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News Room – Daily Property News

News Headlines 5.11.2020

Three projects applied for pre-sale consents in October
The Lands Department received three pre-sale consent applications for 954 units in October, up 2.6 times m-o-m (September: 262 units), reaching a 3-month high. The accumulated number pending approval as at end of October recorded 12,442 units. It dropped for three consecutive months and reached a 5-month low.

Kwai Chung industrial building applied to redevelop into a hotel
Mr. Tang Shing-bor’s family has proposed to the Town Planning Board to loosen the plot ratio to 11.4 at Central Industrial Building at Ta Chuen Ping Street, Kwai Chung in May this year. It is expected to be redeveloped into a 31-storey hotel, providing 1,196 hotel rooms. The total GFA will reach 275,900 sq ft. The Town Planning Board will discuss the plan tomorrow.

The Redhill Peninsula sold at HKD 36 m
Unit A, low-floor, Tower 4, The Redhill Peninsula, Tai Tam, with a saleable area of 1,567 sq ft, has been sold with two parking spaces at HKD 36 million or HKD 22,974 per sq ft. The original owner bought the unit at HKD 18.8 million in 1996, making a book profit of HKD 17.2 million in 24 years.

Shop at Haiphong Road leased at HKD 250,000 per month
According to market news, shop 8, G/F, Hai Phong Mansion, 53-55 Haiphong Road, Tsim Sha Tsui, with an area of 450 sq ft, has been rented last month by OxyAIR MASK at a monthly rent of HKD 250,000 or HKD 556 per sq ft for one year.

(Sources: Vigers Research and market news)


News Headlines 4.11.2020

Property transactions in October dropped 6% m-o-m
According to the Land Registry, a total of 6,177 property transactions were recorded in October, edged down 6% on a monthly basis (September: 6,570 transactions). While the consideration totaled HKD 56.523 billion, increased by 5% m-o-m.

Celestial Heights sold with a loss
A top-floor unit, 32 Celestial Avenue, Celestial Heights, Ho Man Tin, with a saleable area of 1,252 sq ft, together with a rooftop and a swimming pool, has been sold with 25% discount at HKD 30 million or HKD 23,961 per sq ft. The original owner made a book loss of HKD 5.99 million in 12 years.

Shop at North Point changed hands at HKD 18 m
According to market news, odd no. shop, G/F, Block A, Tung Fat Building, 21-27A Kam Ping Street, North Point, with an area of 1,200 sq ft, has been transacted at HKD 18 million or HKD 15,000 per sq ft. The current monthly rent of the shop is HKD 45,000, representing a yield of 3% to the new buyer.

Eight units at Goodview Garden sold at HKD 631 m
Eight units at Goodview Garden, Stubbs Road, Mid-Levels East have been acquired at a total amount of HKD 631 million by a financial group in October. Among which, an even no. unit, Tower A, has been sold with a parking space at HKD 121 million or HKD 66,500 per sq ft.

(Sources: Vigers Research and market news)


News Headlines 3.11.2020

Fifty major Grade A office buildings recorded 57 transactions in first ten months
According to market news, 57 transactions were recorded in fifty major Grade A office buildings in the first ten months in 2020, plunged 53% y-o-y (Jan-Oct 2019: 120 transactions). While the deals involved a total floor area of around 236,000 sq ft, decreased by 50% on a yearly basis.

Residential transactions at Tung Chung up 12% m-o-m in October
According to market news, a total of 87 residential transactions recorded in Tung Chung in October, up 12% m-o-m. Among which, unit H, mid-floor, Tower 11, Caribbean Coast, with a saleable area of 928 sq ft, has been transacted at HKD 9.6 million or HKD 10,345 per sq ft.

Shop at Sheung Wan sold at HKD 22 m
Shops 1 & 2, G/F & UG/F, Evora Building, 68 Lok Ku Road, Sheung Wan, with a combined area of 3,000 sq ft, has been sold with 45% discount at HKD 22 million or HKD 7,333 per sq ft. The original owner bought the unit at HKD 1.68 million in 1984, making a book profit of HKD 20.32 million and a 12 times appreciation in 36 years.

Shop rent in Yuen Long slashed 10%
Shop A, G/F, Chit Wing Building, 2-6 Kau Yuk Road, Yuen Long, with an area of 750 sq ft, has been rented at HKD 160,000 per month or HKD 213 per sq ft. The new rent is 10% lower than the previous rent, returning to the level five years ago.

(Sources: Vigers Research and market news)


News Headlines 2.11.2020

Primary market recorded 390 transactions during the weekend
According to market news, a total of 390 new homes were transacted during the weekend, up 64% on a weekly basis. Among which, 222 units at Starfront Royale in Tuen Mun were sold. It dominated 90% of the units offered in the first batch of sale, cashing in HKD 1.039 billion.

Ten major estates recorded eight transactions over weekend
According to market news, eight transactions were recorded in the ten major estates over the weekend, dropped 64% w-o-w, reaching a 13-weekend low. Among which, zero transaction was recorded in six major estates.

Shop rent at Mong Kok slashed 23%
Shop 4B, G/F, 53-55 Dundas Street, Mong Kok, with an area of 156 sq ft, has been rented at HKD 50,000 per month or HKD 321 per sq ft. The new rent is 23% lower than the previous rent, returning to the level in 2009.

Sky Scraper changed hands at HKD 41.25 m
Unit E, mid-floor, Sky Scraper, North Point, with a saleable area of 1,806 sq ft, has been sold at HKD 41.25 million or HKD 22,841 per sq ft. The original owner bought the unit at HKD 10.51 million in 1995, making a book profit of HKD 30.74 million and a 2.9 times appreciation.

(Sources: Vigers Research and market news)


News Headlines 30.10.2020

Old building at Mid-Levels West unified ownership
Ownership of an old building at 27E & 27F Robinson Road, Mid-Levels West was successfully unified by Henderson Land at HKD 234 million. The site has an area of 3,822 sq ft, and it is expected to be redeveloped into a 20-storey residential building.

Commercial transactions up 18.1% q-o-q in Q3
According to market news, 293 commercial transactions were recorded in Q3 2020, increased by 18.1% q-o-q, among which, around 40% of the transactions with a price of HKD 3 million or below. While the total consideration recorded HKD 4.258 billion, plunged 25.7% q-o-q.

Shop at North Point sold with HKD 22 m loss
According to market news, street shop, G/F-1/F, Siu Wah Building, Tsat Tsz Mui Road, North Point, with a combined area of 5,800 sq ft, has been changed hands at HKD 50 million or HKD 8,621 per sq ft. The original owner bought the shop at HKD 72 million in 2015, making a book loss of HKD 22 million and a 30% depreciation in five years.

Villa at Shek O changed hands at HKD 48 m
A villa, 20A Headland Road, Shek O, Southern District, with a saleable area of 2,333 sq ft, has been transacted at HKD 48 million or HKD 20,574 per sq ft. The original owner made a book profit of HKD 29.02 million in 16 years.

(Sources: Vigers Research and market news)


News Headlines 29.10.2020

Agile’s family wins Tai Po site at HKD 451 m
The tender of the residential site at Tai Po Road – Tai Po Kau, Tai Po has been awarded to Ideal Repute Developments Limited, announced by the Lands Department. It has been sold at HKD 451 million. The site has an area of 67,100 sq ft, with a total GFA of 100,700 sq ft, the accommodation value was about HKD 4,478 per sq ft.

Lippo Centre changed hands at HKD 39.2 m
According to market news, unit 5, 20/F, Tower 1, Lippo Centre, Admiralty, with an area of 1,680 sq ft, has been transacted at HKD 39.2 million or HKD 23,333 per sq ft. The original owner purchased the unit at HKD 36.624 million in 2015, making a book profit of HKD 2.57 million and a 7% appreciation in five years.

Sorrento transacted at HKD 25,483 psf
Unit B, low-floor, Tower 2, Sorrento, Kowloon Station, with a saleable area of 890 sq ft, has been changed hands at HKD 22.68 million or HKD 25,483 per sq ft. The original owner bought the unit at HKD 19.95 million in 2016, making a book profit of HKD 2.73 million in four years.

Manhattan Hill sold with HKD 5 m discount
Unit A, mid-floor, Tower 1, Manhattan Hill, Lai Chi Kok, with a saleable area of 1,847 sq ft and a parking space, has been sold with HKD 5 million discount at HKD 45 million or HKD 24,364 per sq ft. The original owner made a book profit of HKD 18.72 million.

(Sources: Vigers Research and market news)


News Headlines 28.10.2020

Olympic Godown in Yau Tong applied to construct a residential building
A financial group suggested to redevelop Olympic Godown, 8 Sze Shan Street in Yau Tong into a 23-storey commercial and residential building, supplying 445 residential units. The site has an area of 38,600 sq ft. With the plot ratio of 6.4, a total GFA of 246,000 sq ft will be provided, among which, 193,000 sq ft will be used for residential purposes.

Villa at Residence Bel-Air sold at HKD 180 m
Odd no. house, Phase 3, Residence Bel-Air, Pok Fu Lam, with a saleable area of 3,308 sq ft, a 1,977-sq-ft-garden and a 1,503-sq-ft-rooftop, has been sold at HKD 180 million or HKD 54,414 per sq ft.

Shop at Wan Chai transacted at HKD 23.5 m
According to market news, street shop, G/F, 41-47 Morrison Hill Road, Wan Chai, with an area of 1,700 sq ft, has been transacted at HKD 23.5 million or HKD 13,800 per sq ft. The current monthly rent of the shop is HKD 62,000, representing a yield of 3.2% to the new buyer.

Victoria Skye sold with a loss
Unit D, low-floor, Tower 3, Victoria Skye, Kai Tak, with a saleable area of 343 sq ft, has been changed hands at HKD 7.48 million or HKD 21,808 per sq ft. The original owner bought the unit at HKD 8 million in 2017, the actual loss was about HKD 900,000 if including stamp duties and agency commission.

(Sources: Vigers Research and market news)


News Headlines 27.10.2020

Primary market recorded 475 transactions during the long weekend
According to market news, a total of 475 new homes were transacted during the three-day long weekend. Among which, 378 units at The Pavilia Farm I, Tai Wai Station were sold out at the second batch of sale.

Ten major estates recorded 25 transactions over the long weekend
The market sentiment has improved, according to market news, a total of 25 transactions were recorded in the ten major estates over the long weekend. Among which, City One Shatin, Caribbean Coast and Kingswood Villas recorded four transactions each. During the weekend, 22 transactions were recorded, up 100% w-o-w, hit a 24-week high.

Shop at Fanling transacted at HKD 21 m
According to market news, street shop, G/F, 29 Luen Cheong Street, Fanling, with an area of 1,000 sq ft, has been transacted at HKD 21 million or HKD 21,000 per sq ft. The current monthly rent of the shop was HKD 48,000, representing a yield of 2.7% to the new buyer. The original owner made a book profit of HKD 20.85 million and a 139 times appreciation in 42 years.

Ontolo sold at HKD 19,511 psf
Unit B, mid-floor, Tower 9B, Ontolo, Pak Shek Kok, Tai Po, with a saleable area of 393 sq ft, has been sold at HKD 7.668 million or HKD 19,511 per sq ft.

(Sources: Vigers Research and market news)


News Headlines 23.10.2020

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)


News Headlines 22.10.2020

Bid failed for Tung Chung commercial site
Tung Chung District 57, Tung Chung City Lot No. 45, a commercial land, has a site area of around 132,800 sq ft and a total GFA of 1.261 million sq ft, with market estimated values of between HKD 3.78 billion and HKD 5.67 billion. Since the premium did not reach the reserve price set by the government for the land, the three bids received from three consortiums Cheung Kong, SHKP, and Sino Land with Kerry Properties were not accepted, and the land sale was cancelled.

A low-floor unit in Park Mediterranean was sold at HKD 13,900 per sq ft
Room K, low-floor, Block 1, Park Mediterranean in Sai Kung was sold for HKD 6.38 million, or HKD 13,900 per sq ft. The unit has a saleable area of 459 sq ft, with two bedrooms and one living room, and a pool view. The original owner bought the site in 2017 for HKD 5.77 million, and recorded a profit of HKD 610,000 in three years upon the asset disposal, representing an 11% appreciation in the property.

Rainbow Villas in Clearwater Bay changed hands for around HKD 100 m
According to market news, a 1,789 sq ft unit in the Rainbow Villas in Clearwater Bay, owned by an artist called Mr. Eric Tsang or related parties, has just successfully transacted for HKD 100 million, or HKD 56,000 sq ft. According to the Land Registry, the property was purchased in 1988 for HKD 4.03 million and held under a company name. A total of HKD 95.97 million was booked upon the property disposal. Both the transaction price and the price per sq ft have reached new highs for the estate.

(Sources: Vigers Research and market news)


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