165 new homes sold over weekend
A total of 165 primary transactions were recorded over the past two days, up about 30% compared with 127 cases at previous weekend, according to market data. Cheung Kong Property’s Ocean Supreme posted 123 transactions, accounting for 80% of overall market sales and cashing out approximately HKD 1.1 billion.
Secondary transactions reached 7-week low
Over the past weekend, Midland Realty reported one transaction in New Territories and Hong Kong Island respectively. The figure reached a 7-week new low and has been the 15th consecutive week hovering at single-digit number. Hong Kong Property also reported only 4 transactions. Secondary sales have been dragged down by poor weather and the new launches in Tsuen Wan West.
Entire floor of Argyle Centre sold for HKD 318 m
It is reported that the entire 14/F of Argyle Centre, in Mong Kok, with a GFA of 15,700 sq ft, has been purchased by an experienced investor for HKD 318 million, or HKD 20,300 per sq ft. The original owner purchased the property at HKD 20.55 million in 1980, making a book profit of HKD 298 million or 14.5 times in 37 years.
22% rent slash at Nullah Road Mong Kok
Retail rent in core districts is still under adjustment. According to market sources, a 500-sq-ft street shop in Allied Plaza, opposite to Nullah Road, Mong Kok, has been leased to Promise, a finance company. The current rent is HKD 90,000 per month or HKD 180 per sq ft, 22% lower than the previous one.
(Sources: Vigers Research and market news)