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Shop king's family takes $24m hit in TST sale

The family of Hong Kong's late "shop king" Tang Shing-bor sold a shop in Tsim Sha Tsui for HK$32.5 million, suffering a paper loss of over HK$24 million after holding it for nearly 14 years.

The 890-square-foot ground floor shop on 43 Granville Road saw the selling price come in at HK$36,500 per sq ft.

Tang's family bought the shop in June 2010 for HK$56.8 million. This would mean the property depreciated by about 43 percent in value over the years.

In the primary market, Topside Residences in Jordan, redeveloped by CSI Properties (0497), is expected to roll out its first price list early next week.

The project provides a total of 259 flats, of which 137 are two-bedroom flats. The show flats will also be opened next week.

In Pak Shek Kok, Sun Hung Kai Properties (0016) raised the prices of nine flats in phase 2 of St Martin by 0.5 percent to 9.3 percent. Phase 2 offers 640 flats in total.

(The Standard)


Hong Kong’s buoyant home sales to fight gravity of continued high interest rates as cut hopes dwindle, analysts say

Property agents have raised sales forecasts for the year amid project launches at discounted prices, but lack of a rate cut could pare those estimates

Developers are likely to continue pricing projects low to keep their transaction volumes up, an analyst says

Dwindling hopes for an interest-rate cut this year could put a damper on surging Hong Kong home sales, according to analysts.

As of Tuesday, 5,109 new homes have been sold in Hong Kong in 2024, roughly half of the full-year total in both 2022 and 2023, according to data compiled by a local property agency.

As developers rush to put new projects on sale at discounted prices to take advantage of the suddenly buoyant buying sentiment, property agents have raised their 2024 sales forecasts. The agency, for example, now expects 18,000 new homes to sell this year, up from a previous estimate of 14,000.

However, interest rates, which remain at their highest level since 2007, could spoil the party, analysts said after a speech on Tuesday by US Federal Reserve chairman Jerome Powell tempered hopes of an imminent rate cut. Economists now expect any rate reduction to be delayed until at least September and possibly next year.

Should the rate cut not materialise at all this year, buyers may hesitate to purchase homes, an agent said.

“On the demand side, buyers may hesitate, while developers are still likely to price their projects well below the prices of second-hand units if they want to keep their transaction volumes higher,” the agent said.

Still, a lack of rate cuts may trim the top off of potential sales, according to Raymond Cheng, managing director of CGS International Securities.

“If we see decreasing interest rates, we forecast a 40 per cent annual increase in new home sales to 15,000 to 16,000 this year,” he said. “But without rate cuts, we are likely to see about a 30 per cent increase in new home transactions, to a range of 14,000 to 15,000 units.”

On the other hand, another agent, believes the current attractive pricing will still lure potential buyers to the market.

“Despite the high interest rates, end-user homebuyers can take advantage of the lower price levels,” the agent said. “Meanwhile, investors can now cover their mortgage payments with rental income, as the residential rental market has improved by 8 per cent year on year. Additionally, the influx of newcomers to the city is creating a new group of potential buyers, further stimulating demand.”

“Rate cuts have been widely expected and factored in by buyers in the first few months of the year,” another agent said. “However, the consensus was for rates to be cut only moderately by 50 to 75 basis points this year anyway, hence any delay is expected to mainly affect market sentiment.”

Keen to clear an estimated 20,000 unsold units, developers have been pricing new project launches at multi-year lows. On Wednesday, for example, Great Eagle Holdings priced the first 115 units of its new residential project called Onmantin in Ho Man Tin at an average price of HK$19,988 (US$2,556) per square foot after discounts.

That is the lowest in the same neighbourhood since Kerry Properties launched its Mantin Heights development at HK$19,000 in 2016, agents said. The price is also about 25 per cent below the In One Above project launched by Chinachem Group in May last year.

A lack of rate cuts this year will not affect all buyers equally, said CGS’ Cheng. Up to 40 per cent of current homebuyers are from mainland China and are not as sensitive to rate changes as local buyers tend to be, he said.

“There will be some impact on those who are buying for investment purposes and the local people who are price-sensitive,” he said. “If the US Fed keeps delaying the rate cuts, price-sensitive homebuyers are likely to delay their purchases.”

Hong Kong home sales picked up this year following two of their worst years since 1996 after the government removed all property cooling measures on March 1. These decade-old property curbs included the Buyer’s Stamp Duty designed to target non-permanent residents, the New Residential Stamp Duty for second-time purchasers and the Special Stamp Duty aimed at homeowners that resell their properties within two years.

The Hong Kong Monetary Authority has also taken action to encourage home sales. Homes valued at less than HK$30 million are now eligible for 70 per cent mortgage financing, compared with the previous rule that granted only 60 per cent financing for flats valued between HK$15 million and HK$30 million.

(South China Morning Post)


The Henderson逾8000呎租出 醫療集團進駐平均每呎120元

中環地標甲廈The Henderson新錄一宗租務,一個逾8000方呎單位,以每呎約120元租出,新租客為醫療集團,於同區升級搬遷至全新甲廈。

上址為甲廈The Henderson 15樓2至3室,建築面積逾8000方呎,由金衛醫療集團進駐,市場人士透露,月租約96萬,平均呎租120元,該集團本身承租中銀大廈48樓,全層面積約7287方呎,現時中銀大廈原址全層以每呎110元放租。業內人士表示,金衛醫療屬升級搬遷,遷至設施新穎的環保商廈,並稍為擴大樓面。


金衛醫療集團是一間主要從事醫療業務的香港投資控股公司,集團通過四大分部運營, 醫療設備開發、生產及銷售醫療設備,醫院管理分部在中國提供醫院衛生管理服務及營運醫院。

The Henderson近期連錄承租,包括內地大型汽車製造商華晨集團,以每月近79.2萬承租中高層,建築面積約6600方呎,呎租近120元,該集團港辦公室設於遮打大廈中層,是次搬遷少許擴充,並升級至全新甲廈。


The Henderson大手租客包括加拿大退休金計劃投資局 (CPPIB),由同區約克大廈搬至The Henderson。拍賣行佳士得租用4層,涉約5萬方呎,作為集團在港首個常設拍賣中心和藝廊。國際投資公司凱雷集團 (Carlyle)租用約2萬方呎樓面。


The Henderson樓高36層,每層約1.2萬至1.5萬方呎,總樓面46.5萬方呎。


更多The Henderson寫字樓出租樓盤資訊請參閱:The Henderson 寫字樓出租






旺角建摩廈規劃署不反對 新地「巨無霸」商業地總樓面逾152萬呎

旺角未來再有新摩廈供應,由新地發展的旺角「巨無霸」商業地,早前向城規會遞交新發展藍圖,申請放寬高限,以建摩天商廈等,打造旺角Green Heart,涉及可建總樓面約152.42萬方呎。最新獲規劃署不反對,城規會將於今日舉行會議審理,料會「開綠燈」通過。



據文件顯示,項目申建3幢建築物,靠近亞皆老街位置,興建1幢樓高56層 (另設6層地庫) 主大樓、即商廈,主水平基準以上320米;鄰近港九潮州公會中學位置,則興建7層 (另設6層地庫) 政府、機構或設施附屬大樓,另會有1幢2層高構築物用作承托通往黑布街行人天橋,可建總樓面約152.42萬方呎,料於2030年落成。