Hong Kong developers offer incentives to boost luxury home sales as market cools
Sun Hung Kai Properties lowered prices at two duplex units in Tuen Mun by 13 per cent, while Tai Cheung Holdings offers to pay 15pc stamp duty for buyers of its homes on The Peak
More Hong Kong property developers are jumping in with incentives for buyers, with discounts, longer payment terms or offers to absorb a 15 per cent stamp duty, in order to attract buyers and sustain transactions that are in danger of drying up.
Sun Hung Kai Properties has cut prices for two duplex units at its development in Tuen Mun by 13 per cent, the first developer to offer further discounts since the government raised the stamp duty on November 5.
The price for a 1,640 square foot duplex unit, Flat D on the 42nd and 43rd floor, in Block 3 at Century Gateway phase one development has been reduced to HK$38.48 million from original HK$44.23 million, according to a government website.
The reduced price represents HK$23,464 per sq ft. The unit comes with a 1,011 sq ft flat roof and 152 sq ft roof.
Meanwhile, the price of another 1,283 sq ft duplex unit, Flat D on the 41st and 42nd floor in Block 2, has been cut to HK$37.35 million, from HK$42.73 million.
On top of the latest price cut, buyers can take advantage of an existing discount of as much as 10.5 per cent.
The price cut comes in the wake of comments Thursday by US Federal Reserve Chair Janet Yellen, who signalled on an interest-rate hike could be imminent.