As we move into post-pandemic life, developers have been launching new flats at warp speed. If you're a prospective homebuyer, you might be excited, overwhelmed, and nervous. Here is a guide to everything you need to know about purchasing first-hand flats in Hong Kong.
Introduced in 2013, the Residential Properties (First-hand Sales) Ordinance is a document that outlines the formal procedure of selling first-hand residential properties for developers. As buyers embark on their first-hand house-buying journey, the Ordinance keeps them updated on what to know every step of the way.
First, keep an eye out for sales brochures which are released at least seven days before sales launch. You can find the price list and sales arrangements three days before sales launch. The developer will then open showflats for sale either AFTER showflats have been released or on the same day of the sales launch If you’re interested in purchasing a flat you will need to submit a letter of intent and pay a deposit usually a cashier's check or a cheque for HK$100,000. When viewing show flats, pay attention to flat views and orientation, price, size, bedroom design, noise levels, bathroom ventilation, and kitchen layout.
For popular first-hand projects, the developer might launch a ‘lucky draw’. In this process, the developer organises a queue or waitlist of sorts and categorises buyers into groups that then visit the property in separate batches. Afterwards, buyers will submit votes. Should they get selected, they will be able to purchase a unit from the project. You can increase your chances of getting selected by entering votes with another person. Family buyers and “bulk buyers” are also prioritised in the selection process.
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| Property Type | Price | Ads Period |
|---|---|---|
| For Sale Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:90 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |
| Rental Property | ||
Normal Listing Typical One | HKD:1000 (or Hsemoney:1000) | Valid:80 days |
Golden Top Listing Higher position than Top listing 2-3times better performance | HKD:3000 (or Hsemoney:3000) | Valid:60 days |
