Land premium increased 5.7 times q-o-q in Q3
The Lands Department announced that a total of 23 lease modifications, one land exchange and two private treaties were registered in Q3 2020. The land premium recorded HKD 3.847 billion, up 570% q-o-q (Q2: HKD 0.574 billion). Regards the first three quarters performance, the land premium recorded HKD 4.421 billion, plunged around 70% y-o-y.
Tai Kok Tsui old building approved for compulsory sale
An old building located at 56, 58,60 & 62 Larch Street and 6 & 8 Lime Street in Tai Kok Tsui has been approved for compulsory sale. The reserve price was about HKD 326 million, and Wang On Properties owned around 80% of the ownership.
Marinella changed hands at HKD 32,018 psf
Unit B, mid-floor, Tower 1, Marinella, Aberdeen, with a saleable area of 1,368 sq ft, has been changed hands at HKD 43.8 million or HKD 32,018 per sq ft. The original owner made a book profit of HKD 6.187 million and a 16% appreciation in nine years.
Shop at The Capital slashed 90%
Odd no. shop, 3/F, The Capital, Tsim Sha Tsui, with an area of 76 sq ft, has been sold at HKD 260,000 or HKD 3,421 per sq ft. The original owner bought the shop at HKD 3.078 million in 2013, making a book loss of HKD 2.818 million and a 90% depreciation.
(Sources: Vigers Research and market news)