2024-06-14 28Hse Editor
Following the Hong Kong government's withdrawal of property cooling measures, many developers have capitalised on the opportunity to launch new properties. This has led to a surge of transactions for new properties. In the 27 days following the withdrawal (from February 28 to March 25), Hong Kong recorded 3,700 transactions for new properties, marking an 18-fold increase from the period prior to the lifting of these measures.
Amid the constant release of new properties, navigating the market information can become daunting. Prospective buyers should pay attention to the price list, viewing show flats, and participating in ballot registration. Reviewing the sales brochure is also an essential step in the purchasing process.
The sales brochure, with its extensive pages filled with information and professional jargon, can be intimidating for prospective buyers unsure of where to begin. To simplify the process, we will outline the six critical sections buyers should scrutinise to gain a clear understanding of the property and units under consideration.
According to the Residential Properties (First-hand Sales) Ordinance, the sales brochure must be uploaded to the Sales of First-hand Residential Properties Authority website and the developer's project website at least seven days before the start of sales. During the sales period, developers must review or revise the sales brochure at least every three months. Therefore, prospective buyers should ensure they are reading the latest version of the sales brochure, since updates may affect residents.
First, one should examine the development project's information. This section provides details like the street name and address, number of blocks, total floors, any floors that are skipped, the existence of a refuge floor, and anticipated key dates, among others. Note that the projected completion date of the project does not equate to the move-in date; the actual transfer of flats typically occurs after the project's completion date.
Secondly, the development project's location map provides insight into the estate's community environment and amenities. The information, typically sourced from the Lands Department's maps, includes a detailed location map of the property and nearby public facilities and amenities such as car parks, parks, schools, or the presence of cemeteries or landfills.
Thirdly, the floor plans and square footage of the residential properties are key to choosing the right unit. These plans indicate each unit's interior and exterior dimensions and structure, including layout, size, floor slab thickness, and floor-to-ceiling height. They also detail elements such as the presence of a balcony, an open-plan kitchen, and whether bathrooms have windows, providing clear guidance for potential buyers.
Fourthly, for those with vehicles, understanding the layout of parking spaces within the development is crucial. The designated section in the brochure reveals the number and size of residential, visitor, and motorcycle parking spots, helping prospective buyers gauge the availability and potential to secure or rent a parking space.
Fifth is the summary of the Deed of mutual covenant, which outlines each unit’s indivisible share, generally based on the unit’s size and value. This will also be used to calculate management fees in the future. Additionally, prospective buyers can find out whether pets are allowed in the estate, among other pertinent details.
Sixth, the brochure lists appliances, finishing materials, and equipment included with new property purchases, as some developers offer home appliances. This section will detail the name, brand, and models of appliances that come with each unit. It also specifies any provided built-in furniture, like wardrobes and kitchen cabinets.
The points above are meant to simplify your understanding of the property; however, they don't cover all the brochure's contents. It's wise to read the entire brochure carefully when time permits, to avoid any surprises post-purchase or at handover.
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