News Room – Daily Property News

Overall property transactions down 29% m-o-m in August
According to the Land Registry, the overall property transactions recorded 5,390 registrations in August, down 29% m-o-m (July: 7,576 registrations). While the total consideration recorded HKD 45.6 billion, dropped by 34.2% on a monthly basis.

Special Unit of OMA by the Sea hit new highs
Special unit A1, 17/F, Tower 2, OMA by the Sea, Tuen Mun, with a saleable area of 1,428 sq ft, together with a 224-sq-ft-terrace and a 1,361-sq-ft-rooftop, has been transacted through tender at HKD 31.8 million or HKD 22,269 per sq ft. The transaction price and unit price hit the highest of the estate.

Kim Shing Commercial Building sold with 17.6% discount
Kim Shing Commercial Building, 124-126 Castle Peak Road, Sham Shui Po, with a total area of 21,977 sq ft, has been changed hands with 17.6% discount at HKD 140 million or HKD 6,370 per sq ft. The current monthly rent of the entire building was about HKD 260,000, representing a rental return of 2.2% to the new buyer.

Unit rent at University Heights reached HKD 101
According to market news, Unit F, high-floor, Tower 3, University Heights, Mid-Levels West, with a saleable area of 3,172 sq ft, has been rented at HKD 320,000 per month or HKD 101 per sq ft.

(Sources: Vigers Research and market news)

Regency Bay launched remaining units for HKD 18,729 per sq ft
Forty-seven remaining new units of the Regency Bay in Tuen Mun have been launched for HKD 18,729 per sq ft. The sales will be on a first-come, first-serve manner this Saturday.

Marina Cove changed hands at HKD 55 m
An even number house at Marina Cove Isola Bella in Sai Kung, with a saleable area of 1,922 sq ft and a 800 sq ft garden, was sold for HKD 55 million, or HKD 28,616 sq ft. The property also offers a lake view and a boat space of close to 24 sq ft. The original owner purchased the property for HKD 29.5 million in 2007, with an estimated book profit of around HKD 25.5 million upon such disposal.

Wai Yuen Tong has a short-term lease on Jardine’s Bazaar
Wai Yuen Tong leased a shop and 1/F with a total floor area of 950 sq ft at No. 34 Jardine’s Bazaar in Causeway Bay, for a monthly rent of HKD 125,000, or HKD 131.5 per sq ft. The shop was also in a short-term lease previously. Moreover, the shop has been pre-leased by another tenant for HKD 100,000 per month in a short-term lease form in coming November, representing a 20% decrease in rent.

(Sources: Vigers Research and market news)

Primary market recorded 70 transactions during weekend
According to market news, 70 new homes were sold during weekend, down around 66% w-o-w (Past weekend: 208 transactions). Among which, Phase 8 Sea To Sky and Phase 9 Marini series (Marini, Grand Marini & Ocean Marini), Lohas Park, Tseung Kwan O recorded three and six transactions, respectively.

Ten major estates recorded 20 transactions over weekend
According to market news, a total of 20 transactions were recorded in the ten major estates over the weekend, up 17.6% w-o-w (Past weekend: 17 transactions). It has been the fourth consecutive weekends with double-digit level. Among which, Kingswood Villas recorded four transactions.

The Waterfront sold at HKD 16.6 m
Unit E, high-floor, Tower 2, The Waterfront, Kowloon Station, with a saleable area of 794 sq ft, has been sold with tenancy at HKD 16.6 million or HKD 20,907 per sq ft. The original owner bought the unit at HKD 5.929 million in 1999, making a book profit of HKD 10.671 million and a 1.8 times appreciation.

Euston Court changed hands at HKD 15.98 m
Unit D, low-floor, Tower 2, Euston Court, Mid-Levels West, with a saleable area of 775 sq ft, has been changed hands at HKD 15.98 million or HKD 20,619 per sq ft. The original owner made a book profit of HKD 4.98 million and a 45% appreciation.

(Sources: Vigers Research and market news)

Old buildings at Mount Parker Road approved for compulsory sale
The Lands Tribunal approved the application of compulsory sale of two 6-storey old buildings under the Civil Servants’ Co-operative Building Society Scheme located at 2-8 Mount Parker Road in Quarry Bay. The reserve price is about HKD 452 million. The site has an area of 12,730 sq ft, and Agile Group already owned 90% of the ownership last year.

Shop at Lai Chi Kok Road changed hands at HKD 43.3 m
According to market news, street shop, 209-211 Lai Chi Kok Road, Sham Shui Po, with an area of 2,000 sq ft, has been changed hands at HKD 43.3 million or HKD 21,650 per sq ft. The original owner purchased the shop at HKD 870,000 in 1976, making a book profit of HKD 42.43 million and a 49 times appreciation in 44 years.

Villa at The Peak slashed HKD 68 m
A villa, Yue Hei Yuen, Peel Rise, The Peak, with a saleable area of 3,436 sq ft, has been transacted with HKD 68 million discount at HKD 200 million or HKD 58,207 per sq ft. The original owner bought the villa at HKD 42.8 million in 2000, making a book profit of HKD 157 million.

Special unit of Diva reached new highs
Special unit, top-floor, Diva, Tin Hau, with a saleable area of 717 sq ft and a rooftop, has been sold at HKD 17.5 million or HKD 24,407 per sq ft. The transaction price and unit price reached the highest of the estate.

(Sources: Vigers Research and market news)

Chinachem Group wins Sai Kung land
The tender of the residential site at Ho Chung, Sai Kung has been awarded to Chinachem Group, announced by the Lands Department. It has been sold at HKD 532 million. The site has an area of 38,352 sq ft, with a total GFA of 57,523 sq ft, the accommodation value was about HKD 9,246 per sq ft.

Le Petit Rosedale Hotel Hong Kong sold at HKD 460 m
Le Petit Rosedale Hotel Hong Kong in Causeway Bay has been sold at HKD 460 million. With a total GFA of 31,000 sq ft, the unit price was around HKD 14,700. The hotel offers 94 rooms, and each room valued HKD 4.89 million.

The Belcher’s changed hands at HKD 34.28 m
Unit G, mid-floor, Tower 1, The Belcher’s, Mid-Levels West, with a saleable area of 1,241 sq ft, has been changed hands at HKD 34.28 million or HKD 27,623 per sq ft. The original owner bought the unit at HKD 13.36 million in 1999, making a book profit of HKD 20.92 million in 21 years.

Shop at Chai Wan Road transacted at HKD 52.8 m
Shop B, G/F, Walton Estate, 341-343 Chai Wan Road, Chai Wan, with an area of 2,400 sq ft, has been transacted at HKD 52.8 million or HKD 22,000 per sq ft. The monthly rent of the shop is HKD 163,000, representing a rental return of 3.7% to the new buyer.

(Sources: Vigers Research and market news)

Loosen the plot ratio of Yip Fat Factory Building Phase 1
Biel Crystal has proposed to the Town Planning Board to loosen the plot ratio by 20% to 14.4 of Phase 1, Yip Fat Factory Building, 77 Hoi Yuen Road, Kwun Tong. The site has an area of 20,000 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 288,000 sq ft will be provided.

Yuen Long shop changed hands at HKD 60,500 psf
Shop B4, G/F-M/F, Hop Yick Plaza, 2-20 Mau Tan Street, Yuen Long, with a combined area of 413 sq ft, has been changed hands at HKD 25 million or HKD 60,500 per sq ft. The original owner made a book profit of HKD 5 million and a 25% appreciation in nine years.

Harbour Glory transacted at HKD 33 m
Unit A, mid-floor, Tower 5, Harbour Glory, North Point, with a saleable area of 1,097 sq ft, has been transacted with 6% discount at HKD 33 million or HKD 30,082 per sq ft. The original owner made a book profit of HKD 3 million and a 10% appreciation.

Shop in Tsim Sha Tsui sold at HKD 220 m
According to market news, Shop B, G/F, Railway Plaza, 37-39 Chatham Road, Tsim Sha Tsui, with an area of 6,716 sq ft, has been sold at HKD 220 million or HKD 32,758 per sq ft. The current monthly rent of the shop is HKD 700,000, representing a rental return of 3.8% to the new buyer.

(Sources: Vigers Research and market news)

State Theatre Building approved for compulsory sale
The Lands Tribunal approved the application of compulsory sale of State Theatre Building in North Point. The reserve price reached HKD 4.776 billion, and was the largest compulsory sale in the city. The site has an area of 36,200 sq ft, and New World Development owned around 98% of the ownership.

Tender opens for Kowloon City site
According to market news, the tender for 80% ownership of 3-13 Nga Tsin Long Road, Kowloon City was opened, and will be closed on 29 September. The site has an area of 7,030 sq ft, it has been identified as the use of “Residential (Group A) 2”, and a total GFA was about 63,270 sq ft. The market valuation was about HKD 650 million.

No. 8 Deep Water Bay Drive transacted at HKD 179 m
Unit D, mid-floor, Tower 2, No. 8 Deep Water Bay Drive, Southern District, with a saleable area of 2,865 sq ft, has been transacted at HKD 179 million or HKD 62,478 per sq ft.

Villa at Marinella sold with a loss
Odd No. House, Marinella, Aberdeen, with a saleable area of 3,408 sq ft and a 255-sq-ft-garden, has been transacted early this month at HKD 100 million or HKD 29,343 per sq ft. The original owner bought the villa at HKD 138 million in 2016, the actual loss was about HKD 70 million if including the stamp duties of HKD 32.43 million at the time of purchase.

(Sources: Vigers Research and market news)

Primary market recorded 205 transactions over weekend
A total of 205 new homes were sold over weekend, among which, 166 units at Seacoast Royale in Tuen Mun were transacted, cashing in HKD 824 million.

Ten major estates recorded 17 transactions during weekend
According to market news, a total of 17 transactions were recorded in the ten major estates during weekend, down 15% w-o-w. Among which, zero transaction was recorded in four major estates.

Dukes Place transacted at HKD 200 m
Unit A, 10/F & 11/F, Dukes Place, Jardine’s Lookout, with a saleable area of 2,846 sq ft, together with two parking spaces, has been transacted through tender at HKD 200 million or HKD 70,274 per sq ft.

Manhattan Hill sold at HKD 20,654 psf
Unit H, high-floor, Tower 6, Manhattan Hill, Lai Chi Kok, with a saleable area of 581 sq ft, has been sold with HKD 2 million discount at HKD 12 million or HKD 20,654 per sq ft. The original owner bought the unit at HKD 5.6 million in 2009, making a book profit of HKD 6.4 million and a 114% appreciation.

(Sources: Vigers Research and market news)

Sai Wan old building applied for compulsory sale
Old building located at 93-95 Catchick Street, Sai Wan applied for compulsory sale, and Eminence Enterprise Limited owned around 91.7% ownership. The site has an area of 2,182.25 sq ft, and the market valuation is about HKD 138 million.

Broadway moved out Mong Kok giant shop
According to market news, Broadway decided not to renew the lease of the giant shop on G/F-4/F, Wang On Building, 73-81 Argyle Street, Mong Kok. With a combined area of 25,016 sq ft, it was rented at HKD 2.6 million per month or HKD 104 per sq ft. The lease ended in September this year, and the shop has already closed.

Tsuen Wan shop changed hands with a loss
According to market news, Shop B1, G/F, Block B, Wah Shing Building, 80-84 Hau Tei Square, Tsuen Wan, with an area of 1,000 sq ft, has been transacted at HKD 22.8 million or HKD 22,800 per sq ft. The monthly rent of the shop is HKD 80,000, representing a rental return of 4.2% to the new buyer. The original owner made a book loss of HKD 4.7 million and a 17.1% depreciation in four years.

Seymour Place sold with 16% discount
Unit A, high-floor, Seymour Place, 60 Robinson Road, Mid-Levels West, with a saleable area of 1,033 sq ft, has been sold with HKD 3.8 million or 16% discount at HKD 20 million or HKD 19,361 per sq ft. The original owner bought the unit at HKD 11.38 million in 2008, making a book profit of HKD 8.62 million in 12 years.

(Sources: Vigers Research and market news)

Private residential construction down 92% m-o-m in June
The Buildings Department announced seven private residential projects started construction in June, involving 238 units. It dropped 92% m-o-m, reaching a 5-month low. An accumulated total of 5,422 units commenced construction in 1H 2020, increased by 10.5% y-o-y (1H 2019: 4,905 units).

23 building plans approved in June
The Buildings Department approved 23 building plans in June, including 11 apartment and apartment/commercial developments. Among which, Site 1, Area 4A, Kai Tak has approved to build two 31-storey residential buildings and one 6-storey clubhouse, and will be built above the basement. A total domestic GFA of 1.024 million sq ft, together with a 51,700 sq ft non-domestic GFA are expected to be provided.

Shop at Aberdeen sold with a loss
According to market news, Shops 1 & 2, G/F, Jadewater, 238 Aberdeen Main Road, Aberdeen, with an area of 2,542 sq ft, have been transacted at HKD 33 million or HKD 12,982 per sq ft. The original owner bought the shop at HKD 40 million in 2012, making a book loss of HKD 7 million in eight years.

Harbour One sold at HKD 27,190 psf
Unit B, mid-floor, Harbour One, Sai Wan, with a saleable area of 662 sq ft, has been sold at HKD 18 million or HKD 27,190 per sq ft. The original owner made a book profit of HKD 4.87 million and a 37% appreciation.

(Sources: Vigers Research and market news)