21 building plans approved in August
The Buildings Department approved 21 building plans in August, including ten apartment and apartment/commercial developments. Of which, site at 2-16 Whampoa Street in Hung Hom was approved to build a 23-storey commercial and residential building, and will be built above a 2-storey basement. A total GFA of 129,000 sq ft are expected to be provided, among which, 108,000 sq ft will be used for residential purposes.
Private residential construction dropped 68% m-o-m in August
The Buildings Department announced three private residential projects started construction in August, involving 193 units. It dropped 68% m-o-m, hitting a 7-month low. An accumulated total of 6,215 units commenced construction in the first eight months in 2020, decreased 4.3% y-o-y.
Manhattan Hill sold at HKD 45 m
Unit A, mid-floor, Tower 1, Manhattan Hill, Lai Chi Kok, with a saleable area of 1,847 sq ft, has been sold with a parking space at HKD 45 million or HKD 24,364 per sq ft. The original owner made a book profit of HKD 18.72 million and a 70% appreciation.
Mong Kok shop rent slashed 12.5%
According to market news, street shop, G/F-M/F, 134 Tung Choi Street, Mong Kok, with an area of 1,000 sq ft, has been rented at HKD 140,000 per month or HKD 140 per sq ft. The new rent is 12.5% lower than the previous rent, returning to the level five years ago.
(Sources: Vigers Research and market news)