Site in Kwun Tong sold at HKD 1.63 b
A site at 41 King Yip Street, Kwun Tong, with a GFA of 260,000 sq ft, has been transacted at HKD 1.63 billion or HKD 6,269 per sq ft. The new buyer is the veteran investor Mr. Lam Chi Fung, he planned to redevelop the site into a Grade-A office building after paying the land premium, and the planned investment will reach HKD 3.5 billion.
Butterfly on Waterfront in Sheung Wan transacted at HKD 810 m
Kai Yuan Holdings sold Butterfly on Waterfront, 95 Connaught Road West, Sheung Wan to Tai Hung Fai at HKD 810 million. With a GFA of 37,939 sq ft, the unit price was HKD 21,300 per sq ft. Kai Yuan Holdings purchased the hotel at HKD 488 million in 2013, making a book profit of HKD 322 million and a 66% appreciation in five years.
Villa in Sheung Shui sold with a loss of HKD 0.88 m
Odd No. House, Belgravia, St. Andrews Place, Sheung Shui, with an area of 3,945 sq ft and a 4,000-sq-ft garden, has been sold at HKD 60 million or HKD 15,209 per sq ft. The original owner purchased the villa at HKD 60.88 million, making a book loss of HKD 0.88 million in ten years.
Shop in Sai Wan transacted at HKD 38,000 psf
Shop J, G/F, 15-15C Belcher’s Street, Sai Wan, with an area of 500 sq ft, has been transacted at HKD 19 million or HKD 38,000 per sq ft. The existing rent is HKD 35,000 per month, representing a yield of 2.2% to the new buyer. The original owner purchased the shop at HKD 61,000 in 1964, making a book profit of HKD 18.93 million and a 310 times appreciation in 53 years.
(Sources: Vigers Research and market news)