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Ten Main Estates Transactions Reduce By Half, Mainland Buyers Snapped Up Hung Hom Luxury Units For HK$115m

Hong Kong Property | November 28, 2016

Ten Main Estates Transactions Reduce By Half
Statistics from Midland Realty showed there were only 121 transactions in ten main housing estates in November, only half of the number of deals in October. 10 deals have been recorded in Taikoo Shing while only 3 deals are recorded in Kornhill. In Kwun Tong Laguna City, 3 home deals were recorded while 20 deals of its parking spaces were done this month, revealing the flow of money from home to car park market.

Mainland Buyers Snapped Up Hung Hom Luxury Units For HK$115m
The additional double stamp duty is not stopping Mainland buyers from snapping up luxury houses in Hong Kong. A group of Mainland buyers purchased 2 units from Cheung Kong’s Stars By The Harbour for HK$115 million yesterday. One of the 1,408-square-foot unit priced HK$67.82 million or HK$48,168 per square foot, breaking the highest cost per square foot in Hung Hom homes. Cheung Kong, the developer of Stars By The Harbour, waived 10.875% stamp duty for the buyers and thus the buyers only paid HK$22.1 million stamp duty for the transaction.

The Visionary Sold 560 Parking Lots Yesterday
Nan Fung launched 697 parking spaces of Tung Chung The Visionary for sale yesterday, pricing from HK$0.75 to HK$1 million. Large unit owners have priority to buy and each unit owner could order 3 parking spaces at most. Several local newspaper firms quoted from sources that 560 parking lots have been sold while all the HK$1-million parking spaces have been sold out.

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