Bal Residence at Heng On Street in Kwun Tong, a joint venture between Lai Sun and the URA, has decided to upload its sales brochure and opening price today.

Mr Poon said the group had planned to launch the sale schedule of Bal Residence long ago, but now that the Budget has been announced, it will have a positive effect on the property market and provide additional concessions for small and medium-sized new developments.

He revealed that 90% of the units in Bal Residence are one-bedroom units with an area of about 300 sq ft. The first price list is all one-bedroom units, and the price will take into account the recent market situation and will be offered at an attractive price.

Bal Residence offers 156 units, of which over 90% are one-bedroom units, with only a few two and three-bedroom units, with an expected key date of end December 2023 and an uncompleted period of approximately 10 months.

The two new developments that have already been offered will also benefit.

Mr Wong Kwong-yiu, Managing Director of Wheelock Properties, said that KOKO ROSSO at Lam Tin, the first project to go on sale after the Budget, will benefit from the reduction in stamp duty for first-time buyers, especially for small and medium-sized units.

By 6pm last night, KOKO ROSSO had received a total of 5,500 votes, 36 times more than registered. He also said that the Government's further distribution of consumer vouchers and other tax relief measures would also help stimulate the economy and have a positive impact on the property market.

SHKP Deputy Managing Director Mr Lui Ting said that although the Budget had failed to lift the spice of the property market, the reduction of stamp duty below $10 million would help ease the burden of first-time home buyers, adding that the first price list of 146 units in Phase 2B of NOVO LAND in Tuen Mun, which has just been opened, was nearly all below $10 million, so most buyers would benefit and it would certainly help sales.

According to Mr H L Chan, Acting General Manager of SHKP, the cumulative footfall of NOVO LAND Phase 2B is expected to reach 10,000 in the past two days. Depending on the receipt of tickets from this Friday onwards, we will decide on the deployment of additional phases.

Indigo Living's Director of Business Development, Ms Mok Lai Yin, said that furniture bonus points will be offered for one to three bedrooms, with each unit being equipped with basic furniture, with the retail value of furniture for three-bedroom units being around $100,000. Buyers can also redeem their furniture points to upgrade their furniture or redeem them for the company's gift vouchers.

Buyers who do not choose Indigo's furniture at all will receive a $10,000 reduction in the price of the property, according to Mr Chan.

VMS partner Ma Hsuan-yi said that the 14-unit sale of one- and two-bedroom open plan kitchen units on the 32nd and 33rd floors of the West Wing was put up for tender on February 26. 27 units were sold in the past three weeks, generating $300 million in cash, with an average price of $22,700 per square foot.

VMS Managing Director Chan Yuk Shing said the remaining 200 units for sale, with a market value of about $2.5 billion to $3 billion, and believes that the open-plan and one-bedroom units in the development will benefit from the reduction of stamp duty on properties under $10 million.

Benefiting from the reduction in the ad valorem stamp duty rate, the secondary market has recorded counter-offer cases.

According to Tse Chak Ming of Cheung Yick Properties, the owner of a 578 sq ft, three-bedroom flat in Block 8 of Tai Hing Garden Phase 2 in Tuen Mun originally asked for $5.8 million, but counter-offered to $6.1 million yesterday afternoon, while the owner of a 624 sq ft, three-bedroom flat in a high-rise in Heng Fuk Garden in Tuen Mun originally asked for $7.3 million, but counter-offered to $7.4 million yesterday afternoon.

The new buyer was a first-time buyer in the area and received financial support from his parents for the down payment. Yesterday morning, the Budget mentioned lowering the ad valorem stamp duty rate and the buyer was worried that the price would be countered.

The flat was finally sold for $5.23 million at $10,806 per square foot, which was the market price.