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OKAY.com First-Hand New Developments Page: Your New Property Information Hub
The OKAY.com first-hand new developments page provides the latest and most comprehensive information on new property launches in Hong Kong, covering multiple projects across Hong Kong Island, Kowloon and the New Territories to help you stay in tune with market trends. Whether you are looking for off-the-plan units or completed ready-to-move-in homes, we have carefully curated the most up-to-date projects from Hong Kong's major developers. Here, you can easily browse detailed project information, sales arrangements, price lists, floor plans, and photos and videos of show flats. Beyond unit details, we also offer professional insights on each area's development potential, transport advantages and community facilities.
About New Developments and Definitions
Depending on completion status, so-called "first-hand new developments" are mainly divided into two categories: "off-the-plan" and "completed properties". "Off-the-plan" refers to projects that have not yet been completed or received an Occupation Permit. Developers typically begin pre-sales during the construction period, and such transactions are regulated under the Lands Department's Consent Scheme for the Sale of Uncompleted Residential Properties to protect buyers' interests. Buyers should pay close attention to the "expected key date", which indicates the anticipated completion and handover time. "Completed properties" refer to projects that have already been built and issued a Certificate of Compliance or Occupation Permit. Buyers can usually arrange to view actual units in person and enjoy a "buy today, move in soon" experience.
4 Major Advantages of Buying New Developments
Compared with the secondary market, purchasing first-hand new developments offers unique attractions, especially for first-time buyers and investors:
- Flexible payment options: To attract buyers, developers often offer a variety of payment plans. Some projects even provide high loan-to-value mortgages or tax rebates, allowing buyers greater flexibility in managing their finances.
- No commission for buyers: When purchasing first-hand new properties, estate agent commission is usually fully paid by the developer. Buyers do not need to pay commission out of pocket, instantly reducing the initial financial burden.
- Modern facilities and amenities: Newly completed estates typically feature luxurious clubhouses, landscaped gardens and smart home systems designed for contemporary living.
- No renovation hassle: New developments are usually handed over with basic finishes, kitchen cabinets and bathroom appliances included, so buyers only need to add furniture to move in.
New Developments Classification: Off-the-Plan vs Completed
Off-the-Plan
Off-the-plan properties are units that have not yet been completed or received an Occupation Permit. Pre-sales are strictly regulated under the government's Consent Scheme for the Sale of Uncompleted Residential Properties. Buyers typically pay the deposit in stages after signing, and settle the balance or start the mortgage when the property is completed (the "expected key date"). Buyers should note the risk of construction delays and rely on sales brochures and show flats to assess quality.
Completed Properties
Completed properties are units that have already been built and issued a Certificate of Compliance. Title can be transferred at any time. The payment process is faster, and buyers generally complete the transaction within days of signing. The biggest advantage is "buy today, move in soon" — buyers can inspect the actual layout, materials and views in person, with relatively lower purchase risk.
First-Hand New Developments Purchase Process
The purchase process for first-hand new developments is standardised and highly transparent. After the developer obtains the Consent Scheme approval, it publishes the "sales arrangement" and price list. Buyers submit registration for balloting. Successful buyers select units on the designated date, sign the provisional agreement and pay 5% of the price as provisional deposit. Buyers usually pay a further 5% to 10% within 90 days. Finally, depending on the payment plan chosen, buyers settle the balance within the specified period or upon completion.
First-Hand New Developments Payment Options
Developers usually offer flexible payment plans:
- Immediate payment: Buyers settle the balance and start repayments within a short period (e.g. 90 or 120 days) after signing. This plan often attracts the highest discount.
- Construction-period payment: Buyers pay the deposit after booking and settle the balance upon completion.
- Developer mortgage plan: Loans provided by the developer's finance company, often with easier approval or interest-free periods in the first few years.
Featured First-Hand New Developments
Browse the latest first-hand new launches now, stay on top of market hotspots and opening offers — find your ideal home today! Please note: Our real estate agency service fees are 50% of one month's rent for leasing transactions (shared equally by landlord and tenant) or 1% of the transaction price for sale and purchase transactions (shared equally by buyer and seller). For purchases of new development projects, our company does not charge any fees to the buyer.
Frequently Asked Questions
Off-the-plan or completed—which is better?
Both options have advantages. Off-the-plan new developments often offer more discounts and flexible construction-period payment plans, giving buyers more time to arrange funds. Completed properties allow "buy today, move in soon", so buyers can inspect actual unit quality and avoid concerns about delayed handover.
Do I need to pay stamp duty when buying a new development?
Yes. Whether buying on the secondary market or a new development, buyers must pay Ad Valorem Stamp Duty (AVD) as required by the government. Some developers may offer stamp duty rebates or cash incentives to offset purchase costs.
Who pays the agent commission for new developments?
When buying first-hand new developments in Hong Kong, buyers usually do not pay any estate agent commission. The commission is generally fully borne by the developer, saving buyers a significant upfront cost.
What is the expected key date?
The "expected key date" is the date when an off-the-plan project is expected to meet Lands Department or Buildings Department requirements and the property can be formally delivered to the buyer. This date may be legally extended due to severe weather or other force majeure events, so buyers should allow flexibility when arranging mortgages and moving plans.