Category Archives: Buying

Invest in Malaysia – Asia’s Next up and Coming Destination

Many HK people are looking to diversify their property holdings and even their residence and several are considering Malaysia as a possible destination.

Malaysia offers a stable and attractive living environment and a long-stay visa called the “Malaysia My Second Home” (MM2H) visa.  According to reported statistics, Hong Kong applications for MM2H visas have gone up in the last few weeks from less than 10 a week to over 700  last week!

This luxury 3,700 sq ft, fully furnished, sub-penthouse duplex apartment in ONEKL which is a prestigious condominium in the exclusive KLCC area of Kuala Lumpur.

  • recently renovated to a very high standard by Hong Kong architects
  • fully furnished and fully equipped, ready to move in condition;
  • 3 bedrooms all with en-suite bathrooms;
  • master bedroom and the second bedroom can be cleverly closed off so that it becomes a Master Retreat (bedroom and study);
  • two living spaces – one downstairs and one upstairs;
  • Landscaped entertainment deck, private swimming pool, and water feature
  • maids room and bathroom;
  • kitchen and dining area with a massive granite tabletop, wine fridge, and all luxury appliances;
  • fully air-conditioned with dimmable halogen downlights throughout;
  • 2 car parking spaces – side by side;
  • ONE KL is a highly secure gated condominium with 24/7 security guards and 24/7 reception;
  • ONE KL is extremely well located opposite Suria KLCC and the Mandarin Oriental Hotel and within 2 minutes walk of the KLCC Convention Centre and KLCC Park – a wide range of shopping (from luxury brands to home groceries) is within walking distance.
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Property Highlight: Rooftop Terrace in the Middle of the City

This week we highlight a top floor rooftop apartment in one of Hong Kong’s most vibrant neighborhoods. Wanchai was once famous for Suzy Wong and Hong Kong’s Red Light District but much of Wanchai has been transformed into a modern vibrant neighborhood full of interesting restaurants and cafes thanks to local urban planning.

This Bright One Bedroom Home is located on the top floor of a highrise in Wanchai boasting open views. The excellent Layout Features Large Window that allows natural light to flood into space. The open kitchen is fully renovated with sleek, modern cabinetry and well-appointed with high-end appliances. The highlight of the apartment is a large private roof terrace which is large enough for outdoor seating for six as well as a built-in BBQ area. This rare feature provides huge potential to obtain high yield rental income.

For sale with Tenancy. Please click below for more information on this rarely available listing.

SPECS:

  • Age: 1979
  • Size(n): 486  sq ft net
  • 1 Bed,
  • 1 Bath
  • 400 sq ft Roof Terrace

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Luxury Town House for Sale in Quiet Residential Area

Rarely Available 4 Story Townhouse in a popular and quiet neighborhood of Pok Fu Lam.  Ground Floor features CarPort with Storage and Large Family Room. First Floor with Modern Kitchen, Living Room with a Walkout Garden. Second & Third Floor features Three Bedrooms and a Spacious Walk-in Closet and Master Bath.  The Top Floor is a lovely Study with Back and Front Terraces with Open Views towards the Sea at a distance. The complex includes a good size swimming pool

Specs:

Age: 1984  Size(n): 1779 sq ft,  3 Beds, 2 Bath, 1 Maid Room, 1 Utility Room, 1 Family Room, Garden, and Rooftop, 2 Carport.

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Why this Soho apartment is the perfect rental home.

Soho is an area in Hong Kong located South of Hollywood Road and includes Elgin Street, Staunton Street and Bridges Street. It is popular for its abundance of food and drink options.

Location:

Grandview Garden is a building on Bridges Street consisting of two high rise blocks. Each unit is approx 600 sq ft. The building is a popular choice with young urban professionals who want to be close to the bars and restaurants of Soho without being on top of them.

Soho consists of older buildings many of which do not have elevators and modern high rise buildings.

This area is also close to the mid levels which is perfect for walks or hikes.

Interior Highlights:

The apartment itself has been transformed from the original 3 bedroom layout to a well proportioned one bedroom. The living room features a large kitchen that occupies the entire wall and has been finished in modern white cabinetry and black countertops. There is also an addition of a large island that adds to the counter space and storage. The floors have been finished with a tile in a neutral palette of gray. The master bedroom features a modern en-suite bathroom and ample storage.

Specs:

  • 395 sq ft (net) of living space
  • One Good Sized Bedroom with En-Suite Bathroom
  • Modern Kitchen with Island
  • Electronic Door Lock
  • Easy to Clean Tile Flooring.
  • Lots of Storage
  • Good Quality Appliances

Key Information

Rooftop Flat in Pok Fu Lam – The Entertainers Dream Home

Crown Terrace is a quiet residential street in Pok Fu Lam which is extremely popular for expats and locals due to its unique mix of low rise buildings. This stunning third floor home is located on the top floor of a low rise building with a private staircase leading from the flat to a private rooftop via an internal staircase. Private Rooftop apartments rental in Pok Fu Lam

Private Rooftop Flat in Pok Fu Lam

Location:

Crown Terrace is an area of Pok Fu Lam consists of older buildings many of which do not have elevators. It is located on the western tip of Hong Kong Island between Kennedy Town to the East and Aberdeen to the West. There is a high speed road link to Central in 15 minutes.

This area is also close to a nice waterfront coastline which is perfect for walks or hikes.

View from Flat in Pok Fu Lam with Sea View in the Distance

Interior Highlights:

The apartment itself is located on the 3rd Floor of a Colonial Walk-Up Building. The highlight of this apartment is the internal staircase that leads to a wonderful private rooftop which includes outdoor seating, dining, built in BBQ and a Jacuzzi. The internal layout has been renovated to a two bedroom layout with a large master bedroom with ample built-in storage and a hotel style bathroom. The kitchen is small but functional and incluses a seperate maid’s room.

Main Living Space in Flat in Pok Fu Lam

Specs:

  • Top Floor Flat with Internal Staircase to Private Roof Terrace
  • Very Unique Two Bedroom Layout Easy to Convert to Three Bedroom
  • Large Master Bedroom
  • Floor to Ceiling Built-in Storage
  • Good Quality Renovation
  • Seperate Maid’s Room
  • Quiet Residental Neighbourhood
  • 15 Minutes to Central via High-Speed Road Link
  • 10 Minutes to Closest MTR station at Kennedy Town
  • Good Sized Car Park with Testla Charging Station
Private Staircase to Roof in Flat in Pok Fu Lam

Key Information

  • Address: 18-22 Crown Terrace
  • Asking Price for SALE HK$ 34 Million
  • Available Immediately – Viewing by Appointment.
  • Please contact Anthony Tel +852 9105 1406 or email: anthony@qi-homes.com
  • FOR MORE INFORMATION Hong Kong real estate agent, property search, real estate news, property for sale, rent, apartments for sale, house for rent, cheap apartment for rent, serviced apartments in Hong Kong for short stay, short term rental, cheap flat for rent, accommodation, luxury homes, short term serviced apartments, studio apartment, flats for sale in Hong Kong CLICK THIS LINK
Jacuzzi in Flat in Pok Fu Lam

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Top 5 Reasons to Live in Pok Fu Lam Hong Kong – The Complete Guide

Investment Flat in Sheung Wan – Why this colonial walk up is a perfect choice.

This unique Investment Flat in Sheung Wan in a colonial walk up building which offers the perfect mix of price and uniqueness

Living Room of Flat in Sheung Wan

Location:

Square Street in Sheung Wan is a quiet small lane that connects Hollywood Road to Tai Ping Shan. Once a street well known for Coffin Makers today it’s a trendy residential area that offers a great mix of lifestyle options. We help you to find quality Sheung Wan apartments for rent at the best price with various apartment (flat/ suite) rental options

Man Mo Temple in Sheung Wan

Interior Highlights:

The apartment itself is a combination of two separate flats that has been converted into one that occupies the entire Third Floor that is accessible via a staircase. Once inside you will notice the high ceilings and large windows stretching from the bedroom to the living room. Just off from the living room is a kitchen with ample counter space and built-in appliances. The cabinetry is finished in matt white and offers able storage throughout.

Spacious Bedroom in Flat in Sheung Wan

The spacious bedroom is separated from the living room through a folding louver door which keeps the space open and airy. A large built-in cupboard occupies the entire back wall of the bedroom and a sperate wall to ceiling storage cabinet is located next to a writing desk.

Bright Bathroom Flat in Sheung Wan

The modern bathroom has been finished in muted tones of sandstone with built -n storage and a large shower, There are windows providing natural light throughout.

Specs:

  • Unique Colonial Walk Up Building
  • Combined Two Units occupying one whole floor.
  • Large Master Bedroom
  • Floor to Ceiling Built-in Storage
  • High-Quality Hard Wood Floors
  • Modern Bathroom with Lots of Windows
  • Great Layout
  • Minutes from Historic Man Ho Temple and 5 Minutes to MTR
  • Large Kitchen with Modern Cabinetry and Built-in Appliances.
Kitchen Flat in Sheung Wan

Key Information

Floor Plan Flat in Sheung Wan

Top 5 Reasons to Live in Sheung Wan – The Complete Guide.

22 Baker Road Bunglow Sold

22 Barker Road Reportedly Sold for HK$1.5 Billion

A Luxury Home on 22 Barker Road has reportedly Sold for $1.5 Billion to Billionaire Jack Ma of Alibaba  reports SCMP on 13th August 2015. and breaking all price records in Hong Kong.

22 Barker Road, was the former residence of the Belgian Consul before being bought in 2000 for HK$ 163 Million by Francis Yuen Tin Fan and has reportedly sold for HK$150,000 per sq ft.

22 Barker Road, Prime Peak Address

22 Barker Road (Source: Googlemaps)

The house located on the Peak is considered one of Hong Kong’s most prestigious addresses is built on a 33,000 sq foot site. The house is spread across four stories and features a total of seven bedrooms including four ensuite, and three bathrooms.   There are four big balconies and a rooftop terrace with unparalleled views over Hong Kong’s Victoria Harbour.

Billionaire Jack Ma Purchases Prime Peak Home

View From 22 Barker Road (Bill Cox/Epoch Times)

Many of the super wealthy have bought homes on the Peak with the view to tear down the original structure and convert into separate townhouses often selling with healthy profits.  An example is Ho Tung Gardens a historic home on the peak that has since been torn down and redeveloped although it is not certain what will happen to this home.

Prices of these super homes are seeing unprecedented price increases over the past few years with value increasing up to 10 times.

Anthony HindmarshAnthony Hindmarsh has been in the property business for over 12 years.   His family have been living here since the late 40’s and considers Hong Kong Home.  His insight into the property market and knowledge of local trends has helped Qi-Homes stand out at a market leader in a competitive market.  For more information about asset acquisition please contact anthony@qi-homes.com

 

 

 

 

 

 

Estate Agent Signing Contract

10 Easy Steps to buying residential properties in Hong Kong

Hong Kong has a very vibrant real estate market that attracts both local Hong Kongers as well as foreigners. People love the region because of its diversity, multi-cultural environment, good business environment, and much more. Compared to other regions, owning or selling property in Hong Kong is relatively simple and straightforward. Here are our 10 Easy Steps to buying residential properties in Hong Kong.

Estate-Agent-Signing-Contract

  1.  Put Property on the Market. The first step taken by a property owner is putting the house, office, warehouse, or any other property on the market. This is aimed at making the public aware that the property is available for sale, and therefore any interested purchaser or potential owner can buy it. There are several ways of publicizing the property. These include word of mouth, appointing a sales agency such as Qi-Homes whose website allow landlords to list their flats interactively.
  2. Price Negotiation and Other Terms The next step entails negotiating the terms of sale, the price of property, and other issues. The goal is for the owner to fetch a reasonable price for the property and sell it within a short time. On the other hand, the buyer desires to find a good property that meets his/her needs and is also affordable. The negotiations can be between the owner and potential buyer, or the sales agent and the buyer.
  3. Provisional Agreement for Sale and Purchase.   Once the purchaser and the buyer have agreed on the price and terms, both the seller and buyer need to sign a Provisional Agreement for Sale and Buying. This is a temporary document that indicates the willingness of the property owner to sell and the interested buyer willingness to own the mentioned property. Normally, the buyer is required to make a down payment or initial deposit to the property owner or held by a lawyer/solicitor as “stakehold” The value ranges from 2 to 5% of the total price of the property.
  4. Formal Sale and Purchase Agreement When 14 days elapse following the signing of the Provisional (temporary) Agreement for Sale and Purchase, a new document referred to as Sale and Purchase Agreement replaces the earlier one and is signed by the buyer and seller. The buyer is required to pay an additional sum which is the difference between 10% of the agreed price, minus the earlier amount paid (2-5%).
  5. Handling Legal Issues In the next step a solicitor is involved and is charged with ensuring all the legal requirements have been adhered to. Besides confirming the earlier paperwork the solicitor pays stamp duty which is a mandatory requirement in Hong Kong. He also registers the Sale and Purchase Agreement with the Land Registry.
  6. Completion of Transaction The seller and buyer negotiate and agree on the expected date of concluding the transaction. This is normally determined by the period the buyer will be able to raise the balance or have the mortgage approved. Normally, the time period in Hong Kong is about a month.
  7. Drafting the Assignment Deed The lawyer representing the purchaser drafts an Assignment Deed that basically states that the previous owner has agreed to transfer the mentioned property to the new owner (buyer). The deed contains all the necessary information such as plot number, size, date of registration and much more. The purchaser’s lawyer furnishes a copy of the document to the seller’s lawyer/attorney for approval.
  8. Property Inspection After approval of the Assignment Deed by the buyer’s lawyer, the soon-to-be owner inspects the property once again to ensure it matches what is stated and is suitable. This is done to make certain the new owner abides by the Sale and Purchase Agreement terms.
  9. Signing the Assignment Deed. Thereafter, and after the buyer is satisfied with the property and the stipulated terms he meets with the seller and they both append their signatures on the Assignment Deed. This is done in the presence of their lawyers.
  10. Final Settlement The final step is for the buyer’s (new owner’s) solicitor to clear the outstanding balance. Once this is done and the amount clears/goes through, the previous owner (seller) hands over both the property as well as the keys to the new owner.

The whole process is now complete. The above steps summarize the necessary steps taken to sell and purchase a property in Hong Kong. From the word go, a buyer should be aware of Encumbrances, Bad Title, and Building Orders. For peace of mind, convenience and maximum satisfaction it is advisable to work with a reputable and experienced sales agency, lawyer, or online property platform

Qi-Homes specializes in Sale and Purchase of Hong Kong Residential and Commercial Property since 2003. We have a proven track record of getting the best possible sales price for the vendors and sourcing for the best deals for the purchaser. Our no nonsense, straight forward and honest approach helps give our vendors and purchaser a full picture of what is achievable in the current market condition, future indicators and provide realistic goals. For more information, please visit our web site www.qi-homes.com to speak to one of our real estate professionals.

33-35 Bisney-Road

Rent Flat in Cherry Crest HK

How Much is Your Home Really Worth?

Our Professional Guide to show you how to accurately find How Much is Your Home Really Worth?

cherry-crest-hong-kong

The Banks do not consider an extensive renovation an increase in the property value and therefore any increment for buying a nicely renovated flat is almost always on top of the BV and at the buyers cost.

One of the common questions we have is “how much is my property worth today after we have invested 1 Million in renovations?”

Unlike many overseas countries, property valuation in Hong Kong is not the value ascertained by a professional surveyor who visits your home and gives a professional evaluation. In the UK for example you can purchase a house and upgrade the interior and exterior and once completed, you can get a professional quote of how much the home is worth after the work is completed.

Most valuations in Hong Kong are done by Banks and this is known as a Bank Valuation or (BV) The banks’ base the value of the recent transaction in the building. For example, if the 5th floor sold at HK$ 10 Million, the banks will value the 6th Floor (same size) at HK$ 10 Million plus a small increase in the higher floor (sometimes around HK$ 50,000 per floor)

The Banks do not consider an extensive renovation an increase in the property value and therefore any increment for buying a nicely renovated flat is almost always on top of the BV and at the buyers cost.

The banks will make small adjustments if the flat has a unique selling feature such as a rooftop or a terrace, but it’s not much as traditional Chinese use this space to hang laundry and therefore renovations to make an amazing outdoor terrace for BBQ’s and Entertaining is not recognized by Banks.

There are several ways to check the value of your home and also get an idea of what price to list it as if you were thinking of selling.  Firstly check to see if the property has an on-line bank valuation.

Qi-Homes provide direct links to Free Bank Valuations via its Home page which include HSBC  HANG SENG and BANK OF CHINA. If your building is not listed in any of these links, your next step will be to call the banks and ask them for a quote. The Banks will ask you for the full address, whether a car park is included and your expected asking price. They will typically SMS you the quote within 24 hours. It’s important to note that Bank Values may vary from Bank to Bank so it’s important to shop around.

Home price is an online portal that also provides Bank Valuations and Applying for Mortgages  in English and Chinese and covers most buildings and areas.

Once you have an idea of what the banks say the property is worth its important to see what price people are actually paying for similar properties in your building. For example the bank valuation may be lower than market price if the building is older or does not have a lift which is the case in older neighborhoods, but people are still willing to pay more for something that has a unique “colonial” feel and more efficient internal space.

There are several large agencies that post recent property transactions on-line, but the largest is Centadata. This portal provides details on transactions including transaction records, recent transactions and 16 year transaction history, which is very useful to review market trends over a long period of time.

Once you have a general idea of what your property is worth, it’s time for you to contact an agent and start marketing. A good property agent will give you honest advice and recommendations for example If you are asking a huge up charge for the terrace can the market climate sustain the asking price or are buyers sentiment more cautious and looking at Bank Value of a Guide Price when entering the market.

Buyers in Hong Kong used to be speculators, they would buy a property with the sole focus of flipping it and making quick money. The Hong Kong Government has introduced to curb measures to counter this behavior by introducing a Special Stamp Duty  whereby anyone who sells their property within 36 months of the acquisition is subject to fees that range from 10-20%. Since then the buyer is more cautious about buying property and are looking at a 3-5 year plan.

For more information about buying and selling property in Hong Kong, please contact Anthony Hindmarsh  at anthony@qi-homes.com
Anthony Hindmarsh
Anthony has over 13 years experience in the Hong Kong Property Market and specializes in Acquisition for Investment and Property Management. He is director of Qi-Homes a well established property agent specializing in rentals and sale in all areas and budgets on Hong Kong Island. With a database of 5000 clients Qi-Homes prides itself on a loyal base of repeat customers.
Hong Kong Property Transactions, Stamp Duty on Residental Property

A Guide to Understanding Buyers Stamp Duty (BSD)

 Our professional guide to understanding buyers stamp duty (BSD) in Hong Kong.

 Hong Kong Property Transactions, Stamp Duty on Residental Property
The Buyers Stamp Duty was imposed by the Hong Kong Government on 27th October 2012 in order to cool the overheated property market.
However it has been the source of confusion for many buyers as to who is liable to pay, the different scenarios surrounding exceptions, and how to avoid paying.    We aim to lift the lid and answer many of the common questions for buyers and sellers.

Is the buyer or the vendor liable to pay the BSD?

The buyer  is liable to pay the BSD

How much is the BSD?

BST is charged at 15% on the stated consideration or of the market value of the property (whatever is higher)

Who is exempt from paying BSD?

Only an individual holding a permanent Hong Kong Identity Card ie: was born in Hong Kong or has resided in Hong Kong  for a continuous period of seven years will be eligible for exemption of the BSD

Is a company and its directors liable to pay BSD?

A company and/or its directors regardless of residential status is liable to pay BSD.

If a flat is purchased jointly by a permanent resident and a non permanent resident , will BSD be payable?

Yes and No, Scenarios Below:-
NO: If non permanent resident is a close relative ie: spouse,parents,brother or sister
YES: If non permanent resident is a friend, or distant relative ie: in laws. (In this case BSD is chargeable on the total value irrespective of share of each party).

Is BDS payable for inherited property whereby beneficiary is a non permanent resident?

NO BSD is chargeable in this scenerio.

 When should BSD be paid?

With 30 days of signing a chargeable document eg: Provisional Agreement to purchase

Can BSD. Be refunded should the sale be canceled?

Yes the buyer can apply for a refund of the BSD within 2 years of the cancellation

What circumstances will BSD be exempted?

The Government has a comprehensive website outlining additional circumstances where BSD maybe exempted.

Will a transfer of Company Ownership holding a property be Liable for BSD?

No BSD will not be payable for a company transfer for directorship.

Is BSD applicable for purchase of Commercial Properties?

With effect from 27 October 2012, unless specifically exempted, Buyer’s Stamp Duty (BSD) is payable on an agreement for sale for the acquisition of any residential property only.

For More information on Buyers Stamp Duty and Other Stamp Duties when buying or selling property in Hong Kong, Contact Anthony via email; anthony@qi-homes.com