Yoho West, a residential project jointly developed by Sun Hung Kai Properties (0016) and MTR Corp (0066) near Tin Wing Station, garnered over 4,000 visitors on its opening day. Additional flats are set to be released, as early as today.
The initial price list features 280 flats, with prices ranging from HK$2.99 million to HK$7.23 million after discounts. The project has already commenced accepting subscription cheques.
In other news, there is growing advocacy for the complete elimination of property stamp duties in favour of the compulsory sale mechanism.
Louis Loong Hon-biu, a legislator representing the real estate and construction sector, is among those urging the prompt removal of property cooling measures. The current stamp duty regulations require developers acquiring old buildings for reconstruction to pay a 30 percent stamp duty on the property price, which is then partially refunded upon completion of the reconstruction process.
Despite the recent reduction in stamp duties, a 15 percent upfront payment is still mandatory. These measures pose challenges to urban redevelopment, as they result in prolonged tying down of funds and increased costs in a high-interest environment.
Loong emphasized that time is of the essence, as extended fund freezes lead to rising expenses, eventually hindering redevelopment.
