New projects hit market as Hibor rises

Himo Liu

Developers are rolling out new projects on the market despite rising Hong Kong interbank offered rates.

But despite the rush of new projects, government taxes on home sales fell to a one-year low last month.

In Mong Kok, Lofter Group named its residential/commercial project at 181 Sai Yee Street as Elize Park. Offering 52 flats with areas of 220 to 440 square feet, it is expected to start sales at the end of this month.

The project is expected to be completed by the end of June, 2024.

Meanwhile, Henderson Land (0012) uploaded the sales brochure for The Paddington in Sham Shui Po.

The project includes two towers providing 492 apartments, with areas ranging from 185 to 499 sq ft.

In Tin Shui Wai, Sun Hung Kai Properties (0016) aims to upload the sales brochure for Yoho West on November 20 and unveil price lists within the month.

The Jessville luxury housing project in Pok Fu Lam owned by the William Ngartse Thomas Tam family has just listed its sales brochure, offering 32 homes, including four large residences situated within the 91-year-old historic Jessville Manor building.

Yesterday, the mortgage-related one-month Hibor climbed to 4.92946 percent yesterday, a new weekly high.

Meanwhile, the Inland Revenue Department said stamp duty revenue from property transactions across Hong Kong in October totaled HK$239 million, a new low since October 2022.

The amount reflected a monthly decline of about 27.2 percent.

Meanwhile, the number of property deals fell 23 percent monthly to 121 transactions in October.