Budget announcement sparks rapid housing market sales, Fanling Centre unit sold for HK$4.6m

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Fanling Centre

29th February 2024 – (Hong Kong) Financial Secretary Paul Chan has today unveiled a bold adjustment to Hong Kong’s property market framework as part of the 2024-25 budget. In a move to recalibrate the housing sector, the government has abolished, with immediate effect, the suite of cooling measures that have been in place for over a decade. In other words, the Special Stamp Duty, the Buyer’s Stamp Duty and the New Residential Stamp Duty will no longer be charged on all residential property transactions. This comprehensive rollback, colloquially known as “withdrawing the spicy measures,” effectively ends a 14-year strategy aimed at dampening an overheated property market.

In response to the government’s announcement, there has been a flurry of activity across both primary and secondary housing markets. Rock Chan at Midland Realty, witnessed a swift transaction in the Fanling Centre. Following the budget announcement, a two-bedroom unit was promptly snapped up by a buyer in the morning and the deal was sealed within the same day for a price of HK$4.6 million.

The transaction at the Fanling Centre, a high-floor unit in Block A with a saleable area of approximately 468 square feet, was settled at around 11.30am with a deposit yesterday. Merely two hours later, the provisional agreement was signed, cementing the deal at about HK$9,829 per square foot.

Records indicate that the original owner acquired the unit in 2013 for approximately HK$3.55 million and transferred it internally in October 2019 for around HK$6.2 million. Calculated against the 2013 purchase price, this sale represents a gain of about HK$1.05 million.