Land use of Water Supplies Dept to be rezoned
The government has planned to vacate the office building of Water Supplies Department at 611 King’s Road, North Point for changing usage to business development. New office of Water Supplies Department will be located in Chai Wan and completed construction in 2024, meaning that the land plot in North Point can be released for business development in 7 years at the earliest. The project will cover a GFA of 760,000 sq ft, with a valuation of over HKD 10 billion.
2,276 industrial and commercial transactions in Q3
According to market data and the Land Registry’s records, 2,276 industrial and commercial transactions were recorded in Q3/2017, down 11.2% q-o-q but reached the second highest level in 18 quarters. Total consideration amounted to HKD 25.506 billion. Of which, industrial transactions accounted for 65.7% and 39.2%, in terms of transaction volume and value respectively.
Street shop on Cheung Sha Wan Road sold for HKD 36.8 m
According to market sources, Shop B, G/F, Asian Building, 254-258 Cheung Sha Wan Road, Shum Shui Po, with an area of 850 sq ft, has been transacted for about HKD 36.8 million or HKD 43,300 per sq ft. The shop is currently leased to Tong Ren Tang at HKD 90,000 per month, providing a 3% yield to the new buyer.
Baguio Villa gained HKD 14 m in 10 years
It is reported that Flat C, Mid-Floor, Block 27, Baguio Villa, Pok Fu Lam, has been changed hands for HKD 23 million or HKD 17,504 per sq ft of saleable area. It is a 3-bedroom unit with a saleable area of 1,314 sq ft. The original property owner purchased the unit at HKD 9 million in April 2007, making a book profit of HKD 14 million or 160% in around 10 years.
(Sources: Vigers Research and market news)