News Room – Daily Property News

Private residential construction down 36% y-o-y in the first 4 months
The Buildings Department announced two private residential projects started construction in April, involving 957 units, up 38% m-o-m. It reached a 4-month high. An accumulated total of 2,252 units commenced construction in the first four months in 2020, down 36% y-o-y.

14 building plans approved in April
The Buildings Department approved 14 building plans in April, including nine apartment and apartment/commercial developments. Among which, House 9, Big Wave Bay Road, Southern District has approved to build a 1-storey villa, and a total GFA of 15,300 sq ft to be provided.

Great Eagle Centre sold at HKD 27,617 psf
According to market news, Unit 5, 19/F, Great Eagle Centre, Wan Chai, with an area of 2,350 sq ft, has been transacted at HKD 64.9 million or HKD 27,617 per sq ft. The original owner bought the unit at HKD 53 million in 2015, making a book profit of HKD 11.9 million and a 22.5% appreciation in five years.

Harbour Pinnacle slashed 16.1%
Unit C, high-floor, Harbour Pinnacle, Tsim Sha Tsui, with a saleable area of 494 sq ft, has been changed hands at HKD 13.6 million or HKD 27,530 per sq ft. The original owner purchased the unit at HKD 16.218 million in 2014, making a book loss of HKD 2.618 million and a 16.1% depreciation in six years.

(Sources: Vigers Research and market news)

Transactions at Mid-Levels reached a 1-year high in May
According to market news, a total of 123 private transactions were recorded in the Mid-Levels district in May, up 41% m-o-m, reaching a 1-year high. Among which, Mid-Levels West recorded 84 transactions, and it has the highest transaction volume in the Mid-Levels district.

OMEGA moved out Canton Road shop
According to market news, OMEGA decided not to renew the lease of the shop on G/F-3/F, Canton Plaza, 82-84 Canton Road, Tsim Sha Tsui. With a combined area of 7,203 sq ft, it was rented at HKD 7.475 million or HKD 1,038 per sq ft. Recently, the brand has already moved out.

Beach Pointe changed hands at HKD 33.8 m
A gound floor unit, Beach Pointe, Stanley, with a saleable area of 1,338 sq ft and a parking space, has been transacted early this month at HKD 33.8 million or HKD 25,262 per sq ft. The original owner purchased the unit at HKD 11.58 million in 1996, making a book profit of HKD 22.22 million and a 1.9 times appreciation.

The Wings sold at HKD 21 m
Unit C, high-floor, Tower 1, The Wings, Tseung Kwan O, with a saleable area of 968 sq ft, has been sold at HKD 21 million or HKD 21,694 per sq ft, reaching the highest among similar units of the estate.

(Sources: Vigers Research and market news)

43 new homes were sold over weekend
Remaining stocks were sold over the past weekend. A total of 43 units were sold in the primary market over the past weekend, down 82% w-o-w (Past weekend: 240 transactions). Among which, Unit B, 32/F, Tower 1, Fleur Pavilia, North Point, with a saleable area of 1,202 sq ft, has been sold at HKD 50.581 million or HKD 42,081 per sq ft.

Ten major estates recorded 18 transactions during weekend
According to market news, 18 transactions were recorded in the ten major estates during weekend, up 38.5% w-o-w. Among which, Kingswood Villas and Taikoo Shing recorded five and four transactions, respectively.

Hong Lok Yuen transacted at HKD 37 m
Odd No. House, Twenty-Fourth Street, Hong Lok Yuen, Tai Po, with a saleable area of 2,231 sq ft and a 2,025-sq-ft-garden, has been transacted with tenancy at HKD 37 million or HKD 16,584 per sq ft.

Park Avenue sold at HKD 23,703 psf
According to market news, Unit B, mid-floor, Tower 7, Park Avenue, Olympic Station, with a saleable area of 848 sq ft, has been sold at HKD 20.1 million or HKD 23,703 per sq ft.

(Sources: Vigers Research and market news)

Shop at Lockhart Road sold with 24% discount
Shop C1, G/F, Yue On Building, 146-148 Lockhart Road, Wan Chai, with an area of 200 sq ft, has been sold with 24% discount at HKD 20.5 million or around HKD 100,000 per sq ft. The current rent of the shop was HKD 80,000 per month, representing a rental return of 4.7% to the new buyer.

Sasa moving out Percival Street giant shop
According to market news, Sasa International has moved out its shop with an area of 5,400 sq ft at G/F-1/F, 72-74 Percival Street, Causeway Bay. Among which, street shop at 72 Percival Street, with an area of 1,200 sq ft, has been rented by another tenant at HKD 200,000 per month or HKD 167 per sq ft.

Dynasty Court transacted at HKD 36,005 psf
Unit B, low-to-mid-floor, Tower 4, Dynasty Court, Mid-Levels, with a saleable area of 1,522 sq ft, has been transacted at HKD 54.8 million or HKD 36,005 per sq ft. The original owner made a book profit of HKD 22 million and a 67% appreciation in 23 years.

Grand Promenade changed hands at HKD 16.38 m
Unit B, high-floor, Tower 1, Grand Promenade, Sai Wan Ho, with a saleable area of 673 sq ft, has been changed hands at HKD 16.38 million or HKD 24,339 per sq ft. The original owner bought the unit at HKD 12.8 million in 2014, making a book profit of HKD 3.58 million in six years.

(Sources: Vigers Research and market news)

Unit rent of private flats dropped for ten consecutive months in May
According to market news, the average rent in the 107 major estates was HKD 33.2 per sq ft in May, down 0.3% m-o-m (April: HKD 33.3 per sq ft). It has been decreased for ten consecutive months, accounted for an accumulated drop of 12.4%.

Entire property at Sai Yee Street transacted at HKD 310 m
Lofter Group partnered with a private financial group, Foundation II purchased an entire property located at 181-183 Sai Yee Street, Mong Kok at HKD 310 million. The site has an area of 3,310 sq ft, and a total GFA of 29,800 sq ft will be provided. It is expected to redevelop into a 22-storey residential and commercial property, and the investment amounted to HKD 600 million.

Shop at Fuk Wing Street transacted at HKD 8.9 m
Street Shop, G/F, 557 Fuk Wing Street, Sham Shui Po, with an area of 900 sq ft, has been changed hands at HKD 8.9 million or HKD 9,889 per sq ft, and it is 20% lower than the market price.

Multiple floors at H Zentre leased at HKD 3 m per month
Multiple floors, including 9/F, 12/F (with a terrace) & B1/F, H Zentre, 15 Middle Road, Tsim Sha Tsui, with a combined area of 44,973 sq ft, have been leased at HKD 3 million per month by Union Hospital.

(Sources: Vigers Research and market news)

1,762 industrial and commercial rentals recorded in May
According to a market report, a total of 1,762 industrial and commercial rentals were registered in May, increased by 17% m-o-m. The consideration totaled HKD 98.76 million, up 38% m-o-m, yet dropped by 36% on a yearly basis.

Duplex Unit of Dukes Place sold at HKD 60,000 psf
Duplex unit B, 5/F-6/F, Dukes Place, Jardine’s Lookout, with a saleable area of 2,849 sq ft, has been sold with two parking spaces at HKD 172 million or around HKD 60,000 per sq ft.

Hysan Place rented at HKD 2.96 m
Entire office floors on 31/F and 32/F, Hysan Place, Causeway Bay, with a combined area of 32,866 sq ft, have been rented by serviced office operator Regus at HKD 2.958 million per month or HKD 90 per sq ft.

Street shop at Hoi Pa Street transacted at HKD 23.5 m
Street shop 102B at 102 Hoi Pa Street, Tsuen Wan, with an area of 600 sq ft, has been transacted at HKD 23.5 million or HKD 39,000 per sq ft. The transacted price is 30% lower than the initial asking price at HKD 33 million. It is currently rented by a convenience store for HKD 60,000 per month, and the rental return for new buyer is about 3.1%.

(Sources: Vigers Research and market news)

240 news homes were sold during weekend
A total of 240 units were sold in the primary market over the past weekend, down around 31% w-o-w. Among which, 192 units at Wetland Seasons Park Phase 2 in Tin Shui Wai were transacted. A total of 680 units have been sold, and it dominated 97% of the overall volume, cashing in HKD 4.5 billion.

Ten major estates recorded 13 transactions during weekend
According to market news, 13 transactions were recorded in the ten major estates during weekend, up 18% w-o-w (Past weekend: 11 transactions). It has been increased for two consecutive weekends. Among which, South Horizons recorded four transactions.

South Bay Palace changed hands at HKD 28 m
According to market news, Unit B, high-floor, Tower 2, South Bay Palace, Repulse Bay, with a saleable area of 1,273 sq ft, has been changed hands at HKD 28 million or HKD 21,995 per sq ft. The original owner purchased the unit at HKD 16.62 million in 2005, making a book profit of HKD 11.38 million in 15 years.

Street shop in Tsim Sha Tsui leased out at HKD 130,000 per month
Street shop, 45 Haiphong Road, Tsim Sha Tsui, with an area of 818 sq ft, has been leased out for short-term at HKD 130,000 per month or HKD 159 per sq ft. The short-term rent is 78% lower than the previous rent.

(Sources: Vigers Research and market news)

Three projects applied for pre-sale consents in May
The Lands Department received three pre-sale consent applications for 1,628 units in May. Among which, Phase 1 of 7 Muk Tai Street project in Kai Tak is expected to provide 479 units and to be completed in September 2022.

Private completion up 77% m-o-m in Apr
The Rating and Valuation Department announced that the private residential completion recorded 2,508 units in April, up 77.5% m-o-m (March: 1,413 units). The first four months of 2020 recorded 6,252 completions, dominating 30% of the overall completion volume of the year.

Special unit of OMA by the Sea reached new highs
Unit A1, 17/F, Tower 1, OMA by the Sea, Tuen Mun, with a saleable area of 1,288 sq ft and a 1,288-sq-ft rooftop, has been transacted at HKD 25.58 million or HKD 19,860 per sq ft. The transaction price and the unit price reached the highest of the estate.

Shop in To Kwa Wan transacted at HKD 14 m
Street shop, G/F-M/F, 35B Cheung Ning Street, To Kwa Wan, with a combined area of 1,600 sq ft, has been transacted at HKD 14 million or HKD 8,750 per sq ft. The original owner bought the shop at HKD 4.6 million in 2007, making a book profit of HKD 9.4 million and a two times appreciation in 13 years.

(Sources: Vigers Research and market news)

Fifty major Grade A office buildings recorded 13 transactions in May
According to market news, 13 transactions were recorded in fifty major Grade A office buildings in May, up six cases m-o-m. The number hit a 10-month high, and the deals involved a total floor area of around 80,000 sq ft. Of which, sales in the Kowloon district accounted for nine transactions.

Shop in Fanling sold at HKD 77,000 psf
Shop A, G/F, 17 Luen On Street, Fanling, with an area of 380 sq ft, was sold at HKD 29.5 million or around HKD 77,632 per sq ft last month. The current rent of the shop is HKD 110,000 per month, representing a yield of 4.4% to the new buyer.

Chevalier Commercial Centre changed hands at HKD 17.17 m
Office unit 3, 6/F, Chevalier Commercial Centre, 8 Wang Hoi Road, Kowloon Bay, with an area of 2,388 sq ft, has been changed hands for HKD 17.17 million or HKD 7,190 per sq ft. The original owner purchased the unit at HKD 5.73 million in 1992, making a book profit of HKD 11.44 million and a two times appreciation in 28 years.

Redhill Peninsula rented at HKD 70,000
Unit A, mid-floor, Tower 4, Redhill Peninsula, Southern District, with a saleable area of 1,567 sq ft, has been rented out at HKD 70,000 per month or HKD 45 per sq ft. The original owner purchased the unit at HKD 9 million in 2003, earning a rental return of 9%.

(Sources: Vigers Research and market news)

Overall property transactions hit year high in May
According to the Land Registry, a total of 6,885 property transactions were recorded in May, rose 41.5% m-o-m and the figure reached a year high. Among which, the private home transactions got 5,984 registrations, surged 45.9% m-o-m.

Entire office floor at Nathan Road transacted at HKD 18.7 m
The entire office floor, 15/F, 726 Nathan Road, Mong Kok, with an area of 2,200 sq ft, has been transacted at HKD 18.7 million or HKD 8,500 per sq ft. The original owner purchased the floor at HKD 55 million in 2013, making a book loss of HKD 36.3 million in seven years.

Shop at Chun Yeung Street transacted at HKD 47 m
According to market news, a street shop at 91H Chun Yeung Street, North Point, with an area of 1,200 sq ft, has been transacted at HKD 47 million or HKD 39,000 per sq ft. The current monthly rent of the shop is HKD 125,000, representing a yield of 3.2% to the new buyer.

Villa at L’harmonie rented at HKD 160,000
A villa at L’harmonie, Stanley, with an area of 2,326 sq ft, has been rented at HKD 160,000 per month or HKD 69 per sq ft. The owner purchased the unit at HKD 56.5 million in 2007, earning a rental return of 3.4%.

(Sources: Vigers Research and market news)