Land premium down 95% y-o-y in 1H 2020
The Lands Department announced that a total of nine lease modifications, one land exchange and three private treaties were registered in Q2 2020, of which, five were modifications of a technical nature involving nil premium. The land premium recorded HKD 570 million. Regards the semi-annual performance, the land premium recorded HKD 573.6 million, plunged 95% y-o-y (1H 2019: HKD 11.435 billion), and reached a 8-year low since 1H 2012.
Unit rent of private flats increased by 2.1% m-o-m in June
According to market news, the average rent in the 107 major estates was HKD 33.9 per sq ft in June, up 2.1% m-o-m, ending the decreasing trend in ten months.
Residence Bel-Air transacted at HKD 16.6 m
Unit B, high-floor, Tower 8, Phase 4, Residence Bel-Air, Pok Fu Lam, with a saleable area of 653 sq ft, has been transacted at HKD 16.6 million or HKD 25,421 per sq ft. The original owner purchased the unit at HKD 11 million in 2012, making a book profit of HKD 5.6 million in eight years.
Overthorpe sold at HKD 71,638 psf
A villa, Overthorpe, The Peak, with a saleable area of 2,387 sq ft, has been sold at HKD 171 million or HKD 71,638 per sq ft through auction. The unit price reached the highest of the estate, and the transaction price is 45% higher than the initial asking price, becoming the largest deal of foreclosed residential properties this year.
(Sources: Vigers Research and market news)