2024-04-30 28Hse Editor
(Leung Yuet-kam) With the 2023-24 budget's reduction in tax bands and related rates for first-time buyers under HK$10 million, developers are speeding up launches. The market estimates that more than 4,400 new units will be put up for sale in March, and first-hand transactions are expected to exceed 2,000 next month, doubling month-on-month.
NOVO LAND phase 2B oversubscribed 16 times
Among the new projects, Sun Hung Kai Properties’ (SHKP) Novo Land Phase 2B in Tuen Mun announced three price lists for a total of 352 units. SHKP general manager Chan Han-lin said yesterday that as of the previous night, the project had received more than 6,000 votes, which was 16 times oversubscribed.
The first round of sales arrangements will be announced today, and is likely to begin this weekend, with consideration being given to whether all three price lists will be launched. He said that half of the votes came from Tuen Mun, 30 per cent from the rest of the New Territories, and 20 per cent from Hong Kong Island and Kowloon.
KOKO ROSSO receives over 5,500 votes
As of 6pm last night, the second round of sales of 160 units by KOKO ROSSO in Lam Tin, a subsidiary of Wheelock Properties, had collected more than 5,500 votes, including more than 1,000 new votes.
Ricky Wong Kwong-yiu, managing director of Wheelock Properties, said that the reduction of stamp duty for first-time home buyers in the 2023-24 budget can help reduce first-home buyers’ burden. He added that the overall sentiment of the property market was positive with an increase in transactions over the weekend.
The second round of sales will be at a discounted price of around HK$5.83 million to HK$9.67 million, benefiting from the new policy and boosting buyers’ confidence in the second sales round.
An additional 39 units of Manor Hill in Tseung Kwan O, a subsidiary of Kowloon Development, will be launched for sale this Friday, including two open-style units and 37 one-bedroom units, with a saleable area of 203 to 321 square feet and a discounted price of HK4.44435 million to HK$6.5824 million. The second round of sales will take place this Friday.
Carrianna Group Holdings and Choice Holdings also launched an additional 12 units at The Vim in Cheung Sha Wan, including 6 open-style units and 6 one-bedroom units, with a discounted price of HK$3.6829 million to HK$5.5676 million. The second round of sales will be held this Friday.
The Bal Residence in Kwun Tong, a joint venture between Lai Sun Development and the Urban Renewal Authority, announced last Thursday that it would launch 56 one-bedroom units at a discounted average price of HK$19,554 per square foot and received tickets immediately.
Julian Poon, senior vice president at Lai Sun Development, said that additional units will be launched depending on market demand and the number of tickets and the first round of sales are expected to be announced within a few days.
Other new developments to be launched in March include NOVO LAND Phase 2A and Grand Jeté Phase 2 in Tuen Mun, KT Marina 1 in Kai Tak and Park Peninsula in Kai Tak, After The Rain in Yuen Long, and Aruna in Ap Lei Chau.
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