Redevelopment for Mei Tung Estate approved
The Housing Authority’s Subsidised Housing Committee yesterday approved the redevelopment of two blocks at Mei Tung Estate, in Wong Tai Sin. The target clearances, Mei Tung House and Mei Po House aged 43 and 34 respectively, together comprise 650 housing units and 26 commercial tenants. The redevelopment is expected to provide 1,900 units in 2027.
Compulsory sale applications up 80% during Jan-Aug
According to market information, compulsory sale applications cited the Land (Compulsory Sale for Redevelopment) Ordinance reached 9 cases from January to August this year, up 80% over 5 cases the same period a year ago. The application number by end of this year is expected to be more than 11 cases, the record of last year.
Wah Lik Industrial Building in Tsuen Wan sold for HKD 130 m
A few significant transactions were recorded recently after the government’s announcement on relaunching the program to redevelop industrial buildings. An experienced investor, Wong Hoi-ming purchased Wah Lik Industrial Building in Tsuen Wan, with an area of 22,649 sq ft, for HKD 133.9 million (or HKD 5,912 per sq ft). Another experienced investor, Tam Pak-wing, made a purchase of HKD 420 million for the whole block of Kwai Wan Industrial Building, located in Wing Kin Road, Kwai Chung.
Watch and jewelry stores move out from Tsim Sha Tsui
The overall watch and jewelry sales continued to see a slowdown due to a decline in luxury goods spending from mainland customers. Thus a drop of retail rent was recorded when the watch and jewelry stores no longer chased for the prime location at a high price. It is reported that G/F & 1/F Manson House, Tsim Sha Tsui were rented by C.S.S. Jewellery Co. for HKD 2.8 million per month and now HKD 1.8 million per month by a bank, approximately a 36% fall in rent.
(Sources: Vigers Research and market news)