2024-04-29 28Hse Editor
(Leung Yuet-kam) The Budget has lowered the ad valorem stamp duty rate for first-time buyers of properties under HK$10.08 million, with the ceiling of HK$100 stamp duty for first-time buyers raised from HK$2 million to HK$3 million, which will immediately benefit the first-hand small and medium-sized property market. Bal Residence on Heng On Street, Kwun Tong, a joint venture between Lai Sun Development and Urban Renewal Authority, uploaded its sales brochure and opening price today.
Bal Residence opens for sale today, with mainly one-bedroom units
Julian Poon, senior vice president at Lai Sun Development, said the Group had planned to launch the sale schedule of Bal Residence early, and that the good news of the budget announcement would have a positive effect on the property market, in effect providing additional incentives for small and medium-sized new homes. Bal Residence offers 156 units, of which more than 90 per cent are one-bedroom units, with only a few two- and three-bedroom units. The launch date is expected to be the end of December 2023, and flats to be completed in ten months.
Two new developments that have already opened for sale will also benefit. Wheelock Properties managing director Ricky Wong Kwong-yiu, said that KOKO ROSSO in Lam Tin, which will go on sale tomorrow night, is the first project to be released after the budget. The discounted price of the first batch of 148 units is less than HK$9 million. The budget’s first-home stamp duty reduction measures will ease the burden of home ownership for first-home buyers, especially those with small and medium-sized units. As of 6pm last night, KOKO ROSSO had received a total of 5,500 votes, 36 times over-registered. Wong added that the government's redistribution of consumer vouchers and other tax relief measures will stimulate the economy, which will have a positive impact on the property market.
First batch of NOVO LAND Phase 2B priced below HK$10 million
Victor Lui Ting, deputy managing director at Sun Hung Kai Properties (SHKP), said that although ‘harsh measures’ for residential properties remain in the budget, the reduction of stamp duty below 10 million will help reduce the burden of first-time home buyers. Nearly all of the 146 units on the first price list are below HK$10 million, benefiting most buyers, which will likely boost sales. Chan Han-in, general manager at SHKP, said that the cumulative number of people in the 2B phase of NOVO LAND reached 10,000 in the past two days. Depending on the number of ticket receipts from this Friday, additional units will be launched.
NOVO LAND Phase 2B partnered with Indigo Living to provide buyers with furniture discounts. Fiona Mok, Global Business Development Director at Indigo Living, said that furniture bonus points, with a retail value of about HK$100,000, would be offered for one- to three-bedroom units, with each unit equipped with basic furniture, including three-bedroom units. Buyers can also use furniture points to upgrade their furniture or exchange them for the company's shopping gift certificates. According to Chan, buyers who choose to not use Indigo's furniture will receive a HK$10,000 reduction in property price.
Minimum stamp duty of HK$100 to boost property sales
VMS partner Andrew Ma Suen-yee said The Vertex in Cheung Sha Wan added 14 units for sale via tender in February 26th, covering one-bedroom and two-bedroom open kitchen units on the 32nd and 33rd floors of the west wing. The project sold 27 units over the past three weeks, cashing in HK$300 million, with an average transaction price of HK$22,700 per square foot, of which 60 per cent are young homebuyers and buyers replacing their existing property. VMS managing director Chan Yuk-sing said the remaining 200 units for sale, with a market value of about HK$2.5 billion to HK$3 billion, would benefit from the reduction of stamp duty on properties under $10 million, and that the increase in the stamp duty ceiling for first-time buyers from HK$2 million to HK$3 million would be beneficial to property turnover.
Tuen Mun second-hand market sees rise in counter-offers
Benefiting from the lowering of the ad valorem stamp duty band, the second-hand market recorded counter-offer listings. According to Tse Chak-ming of Many Wells Property, the owner of a low-rise, 578-square-foot, three-bedroom flat in Block 8 of Tai Hing Gardens Phase 2 in Tuen Mun originally asked for HK$5.8 million, but yesterday afternoon countered with an offer of HK$6.1 million. Separately, the owner of a 624-square-foot, three-bedroom flat in the upper floors of Hanford Garden in Tuen Mun originally asked for HK$7.3 million, but yesterday afternoon he countered with an offer of HK$7.4 million.
Wong Man-lok of Many Wells Property said that the high-rise room D of Block 2, Venice Garden, Tuen Mun, has a saleable area of 484 square feet, two bedrooms and two living rooms. The new buyer was the first in the district, and their first installment was supported by parents. It was mentioned in the budget yesterday morning. The tax band of ad valorem stamp duty has been lowered. Worried that the unit will be counter-priced, homebuyers took the initiative to arrive at the branch two hours earlier to sign the contract, which the agent would immediately deliver to the owner. The unit was finally sold for HK$5.23 million, and the price per square foot was HK$10,806, in line with current market price.
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