URA invites expressions of interest for Mong Kok project
The Urban Renewal Authority (URA) put on a request for expression of interest for the project at 331-367 Reclamation Street Mong Kok today with deadline for application on next Wednesday (27 Sep). The site has a GFA of 134,600 sq ft and can be redeveloped for commercial/residential use. Market valuations range from HKD 1.45 billion to 1.8 billion.
First-hand luxury sales reached HKD 102.5 b in Jan-Aug
According to a market report, 3,922 sales and purchase agreements with a total consideration of HKD 102.571 billion for primary luxury (with a value over HKD 12 million) were recorded in the first 8 months this year. The consideration was HKD 1 billion or 1% higher than HKD 101.508 billion last year as a whole. Such high record is first seen in 21 years since 1996.
En-bloc of Sun House leased to Spaces
Expansion of co-working space continues. The entire block of Sun House, located at 90 Connaught Road Central, Sheung Wan, has been leased to Spaces, a European co-working office provider, for HKD 50 per sq ft. The lease involved an area of 77,000 sq ft and has been the largest leasing transaction on Hong Kong Island recently.
39% rent slash on Nathan Road
It is reported that the leasing agreement of a 1,000-sq-ft street shop at 662 Nathan Road, Mong Kok, has been renewed by Chow Tai Fook for HKD 380,000 per month or HKD 380 per sq ft, 39% lower than the previous rent of HKD 630,000 per month.
(Sources: Vigers Research and market news)