News Room – Daily Property News

27 units were sold in primary market during weekend
A total of 27 units were sold in the primary market during the weekend, plunged 90% w-o-w (Last weekend: around 250 units) and hit a three-month low. Among which, Aquila.Square Mile in Mong Kok and Koko Hills in Kwun Tong accounted for four and two transactions, respectively.

Ten major estates recorded 10 transactions over weekend
According to market news, ten transactions were recorded in the ten major estates over the weekend, decreased by 28.6% w-o-w. Among which, Unit E, mid-floor, Block 12, Locwood Court, Kingswood Villas, Tin Shui Wai, with a saleable area of 448 sq ft, has been sold at HKD 5.13 million or HKD 11,451 per sq ft.

The Harbourside changed hands at HKD 38,059 psf
Unit C, mid-floor, Tower 1, The Harbourside, Kowloon Station, with a saleable area of 1,051 sq ft, has been changed hands at HKD 40 million or HKD 38,059 per sq ft. The original owner purchased the unit at HKD 18.5 million in 2007, making a book profit of HKD 21.5 million and a 1.2 times appreciation in 13 years.

63 Pokfulam rented at HKD 70 psf
Studio Unit G, high-floor, Tower 1, 63 Pokfulam, Sai Ying Pun, with a saleable area of 258 sq ft, has been rented at HKD 18,000 per month or HKD 70 per sq ft. The owner purchased the unit at HKD 8.98 million in 2019, earning a yield of 2.4%.

(Sources: Vigers Research and market news)

Grade A office vacancy rate at 6.9% on Hong Kong Island in June
According to market news, the overall Grade A office vacancy rate on Hong Kong Island was at 6.9% in June. Among which, Admiralty recorded the largest monthly increase from 6.9% in May to 7.85% in June, hit a 10-year high.

Shop at Mong Kok transacted at HKD 76,000 psf
According to market news, shop B, G/F, Po On Building, 30-36 Mong Kok Road, Mong Kok, with an area of 800 sq ft, has been transacted with 6.5% discount at HKD 60.8 million or HKD 76,000 per sq ft. The original owner made a 43% appreciation in 14 years.

Unit price of Shun Tak Centre reached 4-year low
Units 10-11, 17/F, China Merchants Tower, Shun Tak Centre, Sheung Wan, with an area of 2,918 sq ft, has been changed hands at HKD 60 million or HKD 20,562 per sq ft. The unit price reached a 4-year low. The original owner bought the unit at HKD 13.38 million in 2004, making a 3.5 times appreciation.

Villa at St Moritz sold at HKD 122 m
House Sommet 9, St Moritz, Kau To, Sha Tin, with a saleable area of 2,987 sq ft, a 732-sq-ft-garden and a 650-sq-ft-rooftop, has been sold at HKD 122 million or around HKD 41,000 per sq ft.

(Sources: Vigers Research and market news)

Land premium down 95% y-o-y in 1H 2020
The Lands Department announced that a total of nine lease modifications, one land exchange and three private treaties were registered in Q2 2020, of which, five were modifications of a technical nature involving nil premium. The land premium recorded HKD 570 million. Regards the semi-annual performance, the land premium recorded HKD 573.6 million, plunged 95% y-o-y (1H 2019: HKD 11.435 billion), and reached a 8-year low since 1H 2012.

Unit rent of private flats increased by 2.1% m-o-m in June
According to market news, the average rent in the 107 major estates was HKD 33.9 per sq ft in June, up 2.1% m-o-m, ending the decreasing trend in ten months.

Residence Bel-Air transacted at HKD 16.6 m
Unit B, high-floor, Tower 8, Phase 4, Residence Bel-Air, Pok Fu Lam, with a saleable area of 653 sq ft, has been transacted at HKD 16.6 million or HKD 25,421 per sq ft. The original owner purchased the unit at HKD 11 million in 2012, making a book profit of HKD 5.6 million in eight years.

Overthorpe sold at HKD 71,638 psf
A villa, Overthorpe, The Peak, with a saleable area of 2,387 sq ft, has been sold at HKD 171 million or HKD 71,638 per sq ft through auction. The unit price reached the highest of the estate, and the transaction price is 45% higher than the initial asking price, becoming the largest deal of foreclosed residential properties this year.

(Sources: Vigers Research and market news)

77 luxury transactions recorded in The Peak & Southern District in 1H
According to market news, a total of 77 second-hand luxury properties were sold in The Peak and Southern District in 1H this year, up two transactions or 2.7% y-o-y. The total consideration reached HKD 7.66 billion, down 33.1% y-o-y (1H 2019: HKD 11.445 billion).

Old building in Central unified ownership at HKD 332 m
Ownership of old building at 16-18 Gage Street, Central was successfully unified by Chuang’s Consortium International Limited at HKD 332 million. The site has an area of 2,772 sq ft, and it is expected to provide 100 units for commercial and residential purposes.

Novum West hit new highs
Unit A, 39/F, Tower 2, Novum West, Sai Ying Pun, with a saleable area of 1,258 sq ft, a143-sq-ft-terrace and a 553-sq-ft-rooftop, has been transacted at HKD 60.384 million or HKD 48,000 per sq ft. The transaction price and unit price hit new high of the estate.

Unit price of Regent Hill reached new high
Unit B, high-floor, Regent Hill, Happy Valley, with a saleable area of 884 sq ft, has been changed hands at HKD 28 million or HKD 31,674 per sq ft. The unit price reached the highest of the building. The original owner purchased the unit at HKD 24.109 million in 2016, making a book profit of HKD 3.891 million and a 16.1% appreciation.

(Sources: Vigers Research and market news)

Overall Grade A office rents down 3.8% q-o-q in Q2
According to a market report, the overall Grade A office rents fell 3.8% q-o-q in Q2 this year. Among which, office rents in Wan Chai and Causeway Bay recorded the largest quarterly drop of 5.7%, and rents in Central dropped 4.9% q-o-q.

Dragon Court applied for compulsory sale
Dragon Court, 6 Eastbourne Road in Kowloon Tong applied for compulsory sale, and Agile Group and related parties owned around 81.82% of the ownership. The site has an area of 21,600 sq ft, with currently a 4-storey residential building, involving 44 units. The market valuation is about HKD 564 million.

Entire floor at The Sharp sold with HKD 26.88 m loss
According to market news, 10/F, The Sharp, 11 Sharp Street East, Causeway Bay, with an area of 1,580 sq ft, has been transacted with 21% discount at HKD 30 million or HKD 18,987 per sq ft. The transaction price and unit price reached the lowest of the building. The original owner bought the property at HKD 56.88 million in 2013, making a book loss of HKD 26.88 million and a 47.3% depreciation in seven years.

Hilltop Mansion hit new high
Unit D, high-floor, Hilltop Mansion, North Point, with a saleable area of 1,647 sq ft, has been sold at HKD 37.8 million or HKD 22,951 per sq ft. The transaction price hit a new high of the estate. The original owner purchased the unit at HKD 27.5 million in 2017, making a book profit of HKD 10.3 million.

(Sources: Vigers Research and market news)

250 units were sold in primary market during weekend
A total of 250 units were sold in the primary market during the weekend, down 13.5% w-o-w (Last weekend: around 289 units). Among which, 85 units of Koko Hills in Kwun Tong were sold over the weekend, cashing in HKD 1.02 billion.

Ten major estates recorded 14 transactions over weekend
According to market news, 14 transactions were recorded in the ten major estates over the weekend, up four transactions or 40% w-o-w. Among which, Kingswood Villas and Taikoo Shing recorded four and three transactions, respectively.

Shop at Tai Kok Tsui sold at HKD 14.8 m
Shop 2, G/F, Peony House, 55-65A Tai Kok Tsui Road, Tai Kok Tsui, with an area of 350 sq ft, has been transacted at HKD 14.8 million or HKD 42,286 per sq ft through company transfer. The original owner bought the shop at HKD 12 million in 2019, making a book profit of HKD 2.8 million.

Giant shop in Tsuen Wan sold at HKD 177,500 psf
According to market news, a street shop at 33 Wo Tik Street, Tsuen Wan, with an area of 1,200 sq ft, has been changed hands at HKD 213 million or HKD 177,500 per sq ft. The total rent of the above address was HKD 561,000 per month, representing a rental yield of 3.16% to the new buyer. The shop appreciated 5.3 times in 21 years.

(Sources: Vigers Research and market news)

Overall property transactions up 20% m-o-m in June
According to market news, the overall property transactions recorded 8,254 registrations in June, up 20% m-o-m that hit a 13-month high. While the total consideration recorded HKD 70.3 billion, rose by 16.7% m-o-m.

Shatin plot acquired at HKD 560 m
The industrial land located at the junction of Tsung Tau Ha Road and Kwei Tei Street, Sha Tin was awarded to China Mobile yesterday, announced by the Lands Department. It has been sold for HKD 560 million. The site has an area of 98,800 sq ft, with a GFA of 938,500 sq ft. The accommodation value is about HKD 5,967 per sq ft, which hit 100% above the upper-end of the market forecasts.

Concordia Plaza rented at HKD 30 psf
According to market news, units 01 & 16-17, high-floor, Concordia Plaza, Tsim Sha Tsu, with an area of 6,807 sq ft, has been rented at HKD 204,200 per month or HKD 30 per sq ft. The unit rent was 25% below market level, returning to the level five years ago.

Tregunter transacted at HKD 99.8 m
Unit C, high-floor, Tower 3, Tregunter, Mid-Levels, with a saleable area of 2,429 sq ft, has been transacted at HKD 99.8 million or HKD 41,087 per sq ft. The original owner purchased the unit at HKD 19.5 million in 1993, making a book profit of HKD 80.3 million in 27 years.

(Sources: Vigers Research and market news)

Five projects applied for pre-sale consents in June
The Lands Department received five pre-sale consent applications for 2,786 units in June, up 71% m-o-m (May: 1,628 units). A total of 12,763 applied for pre-sale consents in 1H, and it increased by 76% y-o-y.

Private completion up 50% m-o-m in May
The Rating and Valuation Department announced that the private residential completion recorded 3,754 units in May, up 50% m-o-m (April: 2,508 units). It has been the largest completion volume in 17 months. The first five months of 2020 recorded 10,006 completions, dominating 48% of the overall completion volume of the year.

The Redhill Peninsula sold with HKD 10 m loss
Even no. house, Palm Drive, The Redhill Peninsula, Tai Tam, with a saleable area of 2,583 sq ft, has been changed hands at HKD 60 million or HKD 23,229 per sq ft. The original owner purchased the property at HKD 70 million in 2012, making a book loss of HKD 10 million and a 14.3% depreciation.

Duplex unit of Double Cove transacted at HKD 50.58 m
Duplex Unit A, G/F-1/F, Tower 16, Double Cove Starview Prime, Phase 3, Double Cove, Ma On Shan, with a saleable area of 3,112 sq ft, a 1,072-sq-ft-garden and two parking spaces, has been transacted at HKD 50.58 million or HKD 16,253 per sq ft.

(Sources: Vigers Research and market news)

First-hand inventory reached 10,852 units in May
According to market news, 10,852 units of new homes were left unsold in May, up 239 units on a monthly basis. Among which, 4,429 units were recorded in the Kowloon district, increased by 381 units m-o-m, dominating around 40% of the overall volume.

47A Stubbs Road reached new highs
Unit B, top-floor, 47A Stubbs Road, Mid-Levels East, with a saleable area of 2,600 sq ft, has been sold with HKD 28 million discount at HKD 110 million or HKD 42,308 per sq ft. The transaction price and unit price reached new high of the estate. The original owner made a book profit of HKD 89.2 million and a 4 times appreciation in 17 years.

Shop at Haiphong Road rented at HKD 159 psf
According to market news, a street shop, G/F, 45 Haiphong Road, Tsim Sha Tsui, with an area of 818 sq ft, has been rented for short-term at HKD 130,000 per month or HKD 159 per sq ft.

Beverly Hill changed hands at HKD 40 m
Unit 01, low-floor, Tower A, Beverly Hill, Happy Valley, with a saleable area of 1,654 sq ft, has been changed hands at HKD 40 million or HKD 24,184 per sq ft. The original owner purchased the unit at HKD 32.4 million in 2013, making a book profit of HKD 7.6 million in seven years.

(Sources: Vigers Research and market news)

283 new homes were sold over weekend
A total of 283 units were sold in the primary market over the past weekend, down 47% w-o-w (Past weekend: 531 transactions). Among which, Sea to Sky of Lohas Park, Tseung Kwan O recorded 193 transactions.

Ten major estates recorded ten transactions during weekend
According to market news, ten transactions were recorded in the ten major estates over the weekend, down 33.3% w-o-w. It has been the sixth weekend with double digit transaction volume. Among which, Unit B, low-floor, Pak Hoi Mansion, Taikoo Shing, with a saleable area of 723 sq ft, has been sold at HKD 15.65 million or HKD 21,646 per sq ft.

Queen’s Terrace sold at HKD 23,121 psf
Unit I, high-floor, Tower 2, Queen’s Terrace, Sheung Wan, with a saleable area of 519 sq ft, has been sold at HKD 12 million or HKD 23,121 per sq ft.

Shop in Jordan rented at HKD 150,000 per month
According to market news, a duplex shop, G/F-1/F, Hip Shing Hong Kowloon Centre, 192 Nathan Road, Jordan, with a combined area of 3,978 sq ft, has been short-rented by Bauhaus at HKD 150,000 per month or HKD 37.7 per sq ft.

(Sources: Vigers Research and market news)