Secondary home sales at the ten major housing estates slumped to a nine-month low over the weekend amid the booming primary market, according to data from a property agency.

Only three deals were recorded at two of the blue-chip estates - down 72.7 percent from last week's 11 deals.

Two transactions were at Taikoo Shing, Quarry Bay, which broke the zero-deal record of the previous weekend. The latest transaction was a two-bedroom flat sold at HK$11.95 million, with a book gain of HK$4.52 million as it jumped 61 percent from the original price of HK$7.43 million 12 years ago. The owner had cut the price by HK$550,000 before successfully selling the 592-square-foot flat.

Kingswood Villas in Tin Shui Wai recorded the other deal - a high-level two-bedroom 442-sq-ft flat - at HK$5 million. The apartment has appreciated in value over 1.2 times, translating into a gain of HK$2.8 million for the owner who bought the home for HK$2.2 million in 2012.

A property agent explained that the new private homes have stolen the spotlight in the property market and not many affordable secondary listings are left for potential buyers. The agent believed the secondary market will continue to be overshadowed by the buoyant primary market in this quarter.

Meanwhile, in the primary market, The Grand Victoria II at the waterfront of Cheung Sha Wan recorded at least four transactions, cashing in over HK$59 million during the weekend.

The four flats sold in the new residence, co-developed by Sino Land (0083), Wheelock Properties, K Wah International (0173), Shimao Property (0813) and SEA Holdings (0251), were sold at between HK$12.9 million to HK$18.5 million. The sizes of the units range from 490 sq ft to 790 sq ft and are priced around HK$23,400 to HK$28,700 per sq ft.

In Lam Tin, Wheelock Properties's Koko Mare sold 60 units on Saturday in the first day of its second round sale of 98 units. The developer said it expects to put more batches on the market - primarily units with a sea view - with increased prices of about 10 percent within this month.

(The Standard)

Property agenct points to recovery in shops

The number of new shop registrations rose 7.4 percent month-on-month to 101 in March, with the total value going up 6.2 percent to HK$2 billion, according to a property agency.

Among them are a bundle of multiple shops at Mongkok Commercial Centre and a shopping mall at COO Residence, which were sold for HK$350 million and HK$440 million, respectively.

Only shops with a value under HK$5 million or between HK$10 million and HK$20 million recorded an increase in registrations in March, the former being up by 27.5 percent month-on-month to 51 cases and the latter up by 28.6 percent to 18 cases.

Meanwhile, a total of 279 street shops were registered in the first quarter, up by 9.8 percent from the previous three months and their value going up by 45 percent to HK$5.17 billion, the agency said.

The number of mainland visitors to Hong Kong is expected to rebound to 2 million a month in the coming months from just 1.1 million in February, to render a boost to the market sentiment, an agent said.

The agent projected the monthly shop registration number to hover between 100 and 120 cases in the short term and it will be crucial to monitor the data during the Labor Day Golden Week. If the growth in visitor arrivals and retail sales exceeds market expectation, more investors will be attracted to the market and further stimulate the transaction numbers, the agent added.

(The Standard)

Singapore’s rent to soar faster than Hong Kong, offering expatriates and tenants little respite, analysts say

Hong Kong rents likely to rise by up to 5 per cent this year, while the pace of increase in Singapore may decelerate to 10 per cent from last year’s 30 per cent, analysts say

There are signs of improvement in Hong Kong’s leasing market, with demand for premium homes picking up on The Peak and Mid-Levels

Expatriates in Hong Kong and Singapore can expect higher rents this year, but the size of increase in both markets is likely to vary vastly as they will be impacted by different factors, according to market observers.

Analysts predict a rise of as much as 10 per cent this year in Singapore, a sharp slowdown from the 30 per cent surge seen in 2022, while rents in Hong Kong could increase by up to 5 per cent, aided by the launch of the Top Talent Pass Scheme, return of non-local students and inflow of expatriates.

In Hong Kong, “home rents are forecast to rise by 2.5 per cent in the second quarter and 5 per cent overall in 2023 with the full reopening of borders and scrapping of all Covid curbs”, an agent said.

With the residential sales market picking up, landlords are putting up their properties for sale rather than leasing them out, reducing rental supply and flexibility in negotiations, the agent added.

The premium rental market has picked up pace, particularly for quality flats and town houses on The Peak and in Mid-Levels, the agent said. “International schools were seeing waiting lists again, with places taken up mostly by locals and mainlanders, which we haven’t seen in the past few years.”

The outlook for the city’s economy is rosy, with the government forecasting growth of 3.5 to 5.5 per cent this year after gross domestic product contracted by 3.5 per cent last year. Economic data is encouraging. For example, the latest unemployment rate has fallen to a three-year low of 3.3 per cent for the December to February period.

In the first quarter, rents increased 1 per cent for the first time since 2018, another agent said. The leasing market will reach its peak season in the second and third quarters, with the average rent expected to increase 3 per cent to 5 per cent, the agent added.

“Mainland students coming back to Hong Kong will be another supporting factor,” the agent said, adding the Top Talent Pass Scheme “will also help support the rental market”.

While government data showed private residential rents fell 3.7 per cent year on year in the fourth quarter, another agency noted the worst was behind us as rents increased by 0.98 per cent month on month in February, citing government data.

Although Hong Kong homeowners were generally firm with their asking prices and fewer discounts were offered to tenants, units in the HK$100,000 (US$12,740) to HK$200,000 per month range were rented out quickly, agent said.

Some recent notable luxury leasing transactions include a house at Overbays in Repulse Bay, which was leased for HK$370,000 per month or HK$88 per square foot, while a 2,560 sq ft house at 12 Shouson Hill Road was rented for HK$158,000 per month, Li said.

In the mass market segment, a studio at Manor Hill in Tseung Kwan O last week fetched a record rent per square foot at the estate, agent said.

The 203 sq ft studio flat was leased out for HK$11,800 per month, or HK$58 per square foot, he said, adding there were no more listings for such units there.

Another agent is more cautious that it was expected the return of expatriates to be slow at first as multinational companies need to plan carefully to arrange the relocation of employees.

“Overseas employees who migrated from Hong Kong to Singapore and Dubai a year ago … even if they want to return to Hong Kong, I believe they can only make a decision at the end of 2023 or 2024,” the agent said.

While 2022 was a bad year for luxury rentals, this year will see a moderate recovery, with demand coming from those accepted under the city’s top talent scheme, the agent said.

In Singapore, a slowing economy and handover of new projects is likely to slow down the runaway increase in rents seen last year. Rents climbed 29.7 per cent at the end of last year, according to the city’s Urban Redevelopment Authority.

The city state’s GDP is expected to grow 0.5 to 2.5 per cent this year, down from 3.6 per cent in 2022, according to a government forecast in February.

While rental volume shrank in January and February, demand pressure remained bullish resulting in rents increasing between 9 and 12 per cent quarter on quarter across the different segments, the agent said.

“Foreign professionals and senior executives continued to relocate to Singapore as globally mobile corporates remain drawn to the country for headquarter functions,” the said. “These individuals and their families continue to drive strong demand especially for newer projects that offer family-friendly facilities, as well as larger non-landed homes in prime areas.”

However, with more homeowners expected to receive the keys to their new property throughout the year, rental demand would ease, and overall rental growth is expected to stabilise and be milder than in 2022, the agent said.

“For the whole of 2023, we are still expecting more like 8 to 10 per cent [growth] for rents in Singapore.”

(South China Morning Post)

寫字樓租金回落助提升競爭力

隨着香港與內地先後撤銷防疫措施，與各地恢復通關，各類商業活動開始復常，估計不少之前因疫情等因素而暫時撤離的外來公司，將陸續回流香港。但有調查報告指出，截至上月香港的寫字樓空置率整體為14%，當中中環核心商業區仍約有1成樓面空置，而被形容為寫字樓供應「重貨區」的九龍東，空置率更達2成以上。

空置率高自然對租金構成壓力，有業內人士指出，香港的甲級寫字樓租金較疫情前的高峰期回落了2至3成，即使相信現已捱過谷底，但由於未來幾年持續有新供應，估計上升幅度亦相當有限。加上早前有多幅大型商業地皮出現「流標」或中標價低於市場預期，導致有市場人士要求政府減慢部分地區的商業用地供應，以至質疑在中部水域人工島發展另一個核心商業區的需要性。

先談空置率，有熟悉海外租務市場的業界人士指出，由於招租及翻新裝修需時，外國一級國際城市的寫字樓空置率一般都介乎5至15%，香港現時的14%仍屬可接受水平，反而是過去一段時間，當供應極度緊張、需求持續高企、令租金大幅飆升時的2至3%空置率並非正常。

整體空置率達14%

租金水平方面，不同機構的調查都顯示，即使經歷了長達3年的黑暴及疫情打擊，香港的甲級寫字樓租金仍處於全球最高的頭三位，與紐約和東京一直「叮噹馬頭」，與區內競爭對手新加坡仍高出超過1倍，不論以甚麼標準來衡量都不屬偏低。

下一個問題是，特區政府作為最大的土地供應者及租戶，是否有責任維持香港的寫字樓租金處於高水平呢？相信絕大部分市民及企業的答案都是否定的。

記得90年代初，香港首次有寫字樓呎租突破100元大關時，不少專家學者已質疑寫字樓租金高昂，供不應求，將削弱香港的整體競爭力，以及對外資公司進駐的吸引力。疫情爆發前，部分中環甲級寫字樓租金升至接近200元一呎，即使現已回落了不少，對香港競爭力和吸引力的影響是正面還是負面呢？

事實上，許多本地中小微企經常埋怨香港生意難做，營運成本高企，當中租金往往都是第一位的開支。一些外國、跨國公司即使看好大中華市場及喜歡香港的制度，但仍不願在香港開設較大的實體辦公室，寧願將區域總部或後勤部門設於其他地區，原因往往也是在香港找不到合適、夠大，而租金和營運成本為可接受的地方。

對於有指「在家工作」與「共享辦公空間」常態化，會長遠減少對辦公樓面的需求。其實有部分僱主正是為了減輕租金負擔，才逼於無奈實施有關安排。再者，「共享辦公」不一定等於整體空間減少，而是可以共享更大、更舒適的辦公地方。只有供應充足和租金合理，企業才能提供較寬敞的員工用膳和休息空間、會客室、廁所、以至母乳餵哺室等員工友善設施。

應確保供應充足穩定

故此，要維持香港背靠祖國、聯通世界的獨特地位和優勢，要做到「七一講話」中的「不斷增強發展動能」，政府除了要致力增加房屋用地和單位供應，讓市民都有機會「住大啲、住好啲、住平啲」，在規劃商業用地及辦公室樓面方面，也須確保市場有充足和穩定的供應，讓不同行業、規模與檔次的企業，都可在合理的租金水平範圍內，找到合適的經營和辦公地方。

此外，當整體經濟或相關的行業、企業前景向好，市場亦應有空間讓企業擴充業務和增聘人手，以至鼓勵新的參與者進場，這樣才能推動經濟不斷增長，促進企業做大做強。更積極的做法，是主動運用土地規劃和配置，來推動不同產業的發展，而不是等個別產業發展到地方不敷應用，租金升至難以負擔，政府才被動式、「補鑊式」地急忙增加有關土地供應。

因此，商業用地及其他用途土地的供應，均需要有適量的儲備。正如筆者多次批評政府的《十年長策》推算方法，只計單位數目，而不理人均居住面積及住屋開支比例，最終導致港人愈住愈細和愈住愈貴，居住環境與生活質素不升反跌。

誠然，政府在規劃和發展商業用地時，也應預留一定彈性，避免將具體用途和發展密度等定得太死。例如在大規模的新發展區及填海造地計畫中引入「白地/White Land」規劃概念，等到時機成熟，看清楚最新的市場需求後，才決定有關用地的最終發展用途，省卻中途改劃所需的時間、資源和可能引起的爭議。

(星島日報)

整體商廈租金年內料升3% 代理：「升級搬遷」帶動

兩地通關後，商廈睇樓增加，有外資代理行代理表示，市場仍以「升級搬遷」較活躍，然而，租戶要求平租，由於經濟未回復正軌，租金暫缺乏動力，難返疫市前水平，料年內整體租金升3%。

近年，內地客不乏大手承租超級甲廈，雖然每次都很矚目，然而，該代理表示，中資公司佔整體租賃市場份額只有約10%，外資公司比例仍高達40%，具較大影響力。

近期租客仍強調平租

過去2年來，中環、鰂魚涌及觀塘，租客紛遷至更優質甲廈「升級搬遷」，不一定擴張，縮細面積佔整體約30%，代理續說，最新的「升級搬遷」，已不再要求縮小面積，但強調平租，租金缺乏上升動力。

去年聖誕節至今睇樓暢旺，整體市場氣氛改善，不過，租客還未積極落實租賃，經濟需時恢復，預期第3季才進入「轉角位」，市況有起色，第4季向上，預期今年全年租金可錄得3%升幅。

料第3季進入「轉角位」

近期，有內地商務交流團來港考察，亦有科技公司捨數碼港及科技園，打算在核心區落位，共用工作間開始活躍，不過，仍然需要時間真正落實租賃。

上月寫字樓整體空置率錄約14.7%，並非歷史新高，對上高位為2004年，當年東九龍30%，現時20%，由於過去3年大部分時間負吸納，租客續租時往往騰空一些位置，業主態度軟化，疫市以來，租金已累跌逾20%。

該代理較看好尖沙嘴區，區內聚集保險及內地關聯公司，疫市以來，經濟活動幾乎停頓，通關後追落後，近期，有2家保險公司分別在港威大廈承租據點，每個數千呎，開設財富管理中心，吸納內地客。一般來說，高空置意味要減租，不過，最高空置率如九龍灣，租金普遍未見大減，反而部分錄高價承租，亦可見區內租金見底。

(星島日報)

投資物業交投回升 商舖最看好

代理：旅客重返 舖租看升8至12%

去年投資市場受疫情及高息衝擊影響，大手買賣偏少。有外資代理行代理認為，預期加息近尾聲，而中港通關有利經濟發展，看好今年投資物業交投回升，並以商舖最值得看好。

據該行統計，2021年商用物業投資金額涉及約850億元，去年則跌至約450億元。代理指，去年加息後，影響整體投資氣氣，不過該代理相信，息口料近見頂，「最高峰時HIBOR加至約5厘，令不少工商舖投資者在買物業前卻步。近一個月HIBOR已回落至約2.8厘。走勢上，以前年期愈長利息愈高，現在反而長息較低，大家預計利息或9個月至1年後向下，投資市場可望在息口見頂後回落而轉活躍。」

地區商場收入穩 同樣吸引

另一較為推動市場，正是中港重新通關，該代理指近期旅客逐步重返，但仍未屬最佳情況，「復活節並非內地假期，相信五一黃金周是訪港高峰，可以預期周圍有遊客。此外展覽會、大型會議在通關後漸活躍，很多商家希望搵生意，所以今年整體香港經濟值得睇好。」

通關後以商舖市場率先反彈，核心區錄大手舖位成交，而租務亦活躍，帶動租金回升。據該行數字，今年首季零售市場租金終見明顯回升，大部分主要零售區的優質街舖租金及主要商場租金均按季上升3.9%至5%，是自2019年首季以來舖租首度回升。代理指，因旅客開始重返，預計街舖租金有8%至12%上升，「但同時亦要留意，旅客消費似乎亦有轉變，以買錶為例，可能轉至中下價。」舖市交投亦轉旺，該代理不擔心回報率影響舖位交投，「現時買舖約3厘，整體高於借貸成本，但其實舖市暢旺時，買舖低見1至2厘回報，為何仍有大量成交，反映大家睇好舖市前景。」

代理分析，不只核心區舖位值得投資，地區商場收入穩定，同樣吸引投資者，「現時不少行業也難請人，基層人士收入亦有上升，地區消費更加穩定，故投資地區商場亦是理想之選。」此外，旅遊業重新興旺，可帶動酒店重獲留意，而在疫情期間，有4,000房已轉作共居等用途，未來3至4年新增約2,500房，需求上升而供應不多，亦值得留意。

至於商廈方面，空置率達13.3%，以實用面積計，近千萬平方呎待租。未來4年再多700多萬平方呎新供應，按平均每年吸納約130萬平方呎計，都要超過十年時間吸納商廈。無疑數字上並不理想，代理認為，不能單看空置率判斷後市，「歷史上，商廈空置率不會零，其實內地市場理想時，空置率也不低。

中港融合 利優質甲廈吸納

除了看供應，亦要看需求，而需求是不可預計，隨中港融合，內地公司會在港開業。」該代理特別提到家族辦公室，「香港政策全面配合，發展全球家族辦公室業務，內地富豪甚多，相信有利香港資產管理公司將會擴充，故對優質甲廈吸納亦有幫助。」代理指出，現時即使整體空置率高，超甲廈業主仍不願減租，可見優質樓面需求仍強。

工廈買賣去年暢旺，該代理料今年形勢有所轉變，因去年買家以外資基金為主，本身工廈回報率多在4厘，加息後入市興趣降低。代理預計，迷你倉及物流中心需求仍高，倉庫空置率僅約3%，料在工業範疇中表現較好。

(經濟日報)

波鞋街舖疫後最貴月租78萬

體品公司重新進駐 打造2500呎分店

 香港與內地全面通關，有望帶動本地零售業起死回生，連有「波鞋街」之稱的旺角花園街地舖租賃亦見起色。位於花園街及奶路臣街交界的單邊地舖，由體育用品公司允記「重新落戶」，以每月78萬元承租，成為疫情以來逾3年「波鞋街」最大額地舖租賃成交。

上述舖位為旺角花園街71至73號地下A至C舖，建築面積約2500方呎，屬花園街及奶路臣街大單邊靚舖，舖位在去年初丟空，一直以每月90萬元放租。據了解，第五波疫情去年中爆發後，曾有租戶出價30萬元洽租，惟遭業主拒絕。

為期3年 每呎312元

而在去年底，亦有商戶希望以60萬元租用舖位，亦因出價未符業主意向而拉倒。直到今年疫情緩和，加上本港全面通關，零售商戶租舖步伐加快，據消息透露，允記斥資每月78萬元租用上址3年，呎租約312元。

翻查資料，允記曾租用花園街及奶路臣街交界單邊的花園街71至73號地下A及B舖超過10年，而完全面向奶路臣街的地下C舖則由另一體育用品公司租用，估計A至C舖位在高峰期月租可高逾100萬元，但兩間體育用品公司雙雙在去年初約滿撤出。事隔超過一年後，經濟及旅遊復常，允記便重新進駐上址，並且增租毗鄰一個舖位，打造成建築面積約2500方呎新分店，而最新月租78萬元，以金額計更成為2020年至今「波鞋街」最高的一宗租賃成交。

同區舖續約 加租五成

同一時間，允記最新亦續租同區花園街45至47號仁康大廈地下B舖連閣樓，地下建築面積約1000方呎，閣樓建築面積約800方呎，合共建築面積約1800方呎，最新月租30萬元，呎租約167元，租期2年，其後可加租15%續租多2年。

據資料顯示，允記原持有及自用該舖，但在2010年以1.8億元售出，之後仍一直租用。在疫情爆發前，月租一度高達54萬元，呎租約300元，有指在過去兩年，獲減租至20萬元，呎租跌至約111元。如今在市面逐漸復常後，允記接受加租10萬元或五成續租，相信是看好後市。

此外，區內花園街89號地下，建築面積約900方呎，自2021年底起丟空，並一直以每月11萬元放租，據悉在通關後租出，月租8萬元，呎租約89元。

根據一間外資代理行資料顯示，今年第一季商舖空置率按季回落，租金跌勢結束。四大核心零售區中，以旺角的空置率按季下降1.8個百分點至10.9%，表現最佳；中環空置率跌1.4個百分點至9.9%，尖沙咀減少1.2個百分點至15.5%，而銅鑼灣則維持在7.9%。

租金方面，旺角首季租金較去年第四季回升2.8%，該行估計該區上半年有4%至6%的租金漲幅。

(信報)

余文樂2070萬沽觀塘商廈 中海日升中心 8年蝕63萬

商廈空置率高企，價值下跌，就算早年入市的物業近期沽貨亦須蝕讓。藝人余文樂接近8年前購入的觀塘中海日升中心寫字樓單位，以2070萬元沽貨，賬面仍要損手近63萬元離場。

仍持有該項目兩車位

據了解，原由余文樂持有的中海日升中心27樓G室，建築面積1715方呎，近期以2070萬元售出，呎價約12070元。資料顯示，余文樂於2015年6月，透過公司名義斥資約2132.75萬元購入上址，持貨接近8年，賬面虧蝕約62.75萬元，單位跌價2.9%。

據悉，余文樂當年除買入寫字樓單位外，亦以350萬元購入該廈5樓兩個車位，每個作價175萬元，但車位至今仍未沽出。

是次成交為中海日升中心今年的首宗買賣，而去年該廈亦只錄得1宗一手成交，一個高層建築面積1590方呎單位，以2385萬元售出，呎價約15000元。

(信報)

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