10 major estates posted only 120 transactions in Aug
Transactions of the ten major estates have been hovering at around 100 cases as the market spotlight has shifted to the primary market. In August, a total of 120 transactions were recorded in the ten major estates, equal to the figure in July. Total consideration was HKD 867 million, up 8.2% comparing to HKD 802 million in July.
4,500 units of pre-sale consents issued
According to the Lands Department, 6 pre-sale consents with 3,037 residential units were issued in August, reached the second highest record for the recent five years. After the deduction of all the 953 units sold by Parc City, the new supply involves 2,084 units. If including the pre-sale consents issued previously but not yet marketed, the total residential units available for sale is about 4,500 units.
URA invites 27 developers to join Graham Street project
The Urban Renewal Authority has invited 27 developers to bid for its project at Site C of Peel Street/Graham Street in Central for office/hotel/retail development. The tender will be closed on October 9. Market valuations range from HKD 8.3 billion to HKD 10.4 billion, or with an A.V. of HKD 19,000 – 24,000 per sq ft.
Sammy’s Kitchen renewed lease below market rent
Sammy’s Kitchen has been opened in Sai Ying Pun for 48 years. Previously the shop was changed hands and the tenant encountered some issues regarding the rent hike. After negotiation, the leasing agreement has been renewed at a rent of HKD 120,000, 45% higher than the previous rent but below the market rent by 20%.
(Sources: Vigers Research and market news)