LP.com

The competition in the ultra-luxury housing market is fierce, prompting developers to adopt various innovative strategies to attract homebuyers. For instance, Kerry Properties (00683) recently closed a notable deal at 3 Lung Cheung Road, Mid-Levels Kowloon, with their THE V project. This four-bedroom unit spanning 4,451 square feet, along with two private parking spaces, sold for an impressive total price of HK$250 million. Of significance, the transaction included a cash rebate of HK$37.5 million, equivalent to 15% of the property's price, effectively adjusting the price to HK$212.5 million, approximately HK$47,742 per square foot.

Similar cash rebate incentives are not limited to THE V project alone; other developments such as Mount Nicholson in the Peak and luxury residences in Happy Valley have also introduced various attractive measures like stamp duty subsidies and additional cash rebates. For example, earlier this year, a split-level residence at Mount Nicholson offered a 5.2125% cash rebate if the buyer paid the full amount within 45 days, amounting to approximately HK$31.275 million.

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These incentives reflect changes in market supply and demand dynamics. Industry insiders point out that as the market transitions from being "inventory tight" to "inventory sold," developers are becoming more flexible in meeting homebuyers' needs by offering customized payment options and a range of economic benefits to stimulate transactions in the ultra-luxury housing market.

Furthermore, Henderson Land Development (00101) adopted similar strategies for their MIAMI QUAY I project in East Kowloon's Kai Tak area. They not only offer early bird discounts and stamp duty cash rebates but also provide individual units with rebates of up to 17.5% off the purchase price, showcasing proactive measures taken by developers to maintain market competitiveness.