Hong Kong saw a record 199 transactions for luxury residential homes worth over HK$100 million in the first three quarters of 2021, up 131.4 percent from a year ago and 23.6 percent higher than 2018 when the market was also buoyant, real estate consultancy said.

The market value of luxury homes dropped 12.6 percent over 18 months between mid-2019 and end-2020 but on entering 2021, as prices were perceived to have sufficiently corrected, buying sentiment began to return and the number of transactions rose, according to the consultancy’s research.

Consequently, prices of luxury homes have rebounded 5.7 percent in the nine months since the beginning of this year, though they are still 7.6 percent below their peak.

the consultancy expects that a total of 478 residential homes with areas of more than 160 square meters will be completed this year, an increase of 83.8 percent over last year.

It said the supply of these residences will remain comparatively high in the years to come with 429 expected in 2022 and 332 expected in 2023.

Despite a somewhat higher supply of large-size homes in the near term, truly luxury units in desirable locations will continue to be acquisition targets by wealthy buyers, it added.

Meanwhile, Henderson Land Development (0012) has acquired a residential site in To Kwa Wan through a compulsory sale with a reserve price of HK$962 million.

The developer controlled 96.24 percent of the ownership of the site, which is a 61-year-old building at the junction of 58 to 70 Lok Shan Road, 1 to 9 Lai Wa Street, and 18 to 20 Ha Heung Road.

The site may be included in a nearby redevelopment project in Lai Wa Street and To Kwa Wan Road, which covers about 42,500 square feet and a buildable area of over 374,300 square feet, according to the developer's interim report.

Separately, 13 homes at Grand Victoria II in West Kowloon will be put on sale on Saturday.

In other news, Sino Land (0083) said it will launch four major residential projects next year, providing a total of 5,000 units. The developer has cashed in HK$24 billion by selling 1,873 homes, or 94 percent of the total units at its Grand Central project in Kwun Tong.

And Sun Hung Kai Properties (0016) said that its new project, the Yoho Hub atop Yuen Long Station with a total of 1,030 units, is expected to receive pre-sale consent this week.

(The Standard)

Demand driving prices up, says Far East boss

Far East Consortium International's (0035) managing director Chris Hoong Cheong-thard expects Hong Kong's property prices will keep rising, driven by the strong demand, and the company will continue to sell its non-core assets including small parking lots and hotels not directly managed under its own brand.

Despite the government's proposals to increase land and residential supply, Hoong believes no substantial changes will be seen in the next three to four years. And as for the medium term, he thinks that the inflation-led increase in construction material prices will be reflected in property prices.

Analysts had said the HK$7.96 billion Kai Tai property that the company bought in partnership with New World Development (0017) from Kaisa Group (1638) was too expensive, but Hoong said some of the work on the project had already been completed, which would save them lot in terms of cost and time.

The residential project is expected to be completed in 2024 or in 2025, he added.

The developer's interim net profit more than tripled to HK$1.07 billion from a year ago while the interim dividend declared remained unchanged at 4 HK cents. The profit surge was mainly due to the 115 million (HK$1.2 billion) disposal of the Dorsett City London and revaluation gains attributable to Hong Kong and Singapore properties. Revenue for the six months ended September slightly rose to HK$3.12 billion, of which hotel operations income increased by 81.2 percent year-on-year to HK$658.56 million.

(The Standard)

Henderson continues to build up its land bank in Hong Kong, invests over US$1.1 billion in redevelopment projects

Land Tribunal approves application from Henderson to buy out a building in To Kwa Wan earmarked for development for HK$962 million

In September, Hong Kong’s third largest developer won another redevelopment project offered by the Urban Renewal Authority in the same area for HK$8.2 billion

Henderson Land Development, which earlier this month bid a record HK$50.8 billion (US$6.5 billion) for a harbourfront commercial plot in Hong Kong, is gradually boosting its land bank in other parts of the city.

Hong Kong’s third largest developer by market capitalisation has invested more than HK$9 billion in Kowloon’s To Kwa Wan area since the MTR station opened in June.

Henderson on Tuesday completed the acquisition of a 100 per cent stake in a 61-year-old eight-storey residential building under the Land (Compulsory Sale for Redevelopment) Ordinance through its wholly owned subsidiary Asia Bright Enterprises. The Land Tribunal approved an application from Henderson to force a compulsory sale for the building at a reserve valuation of HK$962 million.

“We will redevelop the building with a focus on small to medium-sized flats,” said Augustine Wong Ho-ming, executive director of Henderson Land.

Developers are increasingly seeking redevelopment opportunities in urban areas in view of limited land supply from the government. Fifty-eight applications for compulsory sale orders were under process as of September. These applications have been increasing over the past couple of years, rising from 22 in 2019 to 27 in 2020, government data shows.

The upcoming project on the site, located at the intersection of Lok Shan Road, Mei Wa Street and Ha Heung Road, will have a total gross floor area of 91,764 sq ft, with the valuation working out to HK$10,438 per square feet, according to property consultancy, the auctioneer for the compulsory sale.

Two months earlier, Henderson won another redevelopment project offered by the Urban Renewal Authority in the same area for HK$8.2 billion.

“The opening of the Tuen Ma Line has unlocked the redevelopment potential of To Kwa Wan and will lead to an increase in housing demand in the area,” property consultant said. “Given the lack of land supply in urban areas is expected to worsen, we believe that old buildings in urban residential areas will continue to be well sought-after.”

To Kwa Wan MTR station is on the Tuen Ma line, the city’s longest rail corridor at 56km with 27 stations. It links the east and west of the New Territories and includes interchange stations on the existing railway network.

The Tuen Ma line’s first phase, connecting Wu Kai Sha and Kai Tak by way of Tai Wai, Hin Keng and Diamond Hill, opened in February last year. The rest of the line running from Kai Tak to Hung Hom through Sung Wong Toi, To Kwa Wan and Ho Man Tin opened in June this year.

The opening of the To Kwa Wan MTR station is expected to have a big impact on residential developments in the area, another property consultant said, who estimated the construction cost for Henderson’s latest acquisition would be around HK$6,500 per sq ft.

“The landscape in To Kwa Wan is expected undergo a dramatic change. There are about 20 redevelopment projects under construction or in the process of compulsory sale,” the consultant said.

“It will take about 15 years to complete all the potential redevelopments that are under way,” the consultant said.

(South China Morning Post)

Hong Kong property firms pick up assets on the cheap from stricken mainland Chinese developers

A joint venture between Far East Consortium and New World snapped up land at Kai Tak from Kaisa Group for just over US$1 billion

Sharpview Investment recently took a majority stake in a project at Mid-Levels from China Aoyuan Group for HK$900 million

Mid-sized Hong Kong property firms are picking up residential plots at heavily discounted prices from cash-strapped mainland Chinese developers who are speeding up asset sales to repay debt.

Far East Consortium International recently snapped up two land parcels, one of which was from the heavily indebted Kaisa Group Holdings.

“We may allocate more resources to increase our land bank in Hong Kong after we cashed in on our overseas property investments,” Chris Hoong Cheong Thard, managing director of Far East Consortium.

Since 2015 the developer has diversified its property investments in various markets like Singapore, Malaysia, Australia and Britain, maximising its investment opportunities by taking advantage of different property cycles.

Highly indebted Chinese developers, from China Evergrande Group to Kaisa, have been trying to buy time with partial repayments and debt restructurings in recent months as they have faced a liquidity crunch after Beijing instituted new rules design to stem speculative bubbles in the residential property sector.

Last week River Riches, a 50:50 joint venture between Far East and New World Development affiliate Modern Culture acquired a plot in Kai Tak, the site of city’s former airport, from Kaisa. The duo paid HK$7.9 billion for the land, much lower than the plot’s audited value of HK$9.8 billion.

“We struck the Kai Tak deal very fast,” he said, adding that the price works out to HK$13,829 per square foot.

It was about 5 per cent lower than the HK$14,497 per square foot for a neighbouring site that was sold to a consortium of Wheelock Properties, New World, Henderson Land Development and Empire Group in November 2018.

The joint venture between Far East, controlled by the family of David Chiu, and New World, which is majority owned by the family of the Cheng Kar-shun, is not new.

The pair jointly developed the Artra residential project in Singapore, selling all 400 units when it was launched in October last year.

In Australia, Far East and the Cheng family’s private investment arm, Chow Tai Fook Enterprises, were part of a consortium that won a contract to develop a multipurpose resort development in Brisbane, Queensland, in 2015. The A$3.6 billion (US$2.6 billion) Queen’s Wharf Brisbane will be fully operational in 2024.

On Monday, Far East announced its net profit jumped 206 per cent to HK$1.07 billion for the six months to September. The hefty increase in earnings was partly due to the sale of its four-star hotel Dorsett City London for £115 million (US$153.2 million) and improvement in hotel operations after shifting of focus to quarantine stays.

Far East also bought another residential parcel in Lam Tei, Tuen Mun, from the family of “shop king” Tang Shing-bor who died in May, Hoong said, without disclosing the price.

The Tang family has been selling down its portfolio at deep discounts, after its hospitality business collapsed because of the social unrest in 2019 followed by the coronavirus outbreak.

Far East’s previous land acquisition came three years earlier in August 2019 when it won a hotel site in Kai Tak for a lower-than-expected HK$2.45 billion. Located next to the proposed Kai Tak Sports Park, the firm said it planned to develop a four-star hotel with 300 to 400 rooms and an office tower at a total investment of HK$4.5 billion, including the land cost.

The Kai Tak plot acquired from Kaisa will yield a total gross floor area of 574,733 sq ft, with flats likely to go on sale as early as 2023, Hoong said.

A surveyor said that mainland developers have built up a strong presence in Hong Kong’s property market, either by taking part in government tenders or acquiring old buildings for redevelopment, in the past five to seven years.

Acquiring land from struggling mainland Chinese developers “will become an alternative for land replenishment among Hong Kong developers who have strong balance sheets”, the surveyor said.

China Aoyuan Group said it sold a 86 per cent stake in the 54-year-old Yin Yee Mansion at Robinson Road, Mid-Levels, for HK$900 million through its wholly owned subsidiary Aoyuan Property (Hong Kong) to Sharpview Investment Development, according to a filing to the Hong Kong stock exchange on November 14.

The mainland developer said the group expect to recognise an estimated loss of HK$176.6 million from the deal.

“Offloading assets will be one of the fastest ways for cash-strapped developers to raise cash flow,” another surveyor said.

(South China Morning Post)

「慕詩陳」5.52億放售中遠大廈全層

新一波疫情為市場蒙上陰影，資深投資者亦趁勢沽貨。由外號「慕詩陳」、慕詩國際主席及行政總裁陳欽杰持有的上環中遠大廈全層以意向價5.52億放售，呎價約2.8萬。

平均呎價2.8萬

有代理表示，上環皇后大道中183號中遠大廈23樓全層，面積約19746方呎，將以部分交吉及部分連約放售，以公司股權轉讓交易，意向呎價約2.8萬，涉資約5.52億，物業可享海景及山景；當中06至12室，面積約9005方呎，現租客為大型貴金屬投資公司，月租約46萬，租期至2022年6月，截標日期為2022年1月12日。

慕詩國際主席及行政總裁陳欽杰，早於2009年9月以1.99億購入上址。而慕詩國際有關人士早前沽出鰂魚涌柯達大廈二期多個單位，涉資約8500萬。

屯門護老院鋪月租逾18萬

本報昨日報道，屯門青山公路新墟段250號彩暉花園地下1A號鋪，建築面積6000方呎，意向價6800萬，平均呎價約11333元，上址由護老院承租，月租並非約1.81萬，而是約18.1萬，租期至2023年2月，特此訂正。

(星島日報)

更多中遠大廈寫字樓出售樓盤資訊請參閱：中遠大廈寫字樓出售

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中環中心低層細戶 呎租40 十個月最平

商廈租金低位徘徊，中環皇后大道中99號中環中心一個低層細單位，近日以每方呎40元租出，屬今年1月後該廈呎租新低。市場消息指出，中環中心22樓10室，建築面積約1810方呎，以每月約7.24萬元租出，呎租約40元。

每月7.24萬元 回報1.4厘

上述全層單位由資深投資者蔡志忠在2018年起拆售，是次租出的單位在2019年初以6335萬元售出，呎價為3.5萬元，以最新月租計算，租金回報低見1.4厘。中環中心近期成交呎租由58至80元。今年1月同層7室，建築面積約1908方呎，以每月約7.44萬元租出，呎租約39元；最新租出的單位的呎租僅較之略高。

此外，同廈55樓3、5至7室，建築面積約8671方呎，現由基金公司自2019年起以每月82.4萬元租用，呎租約95元。據了解，單位剛以65.9萬元續租多3年，呎租下跌20%至76元。中環中心55樓全層由世茂集團 (00813) 主席許榮茂持有。

(信報)

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恒基統一土瓜灣舊樓業權 底價9.6億購入 併毗鄰物業擴規模

市區土地供應罕有，不少發展商透過強拍舊樓以增加土儲，由恒基併購長達6年的土瓜灣落山道、美華街及下鄉道舊樓，昨天舉行強制拍賣，由恒基在無對手下，成功以底價9.62億摘下該舊樓業權。

上述項目位於土瓜灣落山道58至70號、美華街1至9號及下鄉道18至20號，上月中旬獲土地審裁處頒下強制售賣令，底價9.62億；昨天在舉行公開拍賣，結果由手持「8號」牌的恒基執行董事黃浩明，在無對手下以底價投得，成功統一業權發展。

該舊樓現為樓齡約61年的商住物業，地下為商鋪，樓上則為住宅樓層，地盤面積約10196方呎，現為「住宅 (甲類)」用途，如重建成商住發展，預計可建總樓面約91764方呎。

發展中小型單位

資料顯示，恒基已就土瓜灣道68A至70C號申請強拍，而據恒基年報顯示，計畫將上述地盤土瓜灣道，連同是次獲批強拍令的項目合併發展，總地盤面積增至4.2萬方呎，料重建後自佔商住總樓面約37.4萬方呎。

總地盤面積4.2萬呎

黃浩明指出，上述落山道舊樓項目併購時間長達約6年，未來發展中小型單位為主，詳細設計未落實，由於鄰近仍有併購項目，故未能透露投資總額。

黃浩明：倡降強拍門檻

對於政府擬研究降低強拍門檻，黃浩明認為，降低強拍門檻對市區重建有幫助，唯要在發展與私有產權之間取得平衡，認為可以適度進行調整，建議降至七成最有實際作用，而某些特定區域或特殊情況可考慮進一步降低強拍門檻百分比。

而本月初市建局同區截意向書的鴻福街、啟明街及榮光街的4個重建項目的合併發展，集團亦有興趣入意向書。另外，油塘灣項目補地價仍進行上訴當中。

對市建同區項目具興趣

代理表示，屯馬綫通車釋放土瓜灣的重建潛力，並帶動區內的住屋需求。未來市區土地供應短缺的問題將持續加劇，相信市區舊樓住宅物業將備受市場追捧。

資料顯示，連同昨以底價投得的項目，恒基今年迄今循強拍途徑已成功統一6個舊樓項目，涉及金額約67.88億，若計及本月中旬舉行強拍的西半山羅便臣道94、94A及96號舊樓項目，即合計共7個項目，涉及總金額約73.101億。

(星島日報)

元朗全幢物業減租28% 每呎85元重返五年前

受疫情等因素打擊，鋪市陰霾密布，鋪租持續調整。消息指，元朗大馬路全幢物業，於交吉約一年後，以約25萬獲美容中心承租，呎租約85元，租金急挫約28%，並重返約五年前水平。

市場消息指出，青山公路－元朗段、(簡稱大馬路) 83號全幢，為地下、一樓及二樓，總樓面約2940方呎，於交吉約一年後，新約25萬獲美容中心承租，呎租約85元，該鋪早前由卓悅化妝品以約35萬承租，故租金急挫約28%，租金亦重回約五年前水平。

資料顯示，該街道近期矚目成交為毗鄰、即元朗大馬路81號全幢，於去年中以9500萬易手，平均呎價3.23萬，原業主為卓悅化妝品創辦人葉俊亨，持貨6年慘蝕4000萬，物業貶值約29%。

全幢三層高涉2940方呎

另一方面，代理表示，觀塘道370號創紀之城3期高層01室，單位面積約4092方呎，佔約半層樓面，意向呎價約1.25萬，涉及總額約5115萬，可以買賣公司形式交易。

代理稱，前述單位位於大廈高層，可望開揚山景，景色怡人，物業配備基本寫字樓裝潢及間隔，可即買即用。代理稱，創紀之城3期由新鴻基地產發展，設施配套齊全，為質素信心保證，為今番物業增值。代理補充，是次單位亦作出租，意向月租約8.6萬元，折合平均呎租約21元。

(星島日報)

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沙田小瀝源轉型住宅 區內將變天

住宅供應緊張，政府積極就工業用地進行檢討，而近日規劃署建議就沙田小瀝源、涉約80.5萬平方呎的工業地改劃為住宅。同時，近年沙田石門積極轉型為新興商貿區，區內數個商廈及酒店已經相繼落成及提供服務。

政府在70年代發展沙田新市鎮時，將石門一帶打造成工業區，增加區內的就業機會。不過，隨着工業向北移，該區工廈用途漸漸改變，多座已經轉型作工業外的用途。此外，社會對房屋需求殷切，工廈重建漸成新增房屋供應的出路。

而根據規劃署最新《全港工業用地檢討》文件顯示，署方建議將位於沙田小瀝源、鄰近港鐵第一城站的工業用地，改劃為「住宅 (戊類)」用途。

7工廈建議改劃住宅

是次建議改劃的用地，鄰近第一城站及愉翠苑，佔地約80.5萬平方呎，以發展貨倉及製造業為主。改劃地點現涉及7座工廈，包括由捷和集團持有的捷和中心、金利來集團 (00533) 旗下的金利來集團中心、新地 (00016) 旗下載通 (00062) 的九巴巴士廠、太古可口可樂廠、冠華鏡廠旗下冠華大廈、及業權較分散的沙田工業中心A及B座等。

值得留意的是，上址的中央位置為載通旗下巴士廠，捷和實業大廈及捷和中心正申請改裝成為寫字樓及零售用途，另亦有一宗正申請重建商業發展，預計兩項申請佔小瀝源工業面積約26%。至於位於小瀝源源康街及源順圍交界、由新地持有，並已發展為帝逸酒店的用地，則屬商業用途。

石門成新興商貿區

事實上，近年政府批出多幅石門的商業地，而該一帶亦相繼有多個商業項目推出，成為新興商貿區，吸引不少商店進駐。當中同由新地發展的W LUXE，早前再度重推餘貨單位。發展商於2015年10月以6.7億元投得的安耀街商貿地，當時每平方呎樓面地價3,886元，現時已發展為1幢26層的商廈。

至於石門站旁邊的商業地皮，亦已發展為京瑞廣場1期及2期。項目均由億京發展，總樓面約100萬平方呎，並已經分拆業權。受惠於屯馬綫開通，自第2季起，該項目的商舖交投轉旺。

(經濟日報)

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