Hong Kong's Real Estate Market Sees New Projects Amid Rising Interbank Rates

Despite escalating Hong Kong Interbank Offered Rates (Hibor), developers are persevering with the launch of new projects. In contrast, government revenue from home sales taxes plummeted to a one-year low last month.

In Mong Kok, Lofter Group has christened its mixed-use project at 181 Sai Yee Street as Elize Park. This development, which comprises 52 flats ranging from 220 to 440 square feet, is projected to commence sales by the end of this month.

The completion of Elize Park is anticipated by the end of June 2024.

Simultaneously, Henderson Land (0012) has made available the sales brochure for The Paddington, located in Sham Shui Po. This development incorporates two towers that together provide 492 apartments with areas varying from 185 to 499 square feet.

In Tin Shui Wai, Sun Hung Kai Properties (0016) is planning to release the sales brochure for Yoho West on November 20, with the unveiling of price lists expected within the month.

The prestigious Jessville housing project in Pok Fu Lam, owned by the William Ngartse Thomas Tam family, has recently released its sales brochure. The property offers 32 homes, including four grand residences within the 91-year-old historic Jessville Manor building.

On the other hand, the mortgage-related one-month Hibor escalated to 4.92946 percent yesterday, marking a new weekly high.

According to the Inland Revenue Department, stamp duty revenue from property transactions in Hong Kong totaled HK$239 million in October, a figure not seen since October 2022. This total represents a monthly drop of around 27.2 percent.

Alongside this, the number of property transactions experienced a monthly decrease of 23 percent, falling to 121 transactions in October.