(By Li Zhitian, Liang Yueqin)
The first-hand property vacant tax is coming soon, so developers take the advantage of hot market to speed up project launch. Paliburg and Beverly Plaza Hotel plan to launch their cooperated project Mount Regalia in Kao To, Sha Tin around the Easter, which has been handed over, with all houses will be put on sale by bidding, and at the same time plan to keep some tiered flats for rent. The group would follow the self-regulatory measures decided by the Real Estate Developers Association, but criticized the government should not levy vacant taxes across the board, saying that the luxury and non-luxury markets should be managed separately, the executive director and chief Oper officer of Paliburg, Fan Tong expressed. In addition, Wheelock Properties’ OASIS KAI TAK in Kai-tak about to be handed over and NAPA in Tuen Mun has been handed over also additional launch houses by bidding, and will upload the bidding documents.
Fan Tong said, Mount Regalia in Kao To will launch tiered flats of about 2,100 sq ft in block 1 and 2 in the first stage, then launch houses of about 1,600 sq ft in block 8, while keep villas for the next stage, and all are put on sale by bidding, besides it is estimated the sales will start around the Easter at the soonest, with pricing will refer to projects in same district. In addition, some tiered flats will be retained for rental, which will result in stable income, but it is not related to vacant taxes.
Mount Regalia parking space is estimated of HKD 3.8 million.
The ready project Mount Regalia is located in Lai Ping Road No.23, Sha Tin, providing 136 tiered flats and 24 villas, and equipped with 193 parking spaces. The developer added that the management fee for each sq ft is less than HKD 6 and the prices of the parking spaces will range from about HKD 3.8 million to HKD 4 million.
As for the Real Estate Developers Association established the self-discipline measures earlier that bidding documents and preferential rules are need to be uploaded to the project website, Fan Tong expressed the group will follow the practices and it is not difficult, and the most important thing is fairness, transparency and no concealment. He disapproved of the non-luxury flats being offered for sale by tender. It is considered that the bidding for units of at least 1,000 square feet is reasonable, and the Group's previous projects, such as Shangdu and Shangzhu, were sold not by tender. In addition, he also pointed out that the rebate offer provided by the project is simple and will not be varied, but will introduce a more flexible payment method.
Fan Tong is dissatisfied with vacant tax across the board.
As for the vacant tax legislation is coming soon, Fan Tong believed that vacant tax should not be levied across the board, because there is so much preparation before the sales of the luxury houses, also decoration of them needs long time, while the Government should focus on the leading market and separately manage luxury and non-luxury markets.
Two projects from Wheelock Properties additional launch by bidding.
On the other hand, Huang Guangyao, managing director of Wheelock Real Estate, pointed out that OASIS KAI TAK in Kai-tak, which will be completed and handed over in July, additional launched 6 low floor houses for tenders yesterday, and it will close next Monday. The tender documents will be uploaded to the property website today. The documents are considered to provide sufficient information and transparency. The rebate will also be specified. There are still 35 houses left, including 12 standard flats, 4 high-floor Skyline feature houses and 19 low-floor homes.
Yang Weiming, the assistant general manager (business development) of Wheelock Real Estate, pointed out that the NAPA of same series in Tuen Mun, which has been handed over, also additional launched 7 villas for tender, and it will close next Monday. This project has sold 14 villas at average sq ft price of HKD 17,252.
