Residential completions fell 5% to 1,012 units in May
The Rating and Valuation Department announced that 1,012 private residential units have completed construction in May this year, dropped 5% m-o-m compared with 1,066 units in April. Total completion was 6,448 units in the first five months, meeting the forecast of 17,100 units by 38%.
New guidelines to regulate sale or leasing non-residential properties
The Estate Agents Authority (EAA) yesterday issued a practice circular to regulate the sale and purchase or leasing non-residential properties in four aspects, including the floor area information, permitted use, legality of cockloft and mezzanine floors and additional guidelines for properties in an uncompleted building. The circular will be effective on 1st October, 2017.
Central Bangkok Bank Building sold for HKD 24,000 psf
It is reported that the entire high-floor of Bangkok Bank Building, Central, with an area of 2,350 sq ft, has been sold for HKD 56.4 million with vacant possession. The transaction price of HKD 24,000 per sq ft reached a record high for the building. The previous transaction price of the building was below HKD 20,000 per sq ft. Capital inflow to Grade B offices has been observed after the land sale of Murray Road.
CFO of Meitu purchased The Mayfair for HKD 130 m
According to the Land Registry, Flat A, High-Floor, The Mayfair, Mid-Levels, with a saleable area of 2,242 sq ft, has been transacted for HKD 129.88 million, or HKD 57,930 per sq ft of saleable area, setting a new high for standard unit in the estate. The registered buyer is Ngan King Leung Gary. The original owner purchased the unit at HKD 91.8 million in 2002, making a book profit of HKD 38.08 million.
(Sources: Vigers Research and market news)