News Room – Daily Property News

209 new homes were sold during weekend
A total of 209 units were sold in the primary market during weekend, up 55% w-o-w (Past weekend: 135 units). Among which, 185 units of Seacoast Royale in Tuen Mun were sold out at the first batch of sales.

Ten major estates recorded five transactions over the weekend
According to market news, five transactions were recorded in the ten major estates over the weekend, dropped 37.5% w-o-w (Past weekend: eight cases). The transaction volume reached a half-year low.

Kennedy Apartment reached new highs
A mid-floor unit, Kennedy Apartment, 34A Kennedy Road, Mid-Levels, with a saleable area of 2,123 sq ft, has been sold at HKD 65 million or HKD 30,617 per sq ft. The transaction price and unit price hit the highest of the estate. The original owner bought the unit at HKD 3.95 million in 1981, making a book profit of HKD 61.05 million in 39 years.

Royal Court sold at HKD 20 m
Unit C, high-floor, Royal Court, Mid-Levels, with a saleable area of 636 sq ft, has been changed hands with a parking space at HKD 20 million or HKD 31,447 per sq ft. The original owner made a book profit of HKD 9.64 million and a 93% appreciation.

(Sources: Vigers Research and market news)

43 leasing transactions recorded in Southern District in July
According to market news, a total of 43 leasing transactions were recorded in the Southern District in July, up 16% m-o-m (June: 37 transactions). Among which, Odd No. House, 50 Island Road, has been leased at a monthly rent of HKD 530,000 or HKD 119 per sq ft.

Repulse Bay Garden sold at HKD 83.3 m
According to market news, Unit 36, mid-floor, Tower 3, Repulse Bay Garden, Repulse Bay, with a saleable area of 2,576 sq ft, has been transacted with two parking spaces at HKD 83.3 million or HKD 32,337 per sq ft. The original owner made a book profit of HKD 81.3 million in 30 years.

Rental return of Trafalgar Court reached 60%
Unit A, high-floor, Trafalgar Court, Tai Hang Road, with a saleable area of 2,465 sq ft, has been rented at HKD 130,000 per month or HKD 52.7 per sq ft. The owner bought the unit at HKD 2.6 million in 1984, earning a rental return of 60%.

The Pavilia Hill sold with a loss
Unit C, high-floor, Tower 5, The Pavilia Hill, North Point, with a saleable area of 717 sq ft, has been changed hands at HKD 21.8 million or HKD 30,404 per sq ft. The original owner purchased the unit at HKD 23.36 million, making a book loss of HKD 1.56 million in five years.

(Sources: Vigers Research and market news)

Tai Po residential site sold at HKD 3.705 b
The tender of the residential site at Ma Wo Road in Tai Po has been awarded to Vanke Property (Hong Kong) and CNQC International at HKD 3.705 billion, and the accommodation value was HKD 4,738 per sq ft, in line with market expectation. The site has an area of 243,400 sq ft, with a total GFA of 781,900 sq ft.

222 second-hand villa registrations recorded in 1H 2020
According to market news, 222 secondary villa registrations were recorded in 1H 2020, up 45.1% h-o-h (2H 2019: 153 cases), reaching a half-year high since 1H 2018. The total consideration was HKD 5.224 billion, increased 20.1% h-o-h.

Fed keeps rates unchanged
The Federal Reserve kept interest rates unchanged, meeting the market expectation, and the target benchmark rate will remain at a range of 0% to 0.25%. The committee reiterated their pledge to use full range of tools to support the US economy.

Shop in Wan Chai slashed 57%
According to market news, Shop A, G/F, 313-323 Jaffe Road, Wan Chai, together with a cockloft, with a combined area of 1,295 sq ft, has been sold with 57% discount at HKD 19.5 million or HKD 15,100 per sq ft. The transaction price is 10% lower than the current market price. The original owner made a book profit of HKD 18.22 million and a 14 times appreciation.

(Sources: Vigers Research and market news)

Old building in Sai Wan unified ownership
Ownership of an old building at 99-101 Des Voeux Road West, Sai Wan was successfully unified by Tai Hung Fai Enterprise yesterday at HKD 302 million. The project is expected to be developed into a Grade A office building with nearby site. The sites have a combined area of 22,000 sq ft, and a maximum GFA of 330,000 sq ft will be provided after development.

Grade A office vacancy rate in Kowloon district at 11.61% in June
According to market news, the overall Grade A office vacancy rate in Kowloon district was 11.61% in June. Among which, the vacancy rate in Kowloon Bay and Kwun Tong recorded 21% and 13.54%, respectively.

Vibe Centro sold at HKD 35,536 psf
Two units of Vibe Centro in Kai Tak were sold through tender yesterday, cashing in HKD 64.23 million. Among which, Unit F, 36/F, Tower 2A, with a saleable area of 925 sq ft, has been transacted at HKD 32.8706 million or HKD 35,536 per sq ft.

Shop rent at Wan Chai slashed 24%
According to market news, the leasing agreement of Shop 01, G/F, Opulent Building, 396-416 Hennessy Road, Wan Chai, with an area of 1,366 sq ft, has been renewed by chained fashion store at HKD 130,000 per month or HKD 95.1 per sq ft. The new rent is 24% lower than the previous rent.

(Sources: Vigers Research and market news)

Unit price of Bank of America Tower reached 6-year low
According to market news, Units 6-9, 6/F, Bank of America Tower, Central, with an area of 3,110 sq ft, have been transacted through company transfer at HKD 83.97 million or HKD 27,000 per sq ft. The unit price reached a 6-year low of the building.

Shop lease at Jordan renewed at HKD 230,000
Street shop, G/F-M/F, 77-81 Parkes Street, Jordan, with a combined area of 4,578 sq ft, has been renewed the lease by Tsui Wah Restaurant at HKD 230,000 per month or HKD 50 per sq ft. The new rent is around 40% lower than the previous rent.

The Harbourside changed hands at HKD 28,775 psf
Unit E, low-to-mid-floor, Tower 1, The Harbourside, Kowloon Station, with a saleable area of 743 sq ft, has been sold at HKD 21.38 million or HKD 28,775 per sq ft. The original owner purchased the unit at HKD 13.95 million in 2019, making a book profit of HKD 7.43 million and a 53% appreciation.

Shop rent at Shau Kei Wan increased by 10%
Shop D, G/F, 36-44 Kam Wa Street, Shau Kei Wan, with an area of 400 sq ft, has been rented at HKD 55,000 per month or HKD 138 per sq ft. The new rent is 10% higher than the previous rent.

(Sources: Vigers Research and market news)

135 units were sold in primary market during weekend
A total of 135 units were sold in the primary market during weekend, up four times w-o-w (Past weekend: 27 units). Among which, 106 units were transacted at Regency Bay in Tuen Mun, cashing in HKD 670 million.

Ten major estates recorded eight transactions over weekend
According to market news, eight transactions were recorded in the ten major estates over the weekend, dropped by two cases or 20% on a weekly basis, hitting a 16-week low. Among which, Kingswood Villas in Tin Shui Wai accounted for two transactions.

Seaview Garden sold at HKD 21.8 m
Unit A, mid-floor, Seaview Garden, North Point, with a saleable area of 920 sq ft, has been transacted at HKD 21.8 million or HKD 23,696 per sq ft. The original owner purchased the unit at HKD 7.33 million in 2006, making a book profit of HKD 14.47 million and a two times appreciation.

The Riverpark changed hands at HKD 19 m
Unit C, high-floor, Tower 5, The Riverpark, Tai Wai, with a saleable area of 1,018 sq ft, has been changed hands with HKD 1 million discount at HKD 19 million or HKD 18,664 per sq ft. The original owner made a book profit of HKD 7.386 million and a 64% appreciation in eight years.

(Sources: Vigers Research and market news)

Industrial and commercial transactions up 23% m-o-m in July
According to market data, a total of 149 industrial and commercial transactions were registered in July (as of 17 July), up 23% m-o-m. The consideration totaled HKD 3.409 billion, surged 100% m-o-m. On the yearly basis, the figures recorded a drop of 40% and 15%, respectively.

First Phase Development of Hung Shui Kiu involved 195 private lots
The Lands Department announced the land resumption plan for First Phase Development of Hung Shui Kiu /Ha Tsuen New Development Area yesterday. A total of 195 private lots with an area of about 12 hectares are planned to be resumed. It will provide a total of 1,400 domestic units for local rehousing purpose.

Entire building in Yuen Long changed hands at HKD 95 m
Entire building, 81 Castle Peak Road, Yuen Long, with a total area of 2,940 sq ft, has been sold at HKD 95 million or HKD 32,300 per sq ft. The current building is a three-storey commercial property. The original owner purchased the property at HKD 135 million in 2014, making a book loss of HKD 40 million and a 29% depreciation in six years.

Villa at Ruby Chalet transacted at HKD 22.8 m
An even no. house at Ruby Chalet, Sai Kung, with a saleable area of 1,294 sq ft and a garden, has been transacted at HKD 22.8 million or HKD 17,620 per sq ft. The original owner purchased the unit at HKD 1.31 million in 1982, making a book profit of HKD 21.49 million in 38 years.

(Sources: Vigers Research and market news)

Tender for site in Tai Po close tomorrow
The tender for the residential site on Ma Wo Road, Tai Po will close tomorrow. The site has an area of 243,000 sq ft. With a total GFA of 782,000 sq ft, the site is expected to provide 1,000 to 1,200 domestic units. The market valuation ranged from HKD 4.25 billion to HKD 4.57 billion, and the accommodation value ranged from HKD 5,400 to HKD 5,800 per sq ft.

19,294 secondary transactions recorded over 1H 2020
According to the Land Registry, a total of 19,294 secondary transactions were recorded in 1H 2020. The amount reached HKD 160.558 billion, up 25% and 23% h-o-h, respectively. Whereas the average transaction record hit a two-year low at HKD 8.3217 million.

Shop on Heung Sze Wui Road transacted at HKD 135 m
According to market news, shops G16, G39 and G40, G/F, Eldo Court Shopping Center, 112-140 Heung Sze Wui Road, Tuen Mun, with a combined area of 3,515 sq ft, have been acquired by Kai Bo Food Supermarket at HKD 135 million or HKD 38,406 per sq ft. The original owner made a 12 times appreciation in 33 years.

Transaction price of Baguio Villa reached new high
Top-floor unit, Block 47, Baguio Villa, Pok Fu Lam, with a saleable area of 2,488 sq ft and a rooftop, has been changed hands at HKD 62.98 million or HKD 25,314 per sq ft. The transaction price reached the highest of the building. The original owner purchased the unit at HKD 50.5 million in 2013, making a book profit of HKD 12.48 million and a 25% appreciation in seven years.

(Sources: Vigers Research and market news)

Valuation of HKD 450 m for site on Ki Lung Street
Properties on 1, 3, 5 and 7 Ki Lung Street, Prince Edward, together with the 20% undivided shares on 9-11 Ki Lung Street, are now put on sale by the veteran investor Mr. Tang Shing-bor. With site area of 5,654 sq ft, or a total gross floor area of 50,888 sq ft, the market valuation is around HKD 450 million. The tender will be close on 8th September.

Citi Tower rented at HKD 35 psf
According to market news, entire office floor, 8/F, Citi Tower, One Bay East, Hoi Bun Road, Kwun Tong, with an area of 27,000 sq ft, has been rented by Swarovski at HKD 945,000 per month or HKD 35 per sq ft.

Shop at Tai Po Road transacted at HKD 43.5 m
Entire retail floor, 3/F, Sam Ying Building,19-23 Tai Po Road, Sham Shui Po, with an area of 5,000 sq ft, has been transacted at HKD 43.5 million or HKD 8,700 per sq ft. The shop is currently rented to a home for the aged for HKD 120,000 per month, representing a yield of 3.3% to the new buyer.

The Cavaridge sold at HKD 83 m
House 12, The Cavaridge, Sha Tin, with a saleable area of 3,057 sq ft, an 824-sq-ft-garden and a 785-sq-ft-rooftop, has been transacted at HKD 82.539 million or HKD 27,000 per sq ft.

(Sources: Vigers Research and market news)

Private residential construction up 200% m-o-m in May
The Buildings Department announced nine private residential projects started construction in May, involving 2,929 units, surged 200% m-o-m. It reached a 5-month high. An accumulated total of 5,184 units commenced construction in the first five months in 2020, increased by 18% y-o-y.

19 building plans approved in May
The Buildings Department approved 19 building plans in May, including nine apartment and apartment/commercial developments. Among which, the residential/commercial site at Site 1, Area 1F, Kai Tak has approved to build five residential buildings. A total domestic GFA of 1.063 million sq ft, together with a 352,000-sq-ft retail mall are expected to be provided.

Shop rent at Tung Choi Street slashed 50%
Shop A1, G/F, Tung Kok Building, 37-39 Tung Choi Street, Mong Kok, with an area of 300 sq ft, has been rented by a chained pharmacy at HKD 180,000 per month or HKD 600 per sq ft. The new rent is 50% lower than the previous rent.

Mont Rouge sold at HKD 156 m
House 11, Mont Rouge, Kowloon Tong, with a saleable area of 2,846 sq ft, a 1,002-sq-ft-garden and a 941-sq-ft-rooftop, has been transacted recently with a private garage at HKD 156 million or HKD 55,000 per sq ft.

(Sources: Vigers Research and market news)