Vacancy rate of Central Grade A office hit 5% in May
According to market news, the vacancy rate of Grade A office in Central increased to 5% in May, reaching the 12-year high since 2008. Over the same period, the average unit rent of Central Grade A office was HKD 102.4 per sq ft, down 2.7% m-o-m.
Ma On Shan green belt sites planned to convert into housing use
The Planning Department recommended to change the use of the seven green belt plots in Ma On Shan. Among which, four sites are planned to rezone to residential purpose, providing 7,220 public and private residential units in total. The other three sites are suggested to be used for government, institution or community use.
Adjacent Units of Regence Royale changed hands at HKD 215 m
Adjacent Units (Unit A and B), high-floor, Tower 2, Regence Royale, Mid-Levels, with an area of 1,933 sq ft and 1,805 sq ft respectively, have been transacted at HKD 215 million in total. Of which, unit A was sold at HKD 115 million or HKD 59,493 per sq ft.
Shop in Sheung Wan transacted at HKD 21 m
Shops B1B and B2, G/F, 325-329 Queen’s Road Central, Sheung Wan, with an area of 600 sq ft, have been acquired by Bridgeway Prime Shop Fund at HKD 21 million or around HKD 35,000 per sq ft, 30% below the initial asking price. The shop is currently leased to a local restaurant for HKD 45,000 per month, representing a yield of 2.6% to the new buyer.
(Sources: Vigers Research and market news)