SHK Properties submitted tender for The Excelsior
The Excelsior in Causeway Bay, has been put up for sale in recent months by its major owner, Mandarin Oriental Hotel Group. Market valuation of the hotel is more than HKD 30 billion. It is said that a number of developers have submitted the tender for this project and one of the developers, Sun Hung Kai Properties, confirmed it yesterday.
70% units of new launches were sold this year
According to market news and first-hand sales website, more than 14,000 units of new launches were sold this year as at 25 September. The consideration amounted to HKD 180 billion, only HKD 9 billion less than the record of last year. The whole-year consideration is expected to achieve a new historic high.
Millennials accounted for 30% new mortgages
According to TransUnion, a credit reporting company, people born between 1965 and 1979 (Generation X) accounted for 44% of new mortgages in Q1/2017, down for 2 straight years despite its dominant position. Whilst the proportion of those born between 1980 and 1994 (Millennials) increased obviously, up from 26.3% in Q1/2016 to 32.3% in Q1/2017.
Commercial building in Mong Kok sold for HKD 658 m
Chong Hing Bank announced that the whole block of Fung Shun Commercial Building in Mong Kok, has been sold for HKD 658 million or HKD 20,000 per sq ft. It is a 20-storey property located on Nathan Road, with a GFA of 33,249 sq ft. The area of G/F to 4/F are retail area, whilst 5/F to 20/F are offices. Total monthly rental income was about HKD 1.64 million, representing a rental return of around 3%.
(Sources: Vigers Research and market news)