Prestige Property: 29 Laidlaw Parade, East Brisbane, QLD
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Prestige Property: 29 Laidlaw Parade, East Brisbane, QLD

Designer living delivered in an incomparable fashion.

By Terry Christodoulou
Fri, Jun 25, 2021 3:52pmGrey Clock 2 min

This opulent manse set on the water’s edge in East Brisbane is arguably one of the cities most prestigious residences.

Combining architectural flair with interior design by the renowned Greg Natale, the home has seen no expense spared in its creation. Here, a heady and timeless combination of black, white and gold themed design indulges in Italian crafted marble, Venetian plaster and brass adornment.

The three-storey, 960sqm, 5-bedroom, 6-bathroom, 4- car parking lands on a gilded, 597sqm plot of inner-city riverfront.

Immediate and imposing is the home’s attention to detail. From brass archways, the mixed-use of steel and glass and vaulted ceilings to the custom-designed furniture by Natale  – which can be included with the purchase of the home – all aspects of the home have been highly considered.

The middle level sees most of the living and entertaining areas including the kitchen – replete with paonazetto marble benchtops, Subzero and Gaggenau appliances alongside a butler’s pantry. Also on this level is a library (or grand piano room), office, powder room, laundry.

Every room has been thoughtfully put together with the use of venetian glass tapware, for example the dining room is wrapped in De Gournay wallpaper and enjoys custom-designed paonazetto marble fireplace.

The upper level sees the bedrooms which all hold their own unique character.

The master bedroom is grand in proportions and is adorned with Gucci wallpaper. It connects to a 10-metre (no, not a typo) walk-in wardrobe inclusive of a floor to ceiling shoe and bag storage.

The other bedrooms also include walk-in robes and ensuites, which follow a similar theme of marble adornment.

Elsewhere, the lower level sees an ornately designed theatre room alongside a wellness centre and living space that flows out to the barbeque terrace, pool and lawn areas.

The rest of this level consists of a guest bedroom, with ensuite and built-in robe, gym, sauna, ice-bath room, steam room, extra storage rooms and space for a wine cellar for the avid wine connoisseur.

All levels are serviced by a lift and curving concrete staircase brandishing a Greg Natale signature steel and brass balustrade.

The exclusive residence arrives with its own jetty on the Brisbane River and is nearby to Mowbray park and Brisbane CBD.

The listing is with Henry Hodge (+61 455 500 035) of Henry Hodge Real Estate; POA.

Henryhodge.com.au



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Hong Kong Takes Drastic Action to Avert Property Slump

The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown

By ELAINE YU
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Hong Kong has taken a bold step to ease a real-estate slump, scrapping a series of property taxes in an effort to turn around a market that is often seen as a proxy for the city’s beleaguered economy.

The government has removed longstanding property taxes that were imposed on nonpermanent residents, those buying a second home, or people reselling a property within two years after buying, Financial Secretary Paul Chan said in his annual budget speech on Wednesday.

The move is an attempt to revive a property market that is still one of the most expensive in the world, but that has been badly shaken by social unrest, the fallout of the government’s strict approach to containing Covid-19 and the slowdown of China’s economy . Hong Kong’s high interest rates, which track U.S. rates due to its currency peg,  have increased the pressure .

The decision to ease the tax burden could encourage more buying from people in mainland China, who have been a driving force in Hong Kong’s property market for years. Chinese tycoons, squeezed by problems at home, have  in some cases become forced sellers  of Hong Kong real estate—dealing major damage to the luxury segment.

Hong Kong’s super luxury homes  have lost more than a quarter of their value  since the middle of 2022.

The additional taxes were introduced in a series of announcements starting in 2010, when the government was focused on cooling down soaring home prices that had made Hong Kong one of the world’s least affordable property markets. They are all in the form of stamp duty, a tax imposed on property sales.

“The relevant measures are no longer necessary amidst the current economic and market conditions,” Chan said.

The tax cuts will lead to more buying and support prices in the coming months, said Eddie Kwok, senior director of valuation and advisory services at CBRE Hong Kong, a property consultant. But in the longer term, the market will remain sensitive to the level of interest rates and developers may still need to lower their prices to attract demand thanks to a stockpile of new homes, he said.

Hong Kong’s authorities had already relaxed rules last year to help revive the market, allowing home buyers to pay less upfront when buying certain properties, and cutting by half the taxes for those buying a second property and for home purchases by foreigners. By the end of 2023, the price index for private homes reached a seven-year low, according to Hong Kong’s Rating and Valuation Department.

The city’s monetary authority relaxed mortgage rules further on Wednesday, allowing potential buyers to borrow more for homes valued at around $4 million.

The shares of Hong Kong’s property developers jumped after the announcement, defying a selloff in the wider market. New World Development , Sun Hung Kai Properties and Henderson Land Development were higher in afternoon trading, clawing back some of their losses from a slide in their stock prices this year.

The city’s budget deficit will widen to about $13 billion in the coming fiscal year, which starts on April 1. That is larger than expected, Chan said. Revenues from land sales and leases, an important source of government income, will fall to about $2.5 billion, about $8.4 billion lower than the original estimate and far lower than the previous year, according to Chan.

The sweeping property measures are part of broader plans by Hong Kong’s government to prop up the city amid competition from Singapore and elsewhere. Stringent pandemic controls and anxieties about Beijing’s political crackdown led to  an exodus of local residents and foreigners  from the Asian financial centre.

But tens of thousands of Chinese nationals have arrived in the past year, the result of Hong Kong  rolling out new visa rules aimed at luring talent in 2022.

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