Wealthy Hong Kong buyers opt for multiple units in new developments as they seek larger space, amenities
- Buyers are spending huge amounts on multiple flats in new projects from Pak Shek Kok in Tai Po to South Land in Wong Chuk Hang despite the extra 15 per cent stamp duty
- A buyer spent HK$131.84 million this month on three units with a total area of 5,454 sq ft on the same floor at Great Eagle Holdings’ Ontolo project in Pak Shek Kok
The trend of buying multiple homes in Hong Kong’s new developments is likely to pick up as wealthy buyers opt for larger spaces for their families amid the pandemic, according to market observers.
Such developments tend to have better facilities and management than traditional luxury houses, agents said, adding that since such flats tend to be smaller, buyers were likely to acquire more than one flat at the same time.
“Because of the pandemic in the past two years, both self-occupants and investors are paying more attention to the housing estate environment and facilities,” said Dave Ma, chief operations officer of the Hong Kong Property Services (Agency).
The number of residential property transactions liable for the higher tax on second homes jumped 40.8 per cent to 3,726, compared with a year earlier, according to Inland Revenue Department data. The tax raised from such deals surged nearly 50 per cent to HK$9.36 billion (US$1.2 billion) from a year earlier.
For instance, at Great Eagle Holdings’ Ontolo residential project in Pak Shek Kok, Tai Po, a buyer this month paid HK$131.84 million for three units with a total area of 5,454 square feet on the same floor.