Luxury transactions surged 60% during Jan-Aug
According to the Land Registry, 453 first-hand residential transactions with a value over HKD 40 million were recorded from January to August this year. The figure was up by 60% or 92% as comparing to 284 cases and 236 cases over the same period in 2016 and 2015 respectively, representing a continuous demand for luxury new launches.
2,464 units of private homes completed in Jul
According to the Rating and Valuation Department, 2,464 units of private residential units were completed in July, rose 5% over 2,341 units in June and has been the second month above 2,000 units. The figures have reached a high level since March this year, the time primary sales started getting red-hot. The supply will keep increasing.
Henderson purchased old building in Kowloon City for HKD 130 m
According to the Land Registry’s record, Henderson Land has purchased a whole-block at 67 Fuk Lo Tsun Road, Kowloon City, for HKD 132.8 million, or HKD 33,200 per sq ft. It has a site area of approximately 1,000 sq ft and a GFA of 4,000 sq ft. The tenant on the ground floor is Kung Wo Dou Bun Chong, an old brand making soy products.
Entire floor of Rykadan Capital Tower sold for HKD 174 m
A listed company, BE Clean Energy announced that the company has purchased 4 parking spaces and the entire 17/F of Rykadan Capital Tower, Hoi Bun Road, Kwun Kong (about 12,195 sq ft), for HKD 174 milllion, or HKD 14,268 per sq ft. The original owner purchased the property at about HKD 100 million in 2012, earning a book profit of HKD 74 million in 5 years.
(Sources: Vigers Research and market news)