Swire Group

Would-be buyer hopes victor will act on prices

PUBLISHED : Monday, 19 March, 2012, 12:00am
UPDATED : Monday, 19 March, 2012, 12:00am


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After leasing an apartment in Taikoo Shing for six years, Elison Wong is looking to buy a flat before her lease is due for renewal in August.

With interest rates likely to stay low until 2014, she thinks now is the time to buy, rather than to keep paying a monthly rent of about HK$16,000.

She has saved enough for the down payment for a HK$6 million apartment and is ready to move - except for one outstanding issue.

'The race to choose a new chief executive is under way and some people think it might even end in a stalemate. It is bothering me, so I think it will be better to wait for the result,' she said.

Wong hopes the winner will seek to address rising property prices.

After looking at the flats offered for sale at various property agencies, she said those on the Taikoo Shing estate that were about 600 square feet were already beyond her original HK$5 million budget.

'Now I will have to pool my money together with a loan from my parents so that I can raise my budget to HK$6 million,' she said.

Grace Liu, a young mother of two, and her husband bought a flat in Greenwood Garden in Sha Tin for more than HK$2 million in 2010. The flat's market value has since risen to about HK$3 million. 'I spent about HK$300,000 redecorating the flat, but I could still generate an attractive profit and this could help me buy a bigger flat for my family,' she said.

Liu said she was worried that property prices would fall if Leung Chun-ying won the election, as he had suggested building more flats.

'I don't want to see the history of the '85,000 flats' policy being repeated. And now I am not sure if I should sell my flat and buy a new one or wait until the new policy is clear,' she said.

Leung, at the time convenor of the Executive Council, has been blamed for the target set by the first post-handover administration under Tung Chee-hwa of building 85,000 flats a year, which saw prices slump.