Government sites rezone for housing development
The Government has proposed to rezone the land use of some “Government, Institution or Community” (GIC) Sites over the recent years. Michael Wong, Secretary for Development said 173 GIC Sites have been rezoned for other uses, involving 119.7 hectares in the past five years. Of which, 56% have been rezoned for housing development.
First Group’s Tsuen Wan site to build office tower
First Group Holdings purchased a site at 18-20 Tai Chung Road, Tsuen Wan, at HKD 600 million. The Group will pay a land premium in order to construct a Grade A office building on the site. The site area is about 18,182 sq ft. Based on the plot ratio of 9.5, the permissible GFA amounted to 172,700 sq ft.
Rents in Tuen Mun Town Plaza rise over 10%
Ms Ronnie Chan, General Manager (Leasing) of Sino Group said the occupancy rate of Tuen Mun Town Plaza is 100%, with rents ranging from HKD 90 to HKD 700 per sq ft of saleable area. The lease of a quarter of the floor area (i.e. 250,000 sq ft) will be expired this year. Among which, 75% are expected to renew the lease. Average rents will be increased by 10% or more.
Duplex unit of Dynasty Heights sold for HKD 72 m
A duplex unit, Dynasty Villa, Dynasty Heights, Kowloon Tong, with an area of 1,843 sq ft, a 1,800-sq-ft garden and an 800-sq-ft rooftop terrace, have been transacted for HKD 72 million or HKD 39,067 per sq ft. The transaction price and unit price reached new highs for the estate. The original owner purchased the unit at HKD 19.45 million in 1998, making a book profit of HKD 52.55 million.
(Sources: Vigers Research and market news)