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More Hong Kong millennials into mortgage debt

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With Hong Kong’s sky-high property prices, more millennials are taking up mortgages. Millennials (aged between 23 and 37) accounted for 32% of total new mortgages in Q2 2017, an increase from 2013’s 19% and making them the second biggest group after Generation X (aged between 38 and 52). “I’m scared that if I don’t buy…

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Property market could spring to life in Oct

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Maybank Kim Eng expects a busy month ahead for the local property market. They are predicting strong bids for the tender for a prime commercial site on Beach Road which will close this Thursday. That would be an expression of developers’ confidence in the sector’s outlook, providing a positive push for office property stocks. Developers…

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Parc Riviera fully sold in less than a year

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Out of a total of 752 units at Parc Riviera condominium on West Coast Vale, 127 units were still unsold as at end-August. As of the weekend of Sept 16 to 17, all units had been issued with an option to purchase. This means the project is 100% sold. When Parc Riviera was first launched…

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Condos with the most attractive payment schemes

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A maximum of 30 units in Block 1 at Reflections at Keppel Bay were offered for sale with the option of a deferred payment scheme (DPS). There were two packages offered under the DPS. Under DPS1, buyers need only pay 1% booking fee, with the remainder 19% deposit due a fortnight later. However, the buyer…

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Spring Grove looking to en bloc again

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After a failed attempt at an en bloc sale in 2014, the owners of Spring Grove condominium in Grange Road are once again looking for law firms and a marketing agent that could help them sell the 325-unit estate for at least $1 billion. Based on a maximum gross floor area of 553,377 sq ft,…

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2 South Bridge Road shophouses for sale

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EU Realty has put up a pair of adjoining shophouses along South Bridge Road for sale. The asking price of $28.5m works out to $2,842 psf based on the gross floor area of 10,027 sqft. Spanning three levels and an attic, the two shophouses, at Nos 273 and 275 South Bridge Road, sit on a…

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Hong Kong lacks land for residential use

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A market watcher believes the real problem is Hong Kong’s lack of land for housing use. Only 7% of Hong Kong’s land was zoned for housing, half of which is occupied by low density rural houses that could not be easily acquired or sold, effectively leaving just 42 sq km for the urban population. Comparatively,…

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Foreign home buying up 20% this year

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UOB Kay Hian believes that home purchases by foreigners, which increased by up to 20% in the first 9 months of 2017, still has room to grow. This comes as the figure accounted for only 22 percent of this year’s private home sales volume, compared to 30 percent in 2007 and 32 percent in 2011.…

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