2023-11-17 08:37:30
SHKP’s Tuen Mun project NOVO LAND had earlier reported that an owner had been called out. The latest development is that the owner has cut off the loan and the unit has been reduced to a silver-backed project.
SHKP’s Tuen Mun project NOVO LAND had earlier reported that an owner had been called out. The latest development is that the owner has cut off the loan and the unit has become a silver-plated project for sale at a price of NT$6.45 million. A new project that has been launched for more than a year has suddenly turned up a silver-plated main project. Will it destroy the wealth of other owners in the housing estate?
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The key is the end of the goods.
It is reported that the owner of NOVO LAND this time was called for a loan by the bank because he was jailed for committing a crime and was unable to continue paying for the property. The unit was eventually repossessed. In principle, the silver owner wants money rather than goods, and the regular brand will be sold at a price lower than the market price. The intended price of the NOVO LAND silver master is lower than the original owner’s purchase price of 6.5753 million yuan.
Another “characteristic” of the silver master listing is that if there is no interest, the silver owner will repeatedly lower the price in order to sell. Therefore, the continuous presence of silver masters in the same housing estate will inevitably cause psychological pressure to the owners of housing estates who intend to sell their properties. However, considering the situation of NOVO LAND owners, there are three major buffering factors, so there is no need to be too discouraged for the time being.
First of all, the power of the silver master plan to impact the value of units in the same housing estate may not be as powerful as imagined. Due to the current property market conditions, many blue-chip housing estates continue to see silver-plated offers. Earlier, a low-rise two-bedroom 630-square-foot silver main unit in Mei Foo Sun Village Phase II was sold for NT$5.65 million, with the price per square foot being only NT$8,968, falling below the psychological barrier of NT$9,000. However, Mei Foo Sun Village recently recorded a “zero negotiation” transaction. A two-bedroom, 510-square-foot unit in the fourth phase of the mid-rise was sold to an out-of-area customer for NT$5.43 million. The single silver code seems to be sold at a lower price than the main silver unit. The original transaction The price per square foot reached NT$10,647, which shows that the transaction price per square foot of the silver main project may not become a new indicator for the same housing estate.
Earlier, a low-rise two-bedroom 630-square-foot silver main unit in Mei Foo Sun Village Phase II was sold for NT$5.65 million, with the price per square foot being only NT$8,968, falling below the psychological barrier of NT$9,000. (CHUNYIP WONG via Getty Images)
The second factor is that the hot tax system sets up a “lock-out period” for new properties in disguise. Although this year’s “Policy Address” has reduced the “Extra Stamp Duty” (SSD) period from 3 years to 2 years, that is, the owner holds the property for two years. An additional 10% stamp duty is exempted for subsequent resale. Under the stress test system, buyers are now considering their options before getting into a car. Unless the unemployment rate skyrockets and affects middle-income families, NOVO LAND owners will generally not rush to sell their properties and jump ship within two years. In theory, The impact of the two main silver transactions was limited.
This year’s “Policy Address” will reduce the term of “Additional Stamp Duty” (SSD) from 3 years to 2 years, that is, owners who hold the property for two years and resell it will be exempted from paying an additional 10% stamp duty. (NurPhoto via Getty Images)
The third factor is the more critical factor, which is whether the developer will sell more and more to eliminate the shortage. SHKP has recently put NOVO LAND Phase 2A on sale, with a discounted price of NT$3.3549 million to NT$8.9318 million. This is not a huge price cut but people are looking for cash. A total of 80 units were sold in the first two days. Judging from the buyer’s acceptance, SHKP has not yet had too many units. There is huge price pressure, and even if there is bad news regarding the main market, NOVO LAND owners should not immediately fall into the nightmare of plummeting property prices.
It is worth mentioning that NOVO LAND buyers are mainly younger buyers born in the 1990s and 2000s. The lock-up period will end in two years, and the property market has not improved by then. Young owners are rushing to sell their properties impulsively. In the future, the value of housing estates will rise sharply. Stress tested.
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