286 per square foot, respectively—about 9.3% lower than Seasons Place’s average of HK$15,746 per square foot.
The significant price advantage of these estates attracts cost-conscious buyers. Although Seasons Place is newer, the competitive pricing of nearby options limits its ability to command higher prices, pushing buyers toward other second-hand properties in the area.
As for location and accessibility, Malibu and Manor Hill are both conveniently located near the Lohas MTR station, with walking distances of about 1 minute and 11 minutes, respectively. They are also close to The Lohas shopping mall. In comparison, Seasons Place is about a 6-minute walk from the station, offering no significant edge in transportation or amenities. This lack of distinct advantages further impacts its ability to attract second-hand buyers.
