The developers will put 3,800 units on sale in the next and a half month,it is expected that there are 20,000 units will put up for sale in this whole year
Hong Kong's Wen Wei Po (Reporter Ngan Lun Lok)The government have announced the relaxation of the double stamp duty (DSD) for changing flat period last week,calculated from the date of repossession 'six months' for flat stage,the second-hand property may be extended to about 1-2 months,the new uncompleted units can be extended up to three years.Some scholars said that the amendments would help the new uncompleted property sales 'bulk',it is expected there are more than 20,000 of first-hand property units can be put up for sale this year,with an annual growth of 36% ,as selling the property before the property market situation turning worse,or fairly two times of the first-hand property transaction volume.First-hand properties will grab the purchasing power of the second-hand property market in the future,it is expected that the trading volume of second-hand property involved in HKD $5.0 million to HKD $1.0 ten million will fall 10% to 20% and further added pressure on the property prices .
Economists Kwan Chuk Chiu said that,the relaxation for changing flat period of time,the most beneficiaries must be the first-hand properties,especially some of the uncompleted property sales,it is expected to expand the source of buyers,which cause a little concern when selling properties.He added that the government is keep on increasing the land supply over the past few years,transportation Housing Authority announced in the earlier days that there are as many as 8,000 units started the construction in the first season of this year,but the imminent delisting of the United States,the property market is flooded with uncertainties,so it is expected there will be more than a group of long-term uncompleted property sales put on the market this year,selling properties as take the advantage of the property does not deteriorate quickly.
In fact, there are a 44 months (about 3 and a half years ) super long-period uncompleted applications for pre-sale in April,never seen before,which is the TKO 66C2 area sites wiht a joint venture involving Sino Land and K.Wah, providing 544 units,which is apply for the longest time of pre-sale projects. Applications for pre-sale in the same month have The Wings IIIA located in TKO by new earth development,providing 960 units,is also belong to uncompleted flat with long-period construction time,the uncompleted period of time up to 32 months.According to our statistics show that in the remaining approximately a half months (ie, during the second season) launched the new properties alone has involved over 3,898 units (see table).
The purchasing power of second-hand properties transferred to the first hand property sales
The actual amount of the first-hand property units last year was 12,500,the turnover is nearly 10,000 units,the market is expected the first-hand property units which put up for sale this year have 17,000 units,Kwan Chuk Chiu also believes that the relaxation of the exchanging floor period of time,the number was much more than that,it is expected that it can be increased by approximately 18% to approximately 20,000 units.He added that while the floor of the relaxation of exchange floor period of time,on the principle of sending tax measures of DSD over the past developers offered on the new property sales can be canceled,but the current property market conditions have less favorable,coupled with the market not just including the buyers who wanted to change their flat,the developers have to take care of a group of investors,such as the buyers with strength,it is believed that the developers will continue to free the tax in order to attract the buyers.
Midland Realty Chief Executive Officer of Residential Department Pu Siu Ming also agree to relax the period of exchanging the floor,the first-hand properties was the most benefit,especially the properties involved in about HKD $5.0 to HKD $1.0 ten million,there will have a new batch of prospective buyers but the property in the future,however,the amount of purchasing power of the relative second-hand properties will be diluted,the trading volume in the long-term period will have pressure,so it is expected that the trading volume of this type of real estate will reduce 10% to 20%.However,stimulated by the news of the relaxation of the exchange floor,coupled with sitmulate by the news of the relaxation of the exchange property period of time,this type of second-hand property trading in the short term period of time will temporarily showed gains.
Pu Siu Ming also said that, the launch of several new property sales will benefit from the relaxation of DSD messages during May-June,such as City Poin in Tsuen Wan by Cheung Kong,GRAND AUSTIN in Austin Station by Wheelock cooperation with MTR,Mayfair Phase 1 and 2 in Pak Shek Kok by Sino Land.The remaining property sales including MacPherson Place by Kowloon Development ,Eivissa-Crest by Far East Consortium located in the West of Hong Kong Island are ready to be on sale this month,it is expected that these property sales will also benefit.
The buyers who wanted to change their property do not need to buy the property with eager
Senior Lecturer,Faculty of Architecture and Technology of the City University Mr. Poon Wong Chung believes that the relaxation of exchanging flat period of time have a little impact on the property market,because the demand has not increased in real terms for sale,but it is believed that because the exchanging flat period of time of the new properties have eliminated,so it have reduced the concerns of the prospective buyers to purchase a new flats at the time,some of the purchasing power will be transferred from the second-hand properties to the first-hand properties.
However,he expected that there are not much buyers have chosen the uncompleted flat for their new home in final.The buyers need to buy the uncompleted flat or not is quite related to the market situation,when the outlook of the market rose,the prospective buyers needed to pay more cost in the future,will choose to buy the new property earlier,but now the property market have entered a fall situation, is entering a falling market,if the buyers have no urgent on changing flats,could have to wait until next year and buy the property.
