Hong Kong Ferry braves new property curbs with Green Code homes launch

Henderson subsidiary does not see big impact from latest cooling measures on Green Code

PUBLISHED : Wednesday, 27 February, 2013, 12:00am
UPDATED : Wednesday, 27 February, 2013, 5:42am

The government's new measures aimed at curbing speculation in the property market will not deter Hong Kong Ferry from launching its new residential project in Fanling next month.

The subsidiary of Henderson Land Development said yesterday that it would put the Green Code project on the market next month after obtaining sales consent from the government, which it expects shortly.

The flats would be priced 10 to 20 per cent higher than those in the secondary market in the area, said Henderson Property Agency's assistant general manager, Lawrence Fan Man-ho. He said the project should have a market value of nearly HK$3 billion.

"The project mainly targets first-time homebuyers," Fan said when asked why the developer was going ahead with the sale despite further government measures on Friday. "Also, it contains mainly two-bedroom flats, which are not likely to be affected by the new rules."

The project mainly targets first-time homebuyers. It contains mainly two-bedroom flats, which are not likely to be affected by the new rules

The latest measures include doubling the stamp duties of all types of properties valued at more than HK$2 million. For flats valued at HK$2 million or less, the stamp duty came to 1.5 per cent of the transaction value, up from a previous flat rate of HK$100.

Permanent residents who are first-time buyers or who sell their only flat and buy another within six months will be exempted from the new duties.

Green Code offers a total of 728 units, including two- and three-bedroom apartments with gross floor areas ranging from 523 to 1,580 square feet.

Ken Chan Wing-keung, Centaline Property Agency's senior branch manager in Fanling, said secondary flats in the area were selling at HK$5,500 to HK$6,000 per square foot on average based on gross floor area. He expects flats at Green Code to be priced at between HK$6,700 and HK$7,500 per square foot.

"The flats should have price tags from below HK$3 million to over HK$4 million. This price is attractive to buyers," he said. "Since buyers in this area are mainly first-time buyers or upgraders, they won't be affected by the new measures."

Henderson and New World Development yesterday released the price list of 20 units at the Reach in Yuen Long, with prices ranging from HK$7,255 to HK$7,772 per square foot based on gross floor area.