News Room – Daily Property News

Grade A office vacancy rate in Central at 7.2% in September
According to market news, the overall Grade A office vacancy rate was at 7.9% in September. Among which, vacancy rate in Central increased to 7.2% over the month, and its Grade A office rent accounted for an accumulated drop of 23.8% this year.

Shop rent in Causeway Bay at HKD 171 psf
According to market news, street shop, G/F, Lockhart Road, Causeway Bay, with an area of 700 sq ft, has been rented at HKD 120,000 per month or HKD 171 per sq ft. The new rent is 59% lower than the previous rent, returning to the level ten years ago.

The Redhill Peninsula changed hands at HKD 43.88 m
Unit A, low-floor, Tower 7, The Redhill Peninsula, Tai Tam, with a saleable area of 1,567 sq ft, has been transacted with HKD 1.1 million discount at HKD 43.88 million or HKD 28,003 per sq ft. The original owner made a book profit of HKD 12.131 million and a 38% appreciation in five years.

Entire floor of Mong Kok industrial building sold at HKD 28 m
13/F, Fook Chiu Factory Building, 20 Bute Street, Mong Kok, with an area of 7,182 sq ft and a rooftop, has been sold at HKD 28 million or HKD 3,899 per sq ft. The original owner made a book profit of HKD 27.48 million and a 52.7 times appreciation in 48 years.

(Sources: Vigers Research and market news)

Kowloon City acquisition costs for HKD 17,698 psf
The property acquisition for the redevelopment project at Kai Tak Road / Sa Po Road in Kowloon City has been proposed to affected property owners by the Urban Renewal Authority (URA). Based on the policy of “seven-year-old flat” for affected owner-occupiers, the acquisition price is calculated as HKD 17,698 per sq ft of saleable area, reaching the third high of the acquisition cost in Kowloon offered by the URA.

Old building in Wong Tai Sin applied for compulsory sale
Rainbow House, 45 Fei Fung Street and 110 Shatin Pass Road in Wong Tai Sin applied for compulsory sale, and the applicant owned around 94.51% of the ownership. The site has an area of 6,532 sq ft, and the market valuation was about HKD 381.25 million.

Unit at The Center sold at HKD 61.18 m
According to market news, unit 13, 39/F, The Center, Central, with an area of 1,995 sq ft, has been sold at HKD 61.18 million or HKD 30,667 per sq ft.

Shop rent in Tsim Sha Tsui slashed 38%
Street shop, G/F, Kok Pah Mansion, 58-60 Cameron Road, Tsim Sha Tsui, with an area of 2,350 sq ft, has been rented at HKD 180,000 per month or HKD 76.6 per sq ft. The new rent is 38% lower than the previous rent.

(Sources: Vigers Research and market news)

Primary market recorded 450 transactions during weekend
According to market news, 450 new homes were transacted during the weekend, increased 3.68 times w-o-w. Among which, 391 units at The Pavilia Farm I, Tai Wai Station were sold out at the first batch of sale, cashing in HKD 4.27 billion.

Ten major estates recorded 11 transactions over weekend
According to market news, a total of 11 transactions were recorded in the ten major estates over the weekend, dropped one transaction on a weekly basis. It has been the eleventh consecutive weekends with double digit transaction volume.

Riva sold at HKD 8.28 m
Unit B, high-floor, Tower 8, Ferentino Boulevard, Riva, Yuen Long, with a saleable area of 649 sq ft, has been transacted at HKD 8.28 million or HKD 12,758 per sq ft. The original owner purchased the unit at HKD 6.277 million in 2014, making a book profit of HKD 2.003 million and a 31.9% appreciation.

Imperial Cullinan rented at HKD 34,000 per month
Unit C, high-floor, Tower 3, Imperial Cullinan, Olympic Station, with a saleable area of 898 sq ft, has been rented at HKD 34,000 per month or HKD 37.9 per sq ft. The owner bought the unit at HKD 13.729 million in 2011, earning a rental return of 3%.

(Sources: Vigers Research and market news)

Land premium increased 5.7 times q-o-q in Q3
The Lands Department announced that a total of 23 lease modifications, one land exchange and two private treaties were registered in Q3 2020. The land premium recorded HKD 3.847 billion, up 570% q-o-q (Q2: HKD 0.574 billion). Regards the first three quarters performance, the land premium recorded HKD 4.421 billion, plunged around 70% y-o-y.

Tai Kok Tsui old building approved for compulsory sale
An old building located at 56, 58,60 & 62 Larch Street and 6 & 8 Lime Street in Tai Kok Tsui has been approved for compulsory sale. The reserve price was about HKD 326 million, and Wang On Properties owned around 80% of the ownership.

Marinella changed hands at HKD 32,018 psf
Unit B, mid-floor, Tower 1, Marinella, Aberdeen, with a saleable area of 1,368 sq ft, has been changed hands at HKD 43.8 million or HKD 32,018 per sq ft. The original owner made a book profit of HKD 6.187 million and a 16% appreciation in nine years.

Shop at The Capital slashed 90%
Odd no. shop, 3/F, The Capital, Tsim Sha Tsui, with an area of 76 sq ft, has been sold at HKD 260,000 or HKD 3,421 per sq ft. The original owner bought the shop at HKD 3.078 million in 2013, making a book loss of HKD 2.818 million and a 90% depreciation.

(Sources: Vigers Research and market news)

Revenue of three spicy trick duties hit a 11-month high in September
The Inland Revenue Department announced that the tax revenue from the three spicy trick stamp duties increased by 95% m-o-m to HKD 2.019 billion (August: HKD 1.037 billion), reaching a 11-month high. While a total of 1,928 transactions were recorded during the month, up 36% m-o-m.

St. George’s Mansions sold at HKD 71,471 psf
Unit A, 23/F, Tower 1, St. George’s Mansions, Ho Man Tin, with a saleable area of 3,330 sq ft, together with a rooftop and three parking spaces, has been sold at HKD 238 million or HKD 71,471 per sq ft. The transaction price and unit price hit the highest of first-hand strata-title sales of the Kowloon district this year.

Entire floor of The Center transacted at HKD 980 m
48/F, The Center, 99 Queen’s Road Central, Central, with an area of 25,695 sq ft, has been transacted at HKD 980 million or HKD 38,140 per sq ft.

Ocean Wings changed hands at HKD 9.9 m
According to market news, Unit D, mid-floor, Tower 7A, Ocean Wings, Tseung Kwan O, with a saleable area of 558 sq ft, has been changed hands at HKD 9.9 million or HKD 17,742 per sq ft. The original owner bought the unit at HKD 7.643 million in 2016, making a book profit of HKD 2.257 million in four years.

(Sources: Vigers Research and market news)

Unit rent of private flats down 1.2% m-o-m in September
According to market news, the average rent in the 107 major estates was HKD 34 per sq ft in September, down 1.2% m-o-m. The unit rent returned to the level in March this year.

Shop at Sai Wan changed hands at HKD 14 m
According to market news, street shop, G/F, Golden Phoenix Court, 1-2 St. Stephen’s Lane, Sai Wan, with an area of 617 sq ft, has been transacted at HKD 14 million or HKD 22,690 per sq ft. The current monthly rent of the shop is HKD 40,000, representing a yield of 3.4% to the new buyer.

Sceneway Garden sold at HKD 14.05 m
A top-floor unit, Tower 10, Sceneway Garden, Lam Tin, with a saleable area of 720 sq ft and a 377-sq-ft-rooftop, has been sold at HKD 14.05 million or HKD 19,514 per sq ft. The transaction price and unit price hit the highest of the estate this year. The original owner made a HKD 9.6 million and a 2.2 times appreciation.

Street shop in Central rented at HKD 350,000 per month
Street shop, G/F, Melbourne Plaza, Queen’s Road Central, Central, with an area of 1,540 sq ft, has been rented at HKD 350,000 per month or HKD 227 per sq ft. The new rent is 50% lower than the previous rent.

(Sources: Vigers Research and market news)

Primary market recorded 96 transactions during weekend
According to market news, 96 new homes were transacted during the weekend. Among which, 60 units of Sea To Sky, Lohas Park in Tseung Kwan O were sold over weekend, dominating around 60% of the overall transaction volume.

Ten major estates recorded 12 transactions over weekend
According to market news, a total of 12 transactions were recorded in the ten major estates over the weekend, dropped 20% w-o-w, and it has been the tenth consecutive weekends with double digit transaction volume. Among which, zero transaction was recorded in City One Shatin and Laguna City.

Duplex unit of Kingswood Villas transacted at HKD 12.8 m
Duplex unit, top-floor, Lynwood Court, Kingswood Villas, Tin Shui Wai, with a saleable area of 1,280 sq ft and a 461-sq-ft-rooftop, has been transacted at HKD 12.8 million or HKD 10,000 per sq ft. The transaction price hit the highest of the estate this year.

Broadview Villa sold at HKD 91 m
Unit B, low-floor, Broadview Villa, Broadwood Road, Happy Valley, with a saleable area of 2,583 sq ft, has been sold at HKD 91 million or HKD 35,230 per sq ft.

(Sources: Vigers Research and market news)

Private residential completion recorded 1,622 units in August
The Rating and Valuation Department announced that private residential completion recorded 1,622 units in August, surged 18.5 times m-o-m. A total of 13,076 units were completed in first eight months this year, accounting for around 63% of the whole year target.

State Theatre Building unified ownership at HKD 4.776 b
Ownership of State Theatre Building in North Point was successfully unified by New World Development at HKD 4.776 billion, and it was the largest compulsory sale in the city. The site has an area of 36,200 sq ft, and is located at the junction of King’s Road and Tin Chong Street in North Point.

Shop at Shau Kei Wan sold at HKD 318 m
According to market news, shop on G/F & 1/F, Shaukiwan Centre, 407-409 Shau Kei Wan Road, Shau Kei Wan, with a combined area of 32,330 sq ft, has been sold at HKD 318 million or HKD 9,836 per sq ft. The shop is currently rented to an elderly home at HKD 900,000 per month, representing a yield of 3.4% to the new buyer.

Skylight Tower changed hands at HKD 25 m
Unit A, low-floor, Skylight Tower, Mid-Levels West, with a saleable area of 1,119 sq ft, has been changed hands at HKD 25 million or HKD 22,341 per sq ft. The original owner bought the unit at HKD 7.85 million in 2007, making a book profit of HKD 17.15 million and a two times appreciation.

(Sources: Vigers Research and market news)

Overall Grade A office rent down 3.4% q-o-q in Q3
According to a market report, the overall Grade A office rents fell 3.4% q-o-q in Q3. Among which, office rents in Central and Wan Chai / Causeway Bay dropped 5% and 6.6% q-o-q, respectively.

Old building in Mid-Levels West will be applied for compulsory sale
An old building at 27E & 27F Robinson Road, Mid-Levels West will be applied for compulsory sale on 29 October, with a reserve price of HKD 234 million. The site has an area of 3,822 sq ft with a 6-storey old building, and Henderson Land owned around 80.55% of the ownership.

Larvotto changed hands at HKD 61 m
Unit A, high-floor, Tower 1, Larvotto, Aberdeen, with a saleable area of 1,942 sq ft, has been sold at HKD 61 million or HKD 31,411 per sq ft. The original owner bought the unit at HKD 49.09 million in 2011, making a book profit of HKD 11.91 million in nine years.

Marina Cove transacted at HKD 25.8 m
According to market news, odd no. house, House G, Marina Cove, Sai Kung, with a saleable area of 1,318 sq ft, together with a 1,931-sq-ft-garden, a 446-sq-ft-rooftop and a 36-sq-ft-terrace, has been transacted at HKD 25.8 million or HKD 19,575 per sq ft.

(Sources: Vigers Research and market news)

Property transactions in September increased 22.1%
According to the Land Registry, a total of 6,581 property transactions were recorded in September, up 22.1% m-o-m (August: 5,390 transactions). The consideration totaled HKD 51.3 billion, up 12.6% on a monthly basis.

Loosen the plot ratio of Cheung Sha Wan industrial building
First Group Holdings Limited has proposed to the Town Planning Board to loosen the plot ratio to 14.352 at Centennial Building, 924-926 Cheung Sha Wan Road in Cheung Sha Wan. The site has an area of 12,000 sq ft. It is expected to be redeveloped into a 27-storey innovative industrial building, and a total GFA of 172,200 sq ft will be provided.

Entire floor at Oliv sold with HKD 31.52 m loss
According to market news, entire floor, mid-floor, Oliv, 15-21 Sharp Street East, Causeway Bay, with an area of 1,933 sq ft, has been transacted at HKD 40 million or HKD 20,693 per sq ft. The original owner made a book loss of HKD 31.52 million in six years.

The Waterfront changed hands at HKD 49.8 m
A duplex unit, top-floor, Tower 5, The Waterfront, Kowloon Station, with a saleable area of 1,642 sq ft, has been sold at HKD 49.8 million or HKD 30,329 per sq ft. The original owner bought the unit at HKD 37.3 million in 2016, making a book profit of HKD 12.5 million.

(Sources: Vigers Research and market news)