Among the two projects, the first one, Tai Po Mei Sun Lai, is expected to offer 120 units ranging from studios to two-bedroom layouts, with plans to open for public sale in the second quarter. The second project, located in the first phase of Bay Avenue Street, Cheung Sha Wan, will provide approximately 700 units ranging from studios to three-bedroom layouts. It is currently in the preparatory stage, with demonstration units set up at the Miramar Shopping Centre in Tsim Sha Tsui.
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Lin Da-min, General Manager of Henderson Land's agency division, expressed hope that the upcoming "Budget" to be announced at the end of the month will "ease" measures to stimulate market activity. He called for relaxation of stress test regulations and reduction of stamp duty for first-time homebuyers, believing these measures would help promote market transaction activity. Lin predicts that 2024 will be a "foundation-laying year" for the Hong Kong property market, with the market gradually warming up. He believes that with the push of favorable market factors, this year's property market is expected to "de-stock", hoping for a 30% increase in first-hand property transactions.
Lin pointed out that the performance of the Hong Kong property market will be influenced by the mainland economy and U.S. interest rate trends. He stated that the government's upcoming investment immigration and talent program is expected to further stimulate the luxury home market, with professionals possibly leasing properties first and then purchasing them at the right time. In addition, with the possibility of the Federal Reserve lowering interest rates in the second half of the year, he suggested that the government adjust stress test standards and reduce first-time property purchase stamp duty to support market development.
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Lin revealed that the government is expected to "ease" measures in a timely manner in the new "Budget", namely lowering property market control measures to stimulate buying and selling activities. He emphasized the importance of timing, believing that timely easing of control measures will help accelerate the absorption of inventory units in the market. The industry maintains an optimistic attitude towards the high-end property market. The redevelopment project in Tai Po Mei Sun Lai has received funding support from Henderson and will construct a mixed-use building near the well-located Tai Wo MTR station.
Another notable redevelopment project is located at Bay Avenue Street, with a larger scale, offering approximately 1,100 residential units in total, with approximately 700 units to be launched in the first phase. The project was acquired at a low price through forced auction in September 2018, with pricing expected to reference Henderson's launch of Siu Pak Fung last year. When Siu Pak Fung was first launched for sale in November of the previous year, sales were mediocre, but after adjusting the sales strategy in January of this year, sales improved significantly, and market acceptance of the project increased. These developments demonstrate Henderson Land's positive attitude and confidence in the Year of the Dragon property market, injecting new momentum into the recovery of the Hong Kong property market.
