6 land plots in Tuen Mun may rezone to residential
Planning Department has recently suggested rezoning 6 land plots in Tuen Mun for residential usage, involving nearly 11,700 units. 5 land plots will be used for public rental housing to provide 10,730 units, accounting for 92% of overall supply. The first batch of units will be available in 2023 at the earliest. The Town Planning Board will discuss about the related District Outline Zoning Plan today.
Slower uptrend in secondary home prices
According to an estate agency’s statistics, 477 transactions were recorded in the 50 major estates in September. The weighted average price was about HKD 13,400 per sq ft of saleable area, edged up 0.5% compared with HKD 13,300 in August and hitting new highs for 8 straight months. However, the quarterly increase has been slowed down from 5.3% in Q2/2017 to 1.2% in Q3/2017.
Central grade A office rent reached HKD 126 psf
According to market data, rent of Central’s super grade A offices reached HKD 139.9 per sq ft per month in Q3/2017, up 0.5% q-o-q or 5.7% y-o-y. Whilst the grade A office rent in the district was HKD 126.6 per sq ft, up 0.5% q-o-q or 6.6% y-o-y. Both super grade A and grade A office rents have climbed to historic highs and the market foresees a further increase.
Street shop on Kau Yuk Road transacted for HKD 115 m
It is reported that Shop B, G/F, 36-42 Kau Yuk Road, Yuen Long, with an area of about 800 sq ft, has been sold to an experienced investor for HKD 115 million or HKD 144,000 per sq ft. The property was transacted with vacant possession. Market rent is about HKD 250,000 to HKD 260,000 per month, representing a yield of around 2.6%.
(Sources: Vigers Research and market news)