Friday, August 29, 2014   




Property market back on boil

Karen Chiu

Wednesday, February 27, 2013

The impact of the government's latest moves to cool the property market was on the wane yesterday as a local investor snapped up seven shops in Causeway Bay and homeowners raised the asking prices and rents for their units.

Agents' commissions of HK$3 million and stamp duties of at least HK$5 million failed to deter the local investor from buying the seven shops in one go.

The outlets were among the 176 stores put on sale by Chinese Estates Holdings (0127) for between HK$9.59 million and HK$43.05 million, or HK$80,000-HK$90,000 per square foot.

Under the latest curbs, effective from last Saturday, stamp duties have doubled for both residential and commercial properties, reaching up to 8.5 percent of the transaction price.

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Chinese Estates has so far sold about 37 units at its Causeway Place retail complex.

Veteran investor Johnny Cheung pocketed HK$2 million in the way of profit from a confirmor deal involving a street-level shop at No 27-37 Hill Road in Shek Tong Tsui yesterday that sold for HK$18 million. The 500 square foot store comes with a patio.

The buyer had to pay HK$1.35 million as stamp duty.

Meanwhile, several people who earlier wanted to buy flats have now opted to rent them.

A 897 sq ft unit at Tai Koo Shing was rented out yesterday for HK$41,000 per month, or more than HK$46 per sellable sq ft - a record high for the highly- popular estate.

The deal for the three-bedroom unit came at a far higher price than the market average of HK$31,000-HK$32,000.

As for sales, a mainlander bought a 524 sq ft flat at Kornhill in Quarry Bay for HK$6.78 million, or HK$12,952 per sq ft, paying HK$1.53 million in stamp duty.


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