Prices of new HOS flats buck the market trend and rise!”Big reshuffle” among the top ten most expensive Home Ownership Scheme houses, Furong Garden fell to 34th place
Second-hand Home Ownership Scheme housing has become a strange thing in the market. According to data from the Housing Authority, 3,262 subsidized housing transactions without land premium were recorded in Hong Kong in 2023, a year-on-year increase of more than 20%, the second highest since records began in 2002. In recent years, new HOS properties have been highly sought after by green-list and white-home buyers, and property prices have skyrocketed. Last year, among the top ten most expensive Home Ownership Scheme housing estates in Hong Kong, there were 9 newly promoted Home Ownership Scheme housing estates from various districts. Among them, Kai Long Court, Kai Tak, had a green list price of more than HK$14,000 per square foot, making it the “King of Home Ownership Scheme” in Hong Kong. Its price per square foot is more than 40% more expensive than Fu Wing Garden in Tai Kok Tsui, the former “King of Home Ownership Housing” in Kowloon.
There is a saying that “the waves behind the Yangtze River push the waves ahead”, and the same is true for the HOS property market. Chen Yongjie, vice chairman of Centaline Real Estate Asia Pacific and president of the residential department, said that with the lifting of the lock-in period and additional stamp duty (SSD), the new HOS flats completed in recent years have the advantage of age, and their “worth” has gradually left behind the previous generation of HOS flats. . According to Centaline Real Estate statistics, among the top 10 most expensive second-hand home ownership houses with land premium in Hong Kong in 2023, 9 of them have been occupied for less than 10 years, and the age of the buildings ranges from about 3 to 7 years.
Kai Tak celebrates Hong Kong’s most expensive Home Ownership Scheme
Kai Long Court in Kai Tak is only about 1 minute away from Kai Tak Station. Commercial facilities in the area have been gradually completed, so the property prices are naturally “reasonably expensive”. In 2023, 10 transactions with unpaid land price were recorded, involving an investment of NT$53.658 million. The average price per square foot was approximately NT$14,267, an increase of approximately 3% from NT$13,888 in 2022. It became the most expensive HOS flat in Hong Kong last year with an average price per square foot. Many private blue-chip housing estates. For example, in Lai Chi Kok Mei Foo Sun Estate, Kwun Tong Laguna City and Hung Hom Whampoa Gardens, the price per square foot last year ranged from about 11,128 to 14,090 yuan.
In terms of transactions, there are 2 rooms on the middle floor in Block A of Kai Long Court, with a usable area of about 384 square feet and one bedroom. In July last year, it was sold for NT$5.9 million before the land price was paid, and the price per square foot was about NT$15,365. It exceeded the price of 7 rooms on the middle floor in Block B of the same housing estate. The record price of $15,247 per square foot was recorded in January of the same year, making it the new “home ownership king” in Hong Kong.
Last year, among the top ten most expensive Home Ownership Scheme housing estates in Hong Kong, 9 were newly promoted Home Ownership Scheme housing estates from various districts. Among them, Kai Tak Kai Long Court’s green list price exceeded HK$14,000 per square foot, making it the “King of Home Ownership Scheme Housing” in Hong Kong.
Hoi Lok Court achieved the highest transaction volume of Home Ownership Scheme housing units in Hong Kong last year
Among the top ten most expensive HOS flats per square foot, three housing estates are located in Cheung Sha Wan, including Hoi Lok Court, Hoi Tak Court and Lai Chui Court. Among them, the average second-hand price per square foot of Hoi Lok Court last year was approximately HK$12,351, an increase of 1% year-on-year, making it the second most expensive home ownership house in Hong Kong. On the other hand, Hoi Lok Court had the highest transaction volume in Hong Kong last year, recording 113 cases, a 50% increase from 75 cases in 2022. Among them, units with a salable area of less than 500 square feet were the most popular, accounting for 106 cases or 94 %.
In Fuk Wing Garden, Tai Kok Tsui, the former “King of Home Ownership Schemes in Kowloon”, the average price per square foot fell below the NT$10,000 mark last year, reaching a low of about NT$9,904, a drop of nearly 20% from the peak of about NT$12,249 in 2020. Compared with the new HOS Kai Long Court, the price per square foot of Furong Garden is significantly lower by about 30%. It is worth noting that Furong Garden has fallen out of the top 10 most expensive homes per square foot in Hong Kong. It still ranked 8th in 2020, fell to 13th and 30th in 2021 and 2022, and dropped to 34th last year. Bit. Its price per square foot is also lower than the NT$10,194 of Wang Fu Court, a new HOS flat in Yuen Long. Furong Garden was completed in 1998 and is about 26 years old.
Kai Long Court in Kai Tak is only about 1 minute away from Kai Tak Station. Commercial facilities in the area have been gradually completed, so the property prices are naturally “reasonably expensive”. (Information picture)
Kai Long Court recorded 10 unpaid land price transactions in 2023, involving an investment of NT$53.658 million. The average price per square foot was approximately NT$14,267, an increase of approximately 3% from NT$13,888 in 2022, making it the most expensive HOS flat in Hong Kong last year. . (Information picture)
Hoi Lok Court had the highest transaction volume of HOS units in Hong Kong last year, recording 113 cases, a 50% increase from 75 cases in 2022. Among them, units with a salable area of less than 500 square feet were the most popular, accounting for 106 cases or 94%. (Photo of Centaline Real Estate)
Only one home ownership house in Hong Kong Island ranked among the top 10
In addition, Cornhill Gardens in Quarry Bay, which has been a frequent visitor to the Home Ownership Scheme and has been around for nearly 37 years, has also dropped to 20th in the price per square foot ranking from 4th in Hong Kong in 2020 to 20th last year. Tung Tao Court in Shau Kei Wan is the only Home Ownership House in Hong Kong Island that ranks among the top 10. Last year, 22 transactions were recorded. The average price per square foot is approximately NT$11,609, ranking the seventh most expensive Home Ownership House in Hong Kong.
Chen Yongjie said that new HOS flats are young and can apply for high-percentage and long-term mortgages from banks. The highest mortgage ratio for green form HOS flats is 95%, and the down payment is only 5%. Buyers are willing to “pay a high price with a low down payment.” “How to enter the HOS market for young people. On the other hand, property prices have fallen in recent years, and owners who have purchased a property within seven years generally lose money. However, resale of HOS flats without paying the land premium is still profitable. Since the government resumed the sale of HOS flats in 2014, HOS flats have been sold to the public at market prices as low as May Day discounts, which has drawn public attention to cases of short-term speculation and profit-making in the HOS housing market. The 10 most expensive Home Ownership Scheme housing units in Hong Kong recorded 316 transactions last year, an increase of approximately 52% from 208 transactions in 2022.
In Fuk Wing Garden, Tai Kok Tsui, the former “King of Home Ownership Schemes in Kowloon”, the average price per square foot fell below the NT$10,000 mark last year, reaching a low of about NT$9,904, a drop of nearly 20% from the peak of about NT$12,249 in 2020. (Information picture)
Cornhill Gardens in Quarry Bay, which has always been a regular home owner and has been in the market for nearly 37 years, has also dropped to 20th in the price per square foot ranking from 4th in Hong Kong in 2020 to 20th last year. (Information picture)
Chen Yongjie said that with the lifting of the lock-in period and additional stamp duty (SSD), the new HOS flats completed in recent years have the advantage of age, and their “worth” has gradually left behind the previous generation of HOS flats.
Kai Le Yuan’s second-hand transfer owners have made full profits so far
Take Hoi Lok Court as an example. One of the high-rise units with a salable area of about 629 square feet was sold for NT$8.48 million in September last year, which was the second highest price in the history of this housing estate. It was also the highest-priced HOS flat with unpaid land in Hong Kong last year. . After checking the information, the original owner entered the market for 4.48 million yuan in September 2019, held the stock for 4 years, and made a book profit of 4 million yuan, or nearly 90%. The Central Plains City Leading Index CCL, which reflects overall second-hand property prices, fell by nearly 20% during the same period. Kailer Garden has recorded a total of 191 second-hand transfers so far, involving more than 1 billion yuan, and all owners have made money.
In addition, driven by the new Home Ownership Scheme transactions, the secondary Home Ownership Scheme market in Hong Kong recorded 824 transactions with a price of more than NT$10,000 per square foot last year, an increase of 18% from 696 transactions in 2022; Hoi Lok Court accounted for the most with 112 transactions. Followed by Lai Tsui Court and Ping Yan Court, Yuen Long, with 63 and 51 cases respectively.
11 properties were sold at a price of “1 ball”, with the lowest price reaching 650,000 yuan
Property prices have fallen, and the price per square foot of second- and third-tier subsidized housing now has “3-prefix” options. There was one transaction last year at Ping Lai Court, a home ownership housing estate in Ping Chau, an outlying island. It belonged to a group of units with a salable area of about 534 square feet. It was sold for NT$1.7 million, with a price of only NT$3,184 per square foot, making it the most affordable subsidized housing in Hong Kong. In addition, there were 11 transactions of properties priced below NT$1 million last year. The most affordable public housing estates in Shan View Estate in Tuen Mun were sold for as low as NT$650,000.
Which home ownership flats in border areas are the most popular?
Tseung Kwan O, Tin Shui Wai, Ma On Shan, Sha Tin and Tuen Mun districts have always been popular areas for subsidized housing. Last year, a total of 1,216 HOS secondary market transactions were recorded, an increase of about 10% from 1,104 cases in 2022. Among them, Tseung Kwan O was the most active, accounting for 339 cases, followed by Tin Shui Wai and Ma On Shan, with 244 and 243 cases respectively. Shatin follows closely with 222 cases, while Tuen Mun ranks fifth with 168 cases. The above-mentioned five prosperous areas accounted for nearly 40% of the overall market transaction volume last year.
Last year, there were 11 transactions of properties priced below NT$1 million. The most affordable public housing estates in Shan View Estate in Tuen Mun were sold for as low as NT$650,000. (Information picture)
Driven by the new HOS transactions, the secondary HOS market in Hong Kong recorded 824 transactions with a price of more than NT$10,000 per square foot last year, an increase of 18% from 696 transactions in 2022; Ping Yuen in Tin Shui Wai accounted for 51 transactions. (Information picture)
A total of 1,216 HOS secondary market transactions were recorded in 2022, an increase of approximately 10% from 1,104 in 2022. Among them, Tseung Kwan O was the most active, accounting for 339 transactions. (Information picture)
The original article was published on AM730
2024-01-20 05:19:47
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