News Room – Daily Property News

Industrial and commercial transactions up 25% m-o-m in May
According to market news, stripping out the number of internal transactions with a price above HKD 1 billion per transaction, 258 industrial and commercial transactions were recorded in May, increased by 25% m-o-m. The total consideration recorded HKD 5.449 billion, edged up 3% m-o-m. Both the figures reached the monthly highs year-to-date.

No. of equitable mortgage registrations up 37% m-o-m in May
A total of 404 equitable mortgage registrations were recorded in May, rebounded by 36.9% m-o-m, yet dropped by 41.3% on a yearly basis. While 5,033 cases of mortgage on completed properties were recorded, down 9.4% m-o-m and hit a 4-year monthly low.

Lippo Centre sold with HKD 7 m loss
Office units 05-06, high-floor, Lippo Centre Tower 2, Admiralty, with a total area of 3,652 sq ft, has been changed hands for HKD 102 million or HKD 28,000 per sq ft. The original owner purchased the units at HKD 109 million in 2017, making a book loss of HKD 7 million in three years.

The Legend sold at HKD 40 m
Unit B, mid-floor, Tower 3, The Legend, Tai Hang, with a saleable area of 1,538 sq ft and two parking spaces, has been transacted at HKD 40 million or HKD 26,008 per sq ft. The original owner purchased the property at HKD 20 million in 2009, making a book profit of HKD 20 million in 11 years.

(Sources: Vigers Research and market news)

Secondary transactions up 5.9% m-o-m in May
Sentiment in the secondary market is on the upbeat trend. According to market news, a total of 3,753 transactions were recorded in the secondary residential market as at 25 May, up 5.9% as compared to the transaction number of 3,545 cases in April.

697 industrial and commercial rentals recorded in first half of May
According to a market report, a total of 697 industrial and commercial rentals were registered in the first half of May, increased by 56% m-o-m. The consideration totaled HKD 41.95 million, up 79% m-o-m, yet dropped by 43% on a yearly basis.

Shop at Haiphong Road rented at HKD 112 psf
Street shop, 31 Haiphong Road, Tsim Sha Tsui, with an area of 893 sq ft, has been rented by an audio-visual equipment store at HKD 100,000 per month or HKD 112 per sq ft. The new rent is 50% below the market level.

Adjacent Units of Dynasty Heights changed hands at HKD 39.98 m
Adjacent Units A and B, mid-floor, Block 7, Tropicana, Dynasty Heights, Kowloon Tong, with a combined area of 1,963 sq ft, have been transacted at HKD 39.98 million or HKD 20,367 per sq ft. The original owner purchased the units at HKD 36 million in 2015, making a book profit of HKD 3.98 million and a 11% appreciation in five years.

(Sources: Vigers Research and market news)

Tai Cheung wins Ap Lei Chau site
The tender of the residential site on Aberdeen Praya Road in Ap Lei Chau has been awarded to Tai Cheung Holdings Limited, announced by the Lands Department. It has been sold at HKD 1.3328 billion. With a total GFA of 88,284 sq ft, the accommodation value was about HKD 15,097 per sq ft, meeting the upper-end of market expectations.

Enterprise Square sold at HKD 5,800 psf
Office unit 02, low-floor, Tower 1, Enterprise Square, Kowloon Bay, with an area of 9,532 sq ft, has been transacted at HKD 55.285 million or HKD 5,800 per sq ft, 20% below the market level.

Giant Shop at Sheung Wan sold at a 20% discount
Shop A, G/F-1/F, 84-90 Bonham Strand, Sheung Wan, with a total area of 7,982 sq ft, has been sold at HKD 96 million or HKD 12,000 per sq ft. The transacted price is HKD 24 million or 20% lower than the initial asking price.

Villa at Green Lodge sold at HKD 38.38 m
House 8 of Green Lodge, Tong Yan San Tsuen, Yuen Long, with a saleable area of 3,406 sq ft, together with two parking spaces, a terrace and a garden, has been sold through tender at HKD 38.38 million or HKD 11,268 per sq ft.

(Sources: Vigers Research and market news)

Kam Pok Road site approved to build 65 villas
The Town Planning Board approved two applications, involving the increase of number of units at plots in Yuen Long. Of which, the Henderson Land project at Kam Pok Road, Yuen Long has approved to increase the number of units being built by 33 villas to 65 villas. While the average size of the houses shrinks 51% to 1,249 sq ft.

Second-hand villa registrations reached 10-month high in April
According to market news, 35 secondary villa registrations were recorded in April, surged 40% m-o-m, involving a total transaction amount of HKD 594 million, which decreased by 3.1% m-o-m. The transaction volume reached a 10-month high. The primary villa market recorded six transactions with the total consideration of HKD 867 million in April.

Dukes Place reached new highs
Unit A, 16/F, Dukes Place, Jardine’s Lookout, with a saleable area of 2,848 sq ft and two parking spaces, has been transacted at HKD 222 million or HKD 78,000 per sq ft. Both the transaction price and unit price reached new high of the estate.

Shop at Tung Choi Street changed hands at HKD 44 m
Street shop at 190 Tung Choi Street in Mong Kok, with an area of 1,400 sq ft and a mezzanine, has been changed hands at HKD 44 million or HKD 31,400 per sq ft. The original owner purchased the shop at HKD 23.2 million in 2007, making an appreciation of 90% in 13 years.

(Sources: Vigers Research and market news)

Phase 2 of Sha Po Tsuen in Yuen Long applied to construct 1,154 units
Sun Hung Kai Properties has applied to the Town Planning Board to increase the development density for the land site at Phase 2, Sha Po Tsuen, Yuen Long last year. The total GFA will increase 42% to 528,800 sq ft, it is expected to build seven 17-storey residential buildings, providing 1,154 units. The Planning Department has not objected to the application, and the application is expected to go through today.

Entire floor of C-BONS International Centre sold at HKD 176 m
According to market news, entire mid-floor, C-BONS International Centre, Kwun Tong, with an area of 16,844 sq ft, has been transacted at HKD 176 million or HKD 10,449 per sq ft. The transaction price is 20% lower than the current market price.

OMA by the Sea reached new highs
Unit C2, 17/F, Tower 1, OMA by the Sea, Tuen Mun, with a saleable area of 619 sq ft and a 550-sq-ft-rooftop, has been sold at HKD 10.055 million or HKD 16,244 per sq ft through tender. The transaction price and unit price reached the highest of the estate.

Shop at Russell Street rented at HKD 100,000 per month
Shop B6, G/F, Lai Yuen Apartments, 59-61 Russell Street, Causeway Bay, with an area of 350 sq ft, has been leased out for short-term for HKD 100,000 per month or HKD 286 per sq ft. The short-term rent is 77.8% lower than the previous rent.

(Sources: Vigers Research and market news)

330 units were sold in primary market during weekend
A total of 330 new homes were sold during the past weekend, while the number stayed unchanged over the week. Among which, Wetland Seasons Park Phase 2 in Tin Shui Wai and Aquila.square Mile in Mong Kok recorded around 192 transactions and 40 transactions, respectively.

Ten major estates recorded nine transactions over weekend
According to market news, nine transactions were recorded in the ten major estates over the weekend, down 53% w-o-w, and it returned to the single-digit level. Among which, Kornhill in Quarry Bay accounted for three cases of the total.

The Belchers sold at HKD 28.4 m
Unit A, mid-floor, Tower 5, The Belchers, Pok Fu Lam, with a saleable area of 1,103 sq ft, has been transacted at HKD 28.4 million or HKD 25,748 per sq ft. The original owner purchased the unit at HKD 7.176 million in 2001, making a book profit of HKD 21.224 million and a three times appreciation in 19 years.

The Zenith rented at HKD 46 psf
Unit B, low-to-mid-floor, Tower 2, The Zenith, Wan Chai, with a saleable area of 650 sq ft, has been rented at HKD 30,000 per month or HKD 46.2 per sq ft, 15% below the asking rental price. The owner purchased the unit at HKD 6.98 million in 2007, earning a rental return of 5.2%.

(Sources: Vigers Research and market news)

109 industrial and commercial transactions recorded in first half of May
According to a market report, a total of 109 industrial and commercial transactions were registered in the first half of May, and it dropped 53% y-o-y. The consideration totaled HKD 1.896 billion, down 56% on a yearly basis.

Shop in Mong Kok transacted at HKD 22.5 m
Street shop B, G/F-M/F, Wing Fook Building, 316-320 Reclamation Street, Mong Kok, with a combined area of 1,150 sq ft, has been transacted at HKD 22.5 million or HKD 19,600 per sq ft. The original owner bought the shop at HKD 106,500 in 1964, making a book profit of HKD 22.39 million and a 210 times appreciation in 56 years.

Gramercy sold with a loss
Unit A, low-floor, Gramercy, Mid-Levels West, with a saleable area of 650 sq ft, has been changed hands at HKD 15.6 million or HKD 24,000 per sq ft. The original owner purchased the unit at HKD 16.79 million in 2010, the actual loss was about HKD 2 million if including stamp duties and agency commission.

The Belchers transacted at HKD 37.5 m
Unit H, high-floor, Tower 6, The Belchers, Mid-Levels West, with a saleable area of 1,144 sq ft, has been transacted with a parking space at HKD 37.5 million or HKD 32,780 per sq ft.

(Sources: Vigers Research and market news)

Private residential construction reached 10-year low in Q1
The Buildings Department announced that four private residential projects started construction in March, among which, the project located at 34-38 Belcher’s Street, Kennedy Town is expected to provide 342 units. Regarding Q1 performance, only 685 private residential units started construction, down 66% y-o-y, and it reached a 10-year low since 2010 Q1.

Yee Tak Building unified ownership
Two projects were put on compulsory sale yesterday. Among which, the ownership of Yee Tak Building located at 121-131 Shau Kei Wan Main Street East was successfully unified by Hip Shing Hong (Holdings) Company Limited at HKD 804 million. The market expected a 26-storey residential and commercial building will be built, and a total GFA of 60,000 sq ft will be provided.

Shop in Mong Kok changed hands at HKD 78 m
Street shop, G/F-M/F, 138 Tung Choi Street, Mong Kok, with an area of 1,000 sq ft, has been transacted at HKD 78 million or HKD 78,000 per sq ft, according to market news. The original owner bought the shop at HKD 83 million in 2012, making a book loss of HKD 5 million and a 6% depreciation in eight years.

Multiple floors of Yue Thai Commercial Building sold at HKD 350 m
According to market news, G/F-3/F & 8/F-11/F, Yue Thai Commercial Building, 128 Connaught Road Central, Sheung Wan, with a combined area of 17,200 sq ft, have been sold at HKD 350 million or around HKD 20,000 per sq ft.

(Sources: Vigers Research and market news)

CK Asset Holdings wins Anderson Road land
The tender of the residential site for a mixture of private and starter homes on Anderson Road in Kwun Tong has been awarded to CK Asset Holdings Limited, announced by the Lands Department. It has been sold at HKD 4.951 billion. With a total GFA of 1.0891 million sq ft, the accommodation value was about HKD 4,546 per sq ft, meeting the lower-end of market expectations.

Unit rent of private flats recorded HKD 34.65 in April
According to market news, the average rent of the private flats recorded HKD 34.65 per sq ft of saleable area in April, down 1.3% m-o-m, reaching a 3-year low since March 2017. It accounted for an accumulated drop of 5.1% in first four months this year.

Duplex unit at La Vetta transacted at HKD 81.992 m
Duplex unit B, top-floor, Tower 3, La Vetta, Kau To, Shatin, with a saleable area of 2,172 sq ft, a 409-sq-ft terrace, a 791-sq-ft rooftop and a parking space, has been transacted through tender at HKD 81.992 million or HKD 37,750 per sq ft.

Shop on King’s Road sold at HKD 33.5 m
According to market news, shop 2, G/F, On Ning Building, 425-431 King’s Road, North Point, with an area of 600 sq ft, has been sold with tenancy at HKD 33.5 million or HKD 55,800 per sq ft. The original owner purchased the shop at HKD 15 million in 2007, making a book profit of HKD 18.5 million and a 1.23 times appreciation in 13 years.

(Sources: Vigers Research and market news)

Major Grade A office rents down 4.2% m-o-m in April
According to market news, the major Grade A office rents fell 4.2% m-o-m in April. It has been decreased for ten consecutive months, returning to the level in mid-2016, and it accounted for an accumulated drop of 12.8% this year.

Unit price of Dukes Place reached new high
Unit A, 17/F, Dukes Place, Jardine’s Lookout, with a saleable area of 2,848 sq ft, has been sold with two parking spaces at HKD 219 million or HKD 77,000 per sq ft. The unit price reached the highest of the estate. A total of four units have been sold, cashing in HKD 780 million.

Shop in Central rented at HKD 150,000 per month
According to market news, street shop, 26 Wellington Street, Central, with an area of 630 sq ft, has been leased at HKD 150,000 per month or HKD 238 per sq ft. The new rent is 60% lower than the peak level.

Coastal Skyline sold at HKD 21.5 m
High-floor unit, Tower 1, Le Bleu Deux, Phase 4, Coastal Skyline, Tung Chung, with a saleable area of 1,342 sq ft, has been transacted at HKD 21.5 million or HKD 16,021 per sq ft. The transaction price reached the highest of strata-title sales of the estate and the district.

(Sources: Vigers Research and market news)