Land premium reached HKD 16.5 b in 4Q2017
The Lands Department announced that it registered nine lease modifications and four land exchanges in the Land Registry during the quarter ending December 2017, of which four were modifications of a technical nature involving nil premium. It realised a total land premium of HKD 16.48 billion. Sun Hung Kai Properties’ Shap Sze Heung project in Sai Kung paid a land premium of HKD 15.9 billion, the highest record in history.
Five compulsory sale applications in two weeks
The Lands Tribunal has received three applications of compulsory sale recently, involving the old buildings in Ho Man Tin and Shau Kei Wan. Valuation of the properties totaled HKD 960 million. The market already reported five applications of compulsory sale in the first two weeks of 2018.
Ovolo in Sheung Wan sold en-bloc for HKD 506 m
It is reported that Ovolo, a serviced apartment at 222 Hollywood Road, Sheung Wan, was sold en-bloc for HKD 506 million or HKD 18,429 per sq ft to Hanison Construction. The property has 25 storeys providing 48 rooms, with a total GFA of 27,456 sq ft. The original owner purchased the property at HKD 298 million in 2010, making a book profit of HKD 208 million or 70% in seven years.
Sunshine Plaza in Wan Chai transacted at HKD 105 m
Commercial buildings in the central business district are sought after. 28/F, Sunshine Plaza, 353 Lockhart Road, Wan Chai, with an area of 5,130 sq ft, has been transacted at HKD 105 million or HKD 20,467 per sq ft, setting a new high for the building. The capital value of the property appreciated 19% in eight months, representing a book profit of HKD 16.5 million to the original owner.
(Sources: Vigers Research and market news)