HK (+852) 3990 0799

Special stamp duty revenues at record low

Special stamp duty revenues fell to a record low of HK$12.9 billion last year while the number of transactions plunged nearly 70 percent with fewer mainlanders buying and less corporate deals.

But the residential market performed well in the low interest rate environment.

Stamp duties for residential units surged 40.5 percent to around HK$12.9 billion in 2021 from 12 months previously, figures from the Inland Revenue Department show.

The department received HK$2.1 billion in special stamp duties in December - more than double in November - though the volume rose only 5.28 percent.

The clamor by Hongkongers for homes is also reflected in mortgage insurance statistics.

The number of loans drawn down last year advanced 28.5 percent year-on-year to 23,845 while the amount soared 34.8 percent to HK$132.5 billion. Both were new records, the Hong Kong Mortgage Corp states. The approved application figure as well as the money involved also set records, the HKMC data showed.

Back in the primary market, Henderson Land Development (0012) is expected to unveil a first price list as soon as this week for the Harmonie in Cheung Sha Wan.

Henderson will be responsible for the sale of 318 units out of the total 337 units and the other 19 will be sold by the Urban Renewal Authority.

A brochure is now available, said Thomas Lam Tat-man, a general manager in Henderson's sales department, and the first round of sales may take place before the Lunar New Year.

The 318 homes include two- and three-bedroom units, Lam added. Saleable areas are from 322 square feet to 457 sq ft.

Elsewhere, the embattled HNA Group chairman, Chen Feng, sold a 4,241-sq-ft house at Twelve Peaks on The Peak for around HK$390 million. That is about HK$116 million, or 23 percent, lower than the purchase price in 2015.

(The Standard)


Wealthy Hong Kong buyers opt for multiple units in new developments as they seek larger space, amenities

Buyers are spending huge amounts on multiple flats in new projects from Pak Shek Kok in Tai Po to South Land in Wong Chuk Hang despite the extra 15 per cent stamp duty

A buyer spent HK$131.84 million this month on three units with a total area of 5,454 sq ft on the same floor at Great Eagle Holdings’ Ontolo project in Pak Shek Kok

The trend of buying multiple homes in Hong Kong’s new developments is likely to pick up as wealthy buyers opt for larger spaces for their families amid the pandemic, according to market observers.

In new housing estates from Ontolo in Pak Shek Kok to South Land in Wong Chuk Hang, buyers have splashed out hundreds of millions of dollars for multiple flats despite the additional 15 per cent stamp duty levied on second homes.

Such developments tend to have better facilities and management than traditional luxury houses, agents said, adding that since such flats tend to be smaller, buyers were likely to acquire more than one flat at the same time.

“Because of the pandemic in the past two years, both self-occupants and investors are paying more attention to the housing estate environment and facilities,” property agent said.

The number of residential property transactions liable for the higher tax on second homes jumped 40.8 per cent to 3,726, compared with a year earlier, according to Inland Revenue Department data. The tax raised from such deals surged nearly 50 per cent to HK$9.36 billion (US$1.2 billion) from a year earlier.

For instance, at Great Eagle Holdings’ Ontolo residential project in Pak Shek Kok, Tai Po, a buyer this month paid HK$131.84 million for three units with a total area of 5,454 square feet on the same floor.

Last May, a buyer paid HK$200 million for seven three-bedroom flats in South Land.

Many buyers of such multiple flats are from the younger generation of rich families living in old estates in traditional luxury districts, the agent said. The combined flats in non-traditional districts tend to be in a similar price range to their existing homes in luxury districts.

While prices of new flats in Ontolo were around HK$24,000 per square foot in January, flats in luxury projects such as 21 Borrett Road in Mid-Levels fetched HK$136,000 per square foot last February.

The agent estimated that transaction activity was around 30 per cent higher in non-traditional luxury districts, compared with traditional districts, in the last six to 12 months.

Cusson Leung, managing director and head of Asia property and Hong Kong research at JPMorgan, said he had noted a sharp pickup in luxury home sales last year.

Transactions in the luxury segment were mainly driven by the local high-income class and that investment demand continues to remain high despite the persistent weakness in the city’s stock market.

Hong Kong’s benchmark Hang Seng Index fell 14 per cent in 2021, making it the worst-performing market out of 92 major indices tracked by Bloomberg. The index, however, is up nearly 2 per cent so far this year.

Investors are likely to opt for property over stocks to protect their investments from eroding further.

“Buying the physical asset directly is probably easier for most investors,” he said.

(South China Morning Post)


金鐘廊逾百萬呎商業樓面 料2年內招標



兩部分發展 建餐飲零售商廈

根據規劃署文件,署方建議將地皮分兩部分發展,其中東面鄰近統一中心的地盤佔地約6.7萬平方呎,計劃重建48層高商廈,當中38層為寫字樓,涉約86.2萬平方呎,而西面地盤 (即現有金鐘廊行人通道) 則會保留,提供約2.6萬平方呎餐飲及零售樓面,兩者合共提供逾100萬平方呎的商業樓面。


而早年政府亦曾就位處金鐘廊對面的高等法院用地,研究將其騰空,並作商業發展。據估計,該用地佔地約10萬平方呎,若以地積比率15倍發展,將可提供多達150萬平方呎商業樓面,估計將是僅次去年批予恒地 (00012) 的中環新海濱3號商業用地,中環、金鐘一帶的大型商業項目。

至於位於中環、金鐘交界亦有兩個重建項目最快明年落成,包括恒地早於2017年以每平方呎樓面地價約5萬元投得的美利道地王項目,發展商早前已就項目命名為The Henderson,將重建成1座36層,另設5層地庫的甲級商廈,涉及總樓面面積約46.5萬平方呎,料於2023年落成。另一項目為長實和記大廈重建項目,發展商早年宣布,將會重建1幢樓高約41層的商廈,總樓面面積涉逾49萬平方呎。






船務公司呎租30 落戶觀塘甲廈全層

東九龍甲廈續錄搬遷個案,船務公司租用觀塘宏利廣場 (前稱ITT) 全層3.5萬平方呎,呎租約30元,搬遷略減樓面而提升辦公室級數。



宏利廣場前身為國際貿易中心 (ITT),該廈於過去一年多,錄得多宗大手租務,包括DHL、宏利保險等,其中宏利保險租用14.5萬平方呎樓面,獲大廈命名權。

歐陸貿易中心 呎租約52