Poly Property wins Ko Chiu Road residential land
The tender of a residential site at Ko Chiu Road, Yau Tong has been awarded to Poly Property Group, announced by the Lands Department. The site has a maximum GFA of 356,000 sq ft. It has been sold for HKD 3.3 billion with an accommodation value of about HKD 9,256 per sq ft, and meeting the market expectation. The site will construct 500-600 small-medium sized units, the total development cost will reach HKD 5 billion to HKD 6 billion.
Redevelopment of warehouses will supply 3,140 units
The redevelopment project of Yuen Fat Godown and Hung Kai Godown in Cheung Sha Wan was launched by Sun Hung Kai Properties, Kerry Properties and China Resources, and the Town Planning Board will discuss the plan tomorrow. The developers applied to increase the plot ratio from 6.5 to 7.5, and the maximum GFA of 1.913 million sq ft will be provided. The site will construct eight residential buildings, and supplying 3,140 units.
Street shop at Ivy Street sold at HKD 76.6 m
Shop 7, G/F, 118 Ivy Street, Tai Kok Tsui, with an area of 2,400 sq ft, has been changed hands for HKD 76.6 million or HKD 31,900 per sq ft. The existing rental of the shop is HKD 168,000 per month, representing a yield of 3.4% to the new buyer. The original owner purchased the shop at HKD 58.8 million in 2015, making a book profit of HKD 17.8 million and a 30% appreciation.
Street shop at Haiphong Road rented at HKD 250,000
A short-term lease was recorded for Odd No. Shop, G/F, 53-55 Haiphong Road, Tsim Sha Tsui. With an area of 1,800 sq ft, it has been leased out at HKD 250,000 per month or HKD 139 per sq ft.
(Sources: Vigers Research and market news)