Land premium of Wang On’s Yau Tong project reached HKD 980 m
The negotiation of converting an industrial site at 13&15 Sze Shan Street, Yau Tong, to commercial/residential development has been conducted for a few years. The Government and Wang On Group recently reached an agreement on land premium payable for HKD 980 million, or HKD 3,615 per sq ft, based on the permissible GFA of 272,000 sq ft.
Top floor unit of 39 Conduit Road asks for HKD 100,500 psf
Price list of Henderson Land’s residential project, 39 Conduit Road, in Mid-Levels West, was updated yesterday. The price of a special unit on top floor (Flat B, 46/F) adjusted 2.9% from HKD 537 million to HKD 521.9 million, i.e. the unit price fell from HKD 100,800 per sq ft to HKD 100,500 per sq ft. The unit will be put up for sale this Friday and probably will set a new high for strata-title sales in Asia in terms of unit price.
PRC demand in office market slows
According to a market report, grade A office rents in Central edged up 0.2% m-o-m in August. PRC demand for offices in Central slowed during the month, only accounted for 45% of all new lettings in terms of floor area leased. Most PRC companies adopted a wait-and-see attitude ahead of the 19th National Congress to be held in the next month.
Leasing of bars mainly in second-tier streets
Bars and restaurants are entering a peak season with a number of related leasing renewals posted, particularly in the second-tier streets. According to market sources, the leasing agreement of Shop A, G/F, 29-31 Hillwood Road, Tsim Sha Tsui, with an area of 2,890 sq ft, has been renewed by a bar for HKD 140,000. Tung Choi Street in Mong Kok and San Kin Street in Sheung Shui also posted similar transactions.
(Sources: Vigers Research and market news)