2024-05-03 28Hse Editor
The budget has lowered the stamp duty rate for first-time home buyers below HK$10 million, and developers are speeding up launches of small and medium-sized new properties. Sun Hung Kai Properties’ (SHKP) NOVO LAND Phase 2B in Tuen Mun has been well received since the opening of the show flats last week, and has been put up for sale twice at the original price.
Victor Lui Ting, SHKP deputy managing director, announced that the first round of sales would take place this Saturday, and the first three price lists of 352 units would be put up for sale as soon as possible. The units benefited from the government’s tax band reduction policy, with a discounted average price per square foot of HK$13,616.
On the other hand, Wheelock Properties’ KOKO ROSSO in Lam Tin will launch its second sales round of 160 units tonight. Tickets were closed last night, with a cumulative over-subscription of about 39 times. Leung Yuet-kam
SHKP general manager Chan Han-lin said that as of last night, NOVO LAND Phase 2B had collected more than 7,000 votes, about 18.9 times oversubscribed. The first round of sales will close at 8pm tomorrow evening, and the balloting will be held this Friday. The sale will start at 9am this Saturday, with two time slots for groups A and B. A total of 84 specified units are available for purchase in Group A. Buyers in group A1 are required to purchase 1 to 4 units, at least one of which is a 3-bedroom unit. Meanwhile, buyers in group A2 are required to purchase 2 to 4 units.
Certain remaining units are available for sale in group A3, in which one to four units must be purchased (at least one 3-bedroom unit or 2 to 4 units). Group B buyers can purchase 1 to 4 units. To help more first-time buyers to purchase their preferred flats, each group of buyers can only purchase one one-bedroom flat.
Up to 4 units can be purchased during flat sale
Chan said that in line with the government's lift of the masking mandate, buyers, and estate agents will not be required to wear masks on the day of the sale, but to give buyers more peace of mind, developers' staff will continue to wear masks on the day.
Confident in NOVO LAND’s sales performance, Ting said that homebuyers will immediately benefit from Hong Kong’s return to normality, gradual economic recovery, the active property market, rapidly rising property price index, and the lowered stamp duty for first-time home buyers below HK$9 million.
KOKO ROSSO to sell 160 units today
Other projects include Wheelock Properties’ KOKO ROSSO in Lam Tin, which closed its second round of ticket sales last night. Ricky Wong Kwong-yiu, managing director of Wheelock Properties, said that the number of votes collected in this round was 6,398, about 39 times oversubscribed, of which more than 1,000 were new tickets, and the second round of sales will start tonight with 160 units. Wong expects the property to sell well and hopes to launch a third round of sales shortly, focusing on the remaining 70 to 80 units with sea views and special units.
Wheelock, in partnership with Centaline Mortgage Broker and mReferral Mortgage Brokerage Services, is offering a mortgage plan for the development. Ivy Wong Mei-fung, managing director of Centaline Mortgage Broker, said that the mortgage rate for the whole period is as low as H+1.3%, and the actual mortgage rate is as low as 3.375 per cent based on the capped interest rate of P-2.5 per cent (P:5.875 per cent)/P-2.25 per cent (P:5.625 per cent) and a 2.3 per cent cash rebate, along with a 90 per cent loan-to-value (LTV) ratio and mortgage term of 30 years.
Other new developments are also on the horizon. Star Properties' After The Rain in Yuen Long released its sales brochure yesterday, offering 335 units ranging from open plan to 3-bedroom units with 252 to 909 square feet of floor area, with a focus on 1-bedroom units. The project is expected to be launched on December 31 of this year.
Tong Yiu-chung, director and Hong Kong general manager at Kerry Development, said that since the lease to sale of THE ASTER at 7A Shan Kwong Road, Happy Valley, a total of 21 units were sold, which generated about HK$410 million, with a 50/50 split between users and investors. Some buyers were former tenants and all were local customers. Geoffrey Lo, vice president of Sales and Marketing at Kerry Development, said the remaining 70 units would be put up for sale depending on the situation.
Hong Kong Island’s South Crest Phase 4 to be launched next quarter
The property market was lively after the smooth resumption of cross-border travel Hong Kong and the Mainland, with prices expected to rise by 5 to 10 per cent this year, said Tong, adding that the fourth phase of Kerry Properties' South Crest is expected to be launched next quarter, while the Shap Pat Heung Road project in Yuen Long and the Hing Hon Road project in Mid-Levels West will be launched in the third and fourth quarters.
In terms of transactions, the first house in K. Wah International's K.Summit in Kai Tak was sold by tender for HK$130.8 million. The unit is garden house No. 5, with an area of 3,183 square feet and priced at HK$40,867 per square foot, including two car parking spaces. It is reported that the sale price hit a record high in Kai Tak.
Like 8
