News Room – Daily Property News

15 units of Emerald Bay sold
Emerald Bay, developed by China Evergrande, has sold 15 units in a single day, including the 2-room rooftop unit in Tower 2A of Phase 1. The unit, consists 383 sq ft and a 310-sq-st rooftop, is transacted at around $8.3M or $21,681 / sq ft, which is the highest price per sq ft of the project.

Rezone to 8 Houses at Hang Hau Road accepted
The application of rezoning to 8 residential houses at lot 310 in D.D. 224 and adjoining government land, Hang Hau Road, Sai Kung (total floor area: 45,200 sq ft) is accepted. The application, made in 2018 to the Town Planning Board, consists of building eight 5-floor houses and one 2-floor non-residential buildings with a total gross floor area over 40,000 sq ft. It is reported that the land is owned by celebrity Mr Johnny Tang and related parties.

9 QRC rented below market price
A high-floor unit at 9 Queen’s Road Central, with floor area 4,120 sq ft, is recently leased at $54 / sq ft or $220,000 / month. The unit was rented out at $70 / sq ft. However, with the recent slump in economy, the latest lease is 10% lower than the market price. It is expected the new tenant is an overseas giant financial corporation.

(Sources: Vigers Research and market news)

19 building plans approved in July
The Buildings Department approved 19 building plans in July, including seven apartment and apartment/commercial developments. Among which, site at Yau King Lane, Pak Shek Kok in Tai Po was approved to build fourteen 11-14 storey residential buildings and a 1-storey clubhouse. A total GFA of 949,000 sq ft are expected to be provided.

Private residential construction up 150% m-o-m in July
The Buildings Department announced four private residential projects started construction in July, involving 600 units. It increased 150% on a monthly basis. An accumulated total of 6,022 units commenced construction in the first seven months in 2020, dropped 7% y-o-y, hit a 6-year low.

Seacoast Royale reached new highs
Unit 10, 19/F, Tower 3, Seacoast Royale, Tuen Mun, with a saleable area of 1,267 sq ft, together with a 434-sq-ft-terrace and a 1,197-sq-ft-rooftop, has been transacted at HKD 30 million or HKD 23,678 per sq ft. The transaction price and unit price reached the highest of the estate.

Entire floor of Enterprise Square sold at HKD 72 m
35/F, Enterprise Square Two, Kowloon Bay, with an area of 9,420 sq ft, has been sold at HKD 72 million or HKD 7,643 per sq ft on 1 September. The new buyer is Hybribio Limited. The original owner made a book profit of HKD 58.1 million and a 4.2 times appreciation in 18 years.

(Sources: Vigers Research and market news)

Industrial building in Tsuen Wan paid land premium of HKD 1.415 b
Winner Godown Building, 503-515 Castle Peak Road and 1-9 Sha Tsui Road in Tsuen Wan paid the land premium of HKD 1.415 billion in August. With a total GFA of 497,900 sq ft, the premium was about HKD 2,841 per sq ft.

Vacancy rate in 4 major retail districts reached 12.6%
According to a market report between July and August, there were 945 unoccupied shops in the 4 major retail districts including Tsim Sha Tsui, Mong Kok, Causeway Bay and Central, increased 95% y-o-y. The vacancy rate was 12.6%, among which, Causeway Bay recorded the highest vacancy rate of 18%.

Shop at Tai Wai changed hands at HKD 23.08 m
Shop 4, G/F, Carado Garden, 20-30 Tin Sam Street, Tai Wai, with an area of 700 sq ft, has been transacted with 34% discount at HKD 23.08 million or HKD 32,971 per sq ft. The transaction price is 5% lower than the market price. The current monthly rent of the shop is HKD 80,000, representing a rental return of 4.2% to the new buyer.

Harbour One sold at HKD 28.8 m
Unit D, high-floor, Harbour One, Kennedy Town, with a saleable area of 1,127 sq ft, has been sold at HKD 28.8 million or HKD 25,555 per sq ft. The original owner bought the unit at HKD 25.88 million in 2011, making a book profit of HKD 2.92 million.

(Sources: Vigers Research and market news)

Grade A office vacancy rate in Central at 5.2% in August
According to market news, the overall Grade A office vacancy rate on Hong Kong Island was at 7.41% in August, edged up 0.04% m-o-m. Among which, vacancy rate in Central dropped 0.37% m-o-m to 5.2%, and Sheung Wan recorded the largest monthly increase over the month.

Yuen Long site applied to construct aged home
A financial group suggested to rezone the land site at Ma Tin Pok in Yuen Long to Government, Institution or Community (5) purpose last year, and a 5-storey aged home is expected to be built. The Town Planning Board will discuss the plan today. The site has an area of 10,376 sq ft, and the total GFA is about HKD 38,578 sq ft.

Multiple units of Lippo Centre sold at HKD 115 m
Units 2, 3 & 5A, 25/F, Tower 2, Lippo Centre, Admiralty, with a total area of 5,245 sq ft, have been transacted at HKD 115 million or HKD 21,926 per sq ft. It has been the largest deal in two years. The original owner made a book profit of HKD 62.5 million and a 1.2 times appreciation in ten years.

Shop at Island Resort Mall rented at HKD 550,000
According to market news, shops 102 & 108, 1/F, Island Resort Mall, Siu Sai Wan, with a combined area of 35,000 sq ft, have been rented to Don Don Donki, involving a monthly rent of HKD 550,000 or HKD 16 per sq ft.

(Sources: Vigers Research and market news)

Primary market recorded 44 transactions during weekend
The remaining stocks were sold during the weekend. According to market news, around 44 new homes were sold over the weekend, up 16% w-o-w (Past weekend: 38 transactions). Among which, 14 units were sold at K. Summit in Kai Tak.

Ten major estates recorded 14 transactions over the weekend
According to market news, a total of 14 transactions were recorded in the ten major estates over the weekend, down 33.3% w-o-w (Past weekend: 21 transactions), hit a 5-week low. Among which, zero transaction was recorded in four major estates.

Villa of Marinella sold at HKD 137.8 m
House 12, Marinella, Aberdeen, with a saleable area of 2,747 sq ft, a 717-sq-ft-garden and a parking space, has been transacted at HKD 137.8 million or HKD 50,164 per sq ft through tender.

Special unit of Ocean Wings rented at HKD 56,000 per month
According to market news, a low-floor unit, Tower 3, Ocean Wings, Tseung Kwan O, with a saleable area of 1,001 sq ft, a 604-s-q-ft-garden and a 316-sq-ft-terrace, has been rented at a monthly rent of HKD 56,000 or HKD 55.9 per sq ft.

(Sources: Vigers Research and market news)

Hang Lung Properties wins Shouson Hill land
Hang Lung Properties had won the tender of the land site of the US government’s residential real estate asset located at 37 Shouson Hill Road, Shouson Hill at HKD 2.566 billion. The site has an area of 94,800 sq ft. With a total GFA of 47,400 sq ft, the accommodation value was about HKD 54,100 per sq ft, and was close to the lower end of market expectation. It is expected to be redeveloped into luxury estates. The total investment will reach HKD 4 billion, and the project is expected to be completed in 2024.

Dukes Place sold at HKD 58,968 psf
Duplex unit B, mid-floor, Dukes Place, Jardine’s Lookout, with a saleable area of 2,849 sq ft, together with two parking spaces, has been transacted at HKD 168 million or HKD 58,968 per sq ft.

Shop at Ki Lung Street sold at HKD 17 m
According to market news, street shop, G/F, 160 Ki Lung Street, Sham Shui Po, with an area of 800 sq ft, has been sold at HKD 17 million or HKD 21,250 per sq ft. The original owner bought the shop at HKD 190,000 in 1972, making a book profit of HKD 16.81 million or a 88 times appreciation in 48 years.

Entire floor of The Sharp transacted at HKD 35.28 m
Entire 32/F, The Sharp, 11-13 Sharp Street East, Causeway Bay, with an area of 1,579 sq ft, has been transacted at HKD 35.28 million or HKD 22,343 per sq ft.

(Sources: Vigers Research and market news)

Loosen the plot ratio of Kwun Tong old building
Biel Crystal has proposed to the Town Planning Board to loosen the plot ratio by 20% to 14.4 of Good Year Industrial Building at 119-121 How Ming Street, Kwun Tong. The site has an area of 10,000 sq ft, it is expected to be redeveloped into a 39-storey (with a two-storey basement) innovative industrial building, and a total GFA of 144,000 sq ft will be provided.

Shop rent in Tsim Sha Tsui slashed 49%
Chinese jewellery shop Lao Feng Xiang has renewed the lease at shop C, G/F, Golden Crown Court, 66-70 Nathan Road, Tsim Sha Tsui at a monthly rent of HKD 280,000. With an area of 700 sq ft, the unit rent is about HKD 400. The new rent is 49% lower than the previous rent.

Century Gateway transacted at HKD 19 m
Unit G, high-floor, Tower 1, Century Gateway, Tuen Mun, with a saleable area of 889 sq ft, has been changed hands at HKD 19 million or HKD 21,372 per sq ft. The original owner bought the unit at HKD 14.99 million in 2012, making a book profit of HKD 4.01 million.

The Redhill Peninsula sold at HKD 24,250 psf
According to market news, mid-floor unit, Tower 1, The Redhill Peninsula, Tai Tam, with a saleable area of 1,567 sq ft, has been sold with a parking space at HKD 38 million or HKD 24,250 per sq ft.

(Sources: Vigers Research and market news)

Old building at Tung Chau Street applied for compulsory sale
An old building located at 306-312 Tung Chau Street, Sham Shui Po applied for compulsory sale, and New World Development owned at least 80% of the ownership. The site has an area of 4,770 sq ft, and the market valuation is about HKD 160 million.

Fifty major Grade A office buildings recorded four transactions in August
According to market news, four transactions were recorded in fifty major Grade A office buildings in August, down one transaction m-o-m. Of which, Kowloon regions recorded three transactions.

Mong Kok shop rent slashed 69%
According to market news, Shop 21C, G/F-1/F, Soy Street, Mong Kok, with a combined area of 3,300 sq ft, has been rented to a sportswear brand at HKD 250,000 per month or HKD 75.7 per sq ft. The new unit rent is 69% lower than the previous one.

Failed transaction recorded at La Vetta
A failed transaction was reported at La Vetta. A buyer agreed to purchase a special unit, 6/F, Tower 1, La Vetta, Kau To at HKD 68.23 million in May last year but has failed to complete the transaction, forfeiting HKD 6.82 million of deposit.

(Sources: Vigers Research and market news)

Primary market recorded 38 transactions during weekend
During the weekend, 38 units were sold in the primary market, down 45% w-o-w (Past weekend: 70 transactions). Among which, Regency Bay in Tuen Mun was the best-selling project with 11 units sold. A total of 202 units have been sold, cashing in HKD 1.3 billion.

Ten major estates recorded 21 transactions over weekend
According to market news, a total of 21 transactions were recorded in the ten major estates over weekend, edged up 5% w-o-w. It reached a 17-week high, and it has been the fifth consecutive weekends with double digit level. Among which, Kingswood Villas in Tin Shui Wai and Metro City in Tseung Kwan O recorded five and two transactions, respectively.

Entire floor at Vincent Commercial Centre transacted at HKD 4,796 psf
4/F, Vincent Commercial Centre, 21 Hillwood Road, Tsim Sha Tsui, with an area of 1,668 sq ft, has been transacted with 33% discount at HKD 8 million or HKD 4,796 per sq ft.

Entire building at Stanley Mound Road sold at HKD 100 m
According to market news, an entire even no. building at Stanley Mound Road, with a total area of 3,940 sq ft, has been sold at HKD 100 million or HKD 25,381 per sq ft through company transfer.

(Sources: Vigers Research and market news)

Industrial and commercial transactions dropped 8.6% m-o-m in August
According to market data, a total of 318 industrial and commercial transactions were registered in August, and the consideration totaled HKD 3.104 billion, dropped 8.6% and 31.4% m-o-m, respectively.

Cheung Sha Wan warehouses applied to build 3,647 units
Kerry Hung Kai Godown and Yuen Fat Godown in Cheung Sha Wan were approved to build 3,140 residential units in 2018. Sun Hung Kai Properties, Kerry Properties and China Resources had a modified redevelopment plan last year, suggesting to build seven residential buildings, involving 3,647 units, and the average area of the units will be 527 sq ft. The Town Planning Board will discuss the plan today.

Shop rent in Causeway Bay slashed 50%
According to market news, The Body Shop has renewed the lease for short-term of an odd no. shop, G/F, Island Beverley, Causeway Bay at HKD 300,000 per month. With an area of 534 sq ft, the unit rent is about HKD 562. The new rent is 50% lower than the previous rent.

The Legend sold at HKD 26,000 psf
Unit D, mid-floor, Tower 5, The Legend, Tai Hang, with a saleable area of 871 sq ft, has been sold at HKD 22.72 million or HKD 26,000 per sq ft. The original owner bought the unit at HKD 14.24 million in 2005, making a book profit of HKD 8.48 million in 15 years.

(Sources: Vigers Research and market news)