High
interest rates, lack of purchasing power and growing inventory of
unsold flats continue to exert downward pressure on property prices
It
is widely expected that the city’s home prices are set to drop by about
5 per cent by the end of this year, after the latest round of mortgage
rate increases made last week
Hong
Kong’s lived-in home prices declined for the fourth straight month in
August, government data showed and analysts expect the easing trend to
continue for the rest of the year given the elevated interest-rate
environment and high inventory levels.
Prices
fell 1.4 per cent month-on-month in August, according to an index
compiled by the Rating and Valuation Department. The widely watched
gauge slipped to 339.2 from 344.0 in July.
“High
interest rates, lack of purchasing power and stockpiling of new flats
have continued to push property prices downwards,” a property agent
said. The agent said that in such an environment the residential
property sector will face strong headwinds for the rest of the year
while forecasting a 5 per cent decline in average prices over the second
half of 2023.
The
agent said that although the US did not increase interest rates in
September, the interest rate hike cycle is not yet over. The agent said
the impact of interest rate hikes will start fading only in the second
quarter next year amid expectations that mortgage rates in Hong Kong
could still rise this year.
The
agency expects that in the short term, the average volume of first and
second-hand transactions per month will hover around 3,000-3,500 cases,
and that the property market will need a significant turnaround to erase
the losses suffered this year.
It
is widely expected that the city’s home prices are set to drop by about
5 per cent by the end of this year, after seven major lenders,
including the three note-issuing banks – HSBC, Standard Chartered Bank,
and Bank of China (Hong Kong) – said they would raise their mortgage
rates last week.
The
payment on a typical HK$5 million (US$643,000) mortgage over 30 years
will increase by 6 per cent after the mortgage rate increases, or by
HK$1,430 per month to HK$24,232, according to calculations made by a
mortgage broker.
As
high interest rates have affected homebuyers’ desire to enter the
market, the pile of unsold new flats is now in excess of 20,000 units,
according to another property agency.
August’s
inventory in hand, including both unfinished and ready flats, rose to
20,513 units from 19,842 units in July. The number of unsold flats has
now increased for five consecutive months, and has registered a total
rise of 12.1 per cent over the year from 18,292 units at the end of last
December, the agency said.
Rental
prices have now risen for seven consecutive months through August,
increasing about 5.6 per cent over the course of the year. Prices
increased 1.4 per cent month on month in August, according to the Rating
and Valuation Department.
The
government’s Top Talent Pass Scheme will continue to support
residential rental demand, the agent said. The agent expects rents to
rise by around 8 per cent this year.
(South China Morning Post)
Chinese tycoon Chen Hongtian’s seized luxury Hong Kong flat sells for US$53 million, 39% below market price
The
5,154 sq ft flat in Opus Hong Kong sold to Kwai Sze Hoi, said to be the
chairman of Hong Kong-listed Ocean Line Port Development, sources say
Chen
and his wife, Chen Yao Li Ni, bought the fifth-floor flat at 53 Stubbs
Road for HK$387 million (US$49 million) in September 2015
Receivers
for a HK$680 million (US$86.7 million) Mid-Levels flat – seized from
Chinese tycoon Chen Hongtian for unpaid loans – have sold the property
at 39 per cent lower than the market price.
The
5,154 sq ft flat in Opus Hong Kong was sold to Kwai Sze Hoi for HK$418
million, official records showed. Kwai is the chairman of Hong
Kong-listed Ocean Line Port Development, according to sources familiar
with the transaction. The family has snapped up a number of luxury
properties in Hong Kong in recent years, spending about HK$800 million.
Ocean
Line is an inland terminal operator in mainland China and is engaged in
the provision of port logistics services. Ocean Line was listed on GEM,
the second board of HKEX in 2018, according to its filings.
The
Kwai family also bought two units in 21 Borrett Road, a luxury
residential project in Mid-Levels developed by Li Ka-shing’s property
flagship CK Asset Holdings in 2021. The two units, transacted at about
HK$380 million, were sold to Kwai’s son Kwai Kun and Kwai Tsz, also
believed to be one of Kwai’s family members, according to local media.
Chen
and his wife, Chen Yao Li Ni, bought the fifth-floor flat at 53 Stubbs
Road for HK$387 million in September 2015, according to official
records. In February, the flat was seized by Bank of Communications,
which extended a mortgage in August 2019.
The
property was one of at least three assets seized by lenders in Hong
Kong as of late March from Chen, whose Cheung Kei Group owns offices,
hotels and finance firms.
The
receivers put the flat up for sale by tender in May, and the tender
closed on August 8, according to Savills, which had been appointed the
sole agent for the deal.
Developed
by Swire Properties on a site long possessed by the company as a home
for its executives, the Opus project is acclaimed architect Frank
Gehry’s only residential project in Asia. The building twists to give
each of its 12 flats a unique floor plan, and is only a nine-minute
drive away from the Central business district.
The
flat Chen owned, which occupies the entire fifth floor, has five
bedrooms, including four with their own bathrooms, a study, a living
room, a dining room and a kitchen. It has an open-plan design and a
ceiling height of more than four metres, according to a property agency.
(South China Morning Post)
旺角家樂坊巨舖租出 龍豐藥房進駐
核心區舖位持續受捧，旺角家樂坊 FOOT LOCKER 舊址，近日由龍豐藥房承租，月租約100萬，該巨舖面積達1.8萬呎，有機會成為全港最大間藥房。
連鎖鞋店 Foot Locker 今年中關閉在港全線6間分店，撤出香港，其中家樂坊地下旗艦店，該巨舖以約100萬租出，租客為龍豐藥房，平均呎租約55元。該舖前身長租客為 FOOT LOCKER，在2020年月租高達200萬，最新租金下跌50%。
屬FOOT LOCKER舊址
換言之，龍豐以約半價承租靚舖，FOOT LOCKER 撤走後，該巨舖由 AEON 百貨短租。而在2014年舖市高峰期，H&M時裝於2014年承租旺角家樂坊地庫至1樓，合共5.4萬方呎樓面，月租高達900萬。
較舊租金跌50%
龍豐藥房今年初承租尖沙咀「名店街」廣東道一個面積逾4000呎巨舖，較2013年零售高峰期名鐘店的月租約630萬，累挫84%。去年亦以月租60萬租用中環皇后大道中地舖，曾由珠寶金行及運動服裝店承租，高峰期月租380萬，對上舊租為140萬，租金跌57%。
現時龍豐藥房在上水起家，過往經營連鎖藥房，近年改做「龍豐Mall」發展路線類似超市業務，藥妝貨物林林總總，目前在全港約有14間分店，家樂坊有望成為第15間分店。
(星島日報)
更多家樂坊寫字樓出租樓盤資訊請參閱：家樂坊寫字樓出租
更多旺角區甲級寫字樓出租樓盤資訊請參閱：旺角區甲級寫字樓出租
遠航創辦人桂四海 4.18億購山頂傲璇
內地祥祺集團陳紅天早前財困，名下豪宅、商廈均淪為銀主盤被接管。其中山頂傲璇自用單位早前以4.18億元售出，新買家為遠航集團創辦人桂四海，近年以8億元連掃香港多間豪宅。
祥祺陳紅天持有 淪銀主盤
是次涉及的傲璇 (OPUS HONG KONG) 5樓單位連同兩個車位，最初由祥祺集團陳紅天2015年以3.87億元，向太古地產 (01972) 購入作為自住，不過陳紅天年初起陸續有物業被銀行接管，其中傲璇單位由交通銀行接管。
據資料顯示，該單位連同車位早前以4.18億元售出，新買家為 Kwai Sze Hoi 購入，跟遠航集團創辦人桂四海同名。
兩年間 8億入市港物業
桂四海據指在90年代創辦遠航集團，擁有及管理30多艘遠洋船隊。而桂四海家族成員則曾經在兩年前以逾3.8億元購入半山區西部波老道21號新盤21
BORRETT ROAD 兩伙，連同今次購入傲璇，短短2年間以8億元入市，而桂四海本身亦持有半山寶雲道15號的獨立屋。
至於成交的傲璇5樓單位實用面積約為5,154平方呎，屬5房4套間隔，按約4.2億元成交價計，呎價約8.1萬元。據悉，是次屬發展商2012年一手推出並沽清後，項目首度錄二手成交。單位早前進行招標時，物業估值為6.8億元，若按現時成交價計，低市值約4成。
陳紅天名下另外還有兩項銀主物業，包括在2016年以21億元購入的山頂歌賦山道15號豪宅，同樣被銀主接管，曾經在上月推出市場招標，已經在9月19日截標，不過至今仍然未見公布售出。而另一項目為市值約50億元的紅磡祥祺中心商廈。
(經濟日報)
更多祥祺中心寫字樓出租樓盤資訊請參閱：祥祺中心寫字樓出租
更多紅磡區甲級寫字樓出租樓盤資訊請參閱：紅磡區甲級寫字樓出租
