News Room – Daily Property News

Tender for Sai Kung residential site closes on Friday
The tender for the residential site near Heung Chung Road in Sai Kung will close this Friday. The site has an area of 38,352 sq ft, with the plot ratio of 1.5, a total GFA of around 57,523 sq ft will be provided. The market valuation ranged from HKD 460 million to HKD 760 million, and the accommodation value ranged from HKD 8,000 to HKD 13,000 per sq ft.

Shop rent at Mong Kok slashed 46%
Shop G03, G/F, 1N Sai Yeung Choi Street, Mong Kok, with an area of 461 sq ft, has been leased to a chained cosmetic store at HKD 233,000 per month or HKD 505 per sq ft. The new rent is 46% lower than the previous rent.

Special unit at Le Cap sold at HKD 34,534 psf
A top-floor unit, 6/F, Tower 1, Le Cap, Kau To, with a saleable area of 1,610 sq ft, a 680-sq-ft-rooftop and a 363-sq-ft-terrace, together with two parking spaces and a motorcycle parking space, has been sold at HKD 55.6 million or HKD 34,534 per sq ft.

Shop in Kwai Fong changed hands with HKD 2 m loss
According to market news, Shop B3, G/F, 10-20 Shun Fong Street, Kwai Fong, with an area of 1,200 sq ft, has been changed hands early this month at HKD 23 million or around HKD 19,100 per sq ft. The original owner made a book loss of HKD 2 million and a 8% depreciation in three years.

(Sources: Vigers Research and market news)

31 units were sold in primary market during weekend
A total of 31 new homes were sold during weekend, down 180 transactions or 85.3% w-o-w (Past weekend: 211 transactions). Among which, Unit F, 32/F, Tower 2, Fleur Pavilia in North Point, with a saleable area of 1,033 sq ft, has been sold at HKD 42.946 million or HKD 41,574 per sq ft.

Ten major estates recorded 20 transactions over the weekend
According to market news, 20 transactions were recorded in the ten major estates over the weekend, up 42.9% w-o-w (Past weekend: 14 transactions). It has been increased for two consecutive weeks, reaching a 14-week high.

Mont Rouge transacted at HKD 83.251 m
Unit B, 5/F, Tower 2, Mont Rouge, Kowloon Tong, with a saleable area of 1,699 sq ft, together with a parking space, has been transacted through tender at HKD 83.251 million or HKD 49,000 per sq ft. A total of nine units were sold, cashing in HKD 2 billion.

Imperial Cullinan rented at HKD 55,000 per month
Unit C, mid-floor, Tower 1, Imperial Cullinan, Olympic Station, with a saleable area of 1,269 sq ft, has been leased out at HKD 55,000 per month or HKD 43.3 per sq ft. The new rent is 13% lower than the market price, and returned back to the level two years ago.

(Sources: Vigers Research and market news)

Grade A office vacancy rate in Admiralty at 8.32% in July
According to market news, the overall Grade A office vacancy rate on Hong Kong Island was at 7.53% in July, up 0.36% m-o-m, and it has been rising for 13 consecutive months. Among which, Admiralty recorded the highest vacancy rate at 8.32% over the month, increased 0.47% on a monthly basis.

St. George’s Mansions sold at HKD 115 m
Unit A, 16/F, Tower 1, St. George’s Mansions, Ho Man Tin, with a saleable area of 2,140 sq ft and a 138-sq-ft-balcony, has been sold at HKD 115 million or HKD 53,738 per sq ft through tender. The transaction price reached the highest of strata-title sales in Ho Man Tin.

Kwai Chung shop transacted at HKD 12 m
According to market news, Shop 08B, G/F-M/F, Tin On House, 78-96 Shek Yam Road, Kwai Chung, with an area of 300 sq ft, has been transacted at HKD 12 million or HKD 40,000 per sq ft.

Site at Perkins Road sold at HKD 850 m
Site at 20 Perkins Road, Jardine’s Lookout, with a site area of 17,094 sq ft and a GFA of 10,256 sq ft, has been sold last month at HKD 850 million or around HKD 83,000 per sq ft. The new buyer is a company and has to pay 30% stamp duty of HKD 255 million.

(Sources: Vigers Research and market news)

Transaction price of a villa at La Vetta hit new high
A villa, Magnum House, La Vetta, Kau To, with a saleable area of 5,129 sq ft, together with a private garden, a swimming pool, a rooftop and two private parking spaces, has been transacted at HKD 180 million or HKD 35,095 per sq ft through tender. The transaction price hit a new high of the project.

Mong Kok shop rented at HKD 260,000 per month
Shops 1 & 2, G/F, Sun Kong House, 2J-2Q Sai Yeung Choi Street South, Mong Kok, with an area of 1,020 sq ft, have been leased by Bauhaus at HKD 260,000 per month or HKD 255 per sq ft.

Sai Wan shop sold at HKD 33,000 psf
According to market news, Shop F, G/F, 427-437 Queen’s Road West, Sai Wan, with an area of 750 sq ft, has been sold at HKD 24.8 million or HKD 33,000 per sq ft. The shop is currently rented by a restaurant at HKD 60,000 per month, representing a rental return of 2.9% to the new buyer.

Sheung Wan hotel sold at HKD 310 m
Queen’s Hotel, 199 Queen’s Road West, Sheung Wan, with a total area of 26,779 sq ft, has been transacted last month at HKD 310 million, and was 30% lower than the asking price. The hotel offers 40 hotel rooms, and each room valued HKD 7.75 million.

(Sources: Vigers Research and market news)

Three spicy-trick stamp duties reached a 9-month high in July
The Inland Revenue Department announced that the tax revenue from the three spicy trick stamp duties dropped 0.8% m-o-m to HKD 1.065 billion. While a total of 1,828 transactions were recorded during the month, up 16.4% m-o-m (June: 1,570 transactions), hitting a 9-month high.

Unit rent of private flats recorded HKD 34.4 in July
According to market news, the average rent in the 107 major estates was HKD 34.4 per sq ft in July, up 1.5% m-o-m (June: HKD 33.9 per sq ft). It has been increased for two consecutive months, with an accumulated rise of 3.6%.

Shops at Shau Kei Wan transacted at HKD 71 m
Shops A-C, G/F, Mong Lung House, 8-12 Mong Lung Street, Shau Kei Wan, with a total area of 2,500 sq ft, have been changed hands at HKD 71 million or HKD 28,400 per sq ft. The current monthly rent of the shops is HKD 132,000, representing a rental return of 2.2% to the new buyer. The original owner made a book profit of HKD 68.6 million and a 28.6 times appreciation.

Special unit of St. Barths sold at HKD 34.88 m
Unit A, 11/F, Tower 2, Sandalwood Court, St. Barths, Ma On Shan, with a saleable area of 1,354 sq ft and a 877-sq-ft-rooftop, has been sold at HKD 34.88 million or HKD 25,761 per sq ft.

(Sources: Vigers Research and market news)

Grade A office vacancy rate at 5.6% in Central in June
According to market news, the overall Grade A office vacancy rate was at 7.6% in June. Among which, a net absorption of negative 136,500 sq ft was recorded in Central, and its vacancy rate increased to 5.6% over the month.

Shop at Yuen Long sold at HKD 60,000 psf
Shop C, G/F, 29-33 Tai Tong Road, Yuen Long, with an area of 500 sq ft, has been sold with 21% discount at HKD 30 million or HKD 60,000 per sq ft. The original owner made a book profit of HKD 19.02 million in 13 years.

First-hand inventory down 3.6% m-o-m
According to market news, 12,912 units of new homes were left unsold as at the end of July, down 3.6% m-o-m, reaching a 13-month low.

Laguna Verde changed hands at HKD 21.3 m
Unit D, mid-floor, Tower 12A, Laguna Verde, Hung Hom, with a saleable area of 1,413 sq ft, has been changed hands at HKD 21.3 million or HKD 15,074 per sq ft. The original owner purchased the unit at HKD 8.5 million in 2005, making a book profit of HKD 12.8 million and a 1.5 times appreciation.

(Sources: Vigers Research and market news)

Private residential completion recorded 1,365 units in June
The Rating and Valuation Department announced that private residential completion recorded 1,365 units in June, dropped 63.64% m-o-m. A total of 11,371 units were completed in 1H of the year, up 98.31% y-o-y, accounting for around 54.5% of the whole year target.

Champagne Court applied for compulsory sale
Champagne Court Block B, 16 Kimberly Road, Tsim Sha Tsui applied for compulsory sale, and Henderson Land owned around 80% of the ownership. The site has an area of 12,283 sq ft, and the market valuation is about HKD 1.093 billion.

Shop rent in Central slashed 35.7%
Street shop, B/F-1/F, The Chinese Club Building, 21-22 Connaught Road Central, Central, with a total area of 6,060 sq ft, has been rented at HKD 450,000 per month or HKD 74 per sq ft. The new rent is 35.7% lower than the previous rent.

Concordia Plaza sold at HKD 36.378 m
Units 9-11, 20/F, Concordia Plaza, Tsim Sha Tsui, with a combined area of 2,842 sq ft, have been sold at HKD 36.378 million or HKD 12,800 per sq ft. The original owner purchased the units at HKD 31.13 million in 2008, making a book profit of HKD 5.248 million and a 16.9% appreciation in 12 years.

(Sources: Vigers Research and market news)

Three projects applied for pre-sale consents in July
The Lands Department received three pre-sale consent applications for 1,551 units in July, down 44.3% m-o-m (June: 2,786 units). A total of 14,314 units applied for pre-sale consents in the first seven months this year, and is 38.2% higher than 10,360 units in 2019.

Primary private home transactions dropped 23% m-o-m in July
According to market news, the primary private home transactions got 1,645 registrations in July, down 23% m-o-m (June: 2,139 cases), ending the increasing trend in three months. The consideration increased by 4% on a monthly basis to HKD 21.978 billion.

Unit rent of The Center hit 10-year low
According to market news, Unit 02, low-to-mid-floor, The Center, Central, with an area of 1,973 sq ft, has been leased at HKD 79,000 per month or HKD 40 per sq ft. The unit rent hit the lowest of the building in ten years.

Special unit of Altissimo sold at HKD 44.8 m
A special unit, high-floor, Tower 1, Altissimo, Ma On Shan, with a saleable area of 1,519 sq ft and a 1,283-sq-ft-rooftop, has been sold at HKD 44.8 million or HKD 29,493 per sq ft. A total of 438 units were sold, cashing in HKD 3.7 billion.

(Sources: Vigers Research and market news)

Property transactions in July dropped 8.2%
According to the Land Registry, a total of 7,576 property transactions were recorded in July, down 8.2% m-o-m (June: 8,254 transactions), ending the increasing trend for five months. The consideration totaled HKD 69.29 billion, dropped 1.4% on a monthly basis.

381 leasing transactions were recorded in ten major estates in July
According to market news, a total of 381 leasing transactions were recorded in the ten major estates in July, up 5% m-o-m (June: 364 cases). Among which, Taikoo Shing and City One Shatin accounted for around 50 transactions each.

Shop at Stanley Main Street transacted at HKD 11.8 m
Street shop, G/F, 39 Stanley Main Street, Stanley, with an area of 700 sq ft, has been changed hands through auction at HKD 11.8 million or HKD 16,800 per sq ft. The transaction price is 20% lower than the market price.

Regency Bay sold at HKD 21,724 psf
Two units of Regency Bay in Tuen Mun were sold yesterday, and the unit price were over HKD 20,000. Among which, Unit G, 19/F, Tower 2, Regency Bay, with a saleable area of 297 sq ft, has been sold at HKD 6.452 million or HKD 21,724 per sq ft.

(Sources: Vigers Research and market news)

Fifty major Grade A office buildings recorded five transactions in July
According to market news, five transactions were recorded in fifty major Grade A office buildings in July, up one transaction m-o-m. Of which, Hong Kong Island and Kowloon regions recorded two transactions each.

265 industrial and commercial transactions recorded in July
According to market data, a total of 265 industrial and commercial transactions were registered in July (as of 30 July), and the consideration totaled HKD 4.233 billion, down 12% and 24% on a monthly basis, respectively.

Marinella sold with a loss
Unit B, low-floor, Tower 9, Marinella, Aberdeen, with a saleable area of 1,534 sq ft, has been sold at HKD 33 million or HKD 21,512 per sq ft. The original owner bought the unit at HKD 33.337 million in 2011, the actual loss was about HKD 2 million if including stamp duties and agency commission.

Mong Kok shop rent slashed 33%
According to market news, shops A & B, G/F, Rammon House, 101 Sai Yeung Choi Street, Mong Kok, with an area of 1,650 sq ft, have been renewed the lease by a restaurant at HKD 170,000 per month or HKD 103 per sq ft. The new rent is 33% lower than the previous rent.

(Sources: Vigers Research and market news)