2025-05-02 28Hse Editor
John Lee Ka-chiu, Chief Executive, mentioned that Hong Kong's real estate market requires time to adapt to a series of lenient measures introduced in his policy address last month.
Lee declared in his recent policy address that stamp duties for the local property market would be reduced. These adjustments include a "pay later, exempt first" approach for stamp duty on property purchases by non-local talents, in addition to halving the buyer stamp duty and the new residential stamp duty.
Lee noted that the property market is influenced by the global economy, especially high-interest rates. Like other economies, Hong Kong faces similar pressures and challenges.
Real estate agents have reported an increase in inquiries since the introduction of stamp duty reduction measures. Lee acknowledged that purchasing a property is a significant decision, and it's normal for potential buyers to take time to consider their options.
Regarding the recent unsuccessful land bids in Tung Chung, Lee pointed out that developers consider not just the location but also the wider market development when deciding on bids.
As it's only been a month since the policy address, everyone is observing the market developments cautiously, Lee added.
In the primary market, Henderson Land's (0012) The Paddington in Cheung Sha Wan is set to launch the first round of 100 flats this Sunday. The project received approximately 300 checks for the initial batch of 100 units, an oversubscription by two times.
The first price list includes 100 flats ranging in size from 237 to 499 square feet. The discounted prices for these units vary from HK$3.92 million to HK$9 million.
Meanwhile, Sun Hung Kai Properties (0016) announced that its residential project Yoho West, located atop Tin Wing Station, will release its sales brochure within this week and the price list shortly after.
In the secondary market, further price reductions were noted. A high-level studio at Eltanin Square Mile in Mong Kok, originally listed at HK$3.95 million, sold for HK$3.55 million after a price cut of HK$400,000.
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