A property agency forecasts commercial real estate deals to increase 14 per cent this year on policy support, valuation appeal

Southeast Asian companies like lender DBS Group Holdings and fast-food chain operator Jollibee and local education institutions are giving Hong Kong’s property market a much-needed boost, fanning hopes the worst of the investment slump may have passed.

Southeast Asian firms and education firms each contributed around 22 per cent of the total HK$6.28 billion (US$809 million) property investment in Hong Kong in the first three months of the year, according to data compiled by a property agency. The rebound also aided momentum in the leasing segment, the property agency added.

Southeast Asian investors’ outlay of HK$1.36 billion in the first quarter was more than four times higher than their investment a year earlier, it said. The education sector accounted for HK$1.39 billion from zero in the same period in 2024.

“We see more transactions happening this year versus last year,” an agent said. Supportive government policies and lower interest rates were making property assets appealing again, the agent added.

The agency expected the full-year volume to increase 14.3 per cent to HK$40 billion this year, the agent said. A 25-storey Ginza-style commercial building Park Aura in Tin Hau has been sold at HK$650 million, to Mike Cai Wengsheng, the co-founder and chairman of Chinese selfie-app firm Meitu.

Hong Kong’s leader John Lee Ka-chiu unveiled in his policy address in October the “Studying in Hong Kong” scheme – one of the government’s initiatives to turn the city into an international hub for post-secondary education.

Demand for local assets, primarily stocks, has helped fuel demand for the local currency, pushing its value to the strong-end of its trading band over the past week. The Hong Kong Monetary Authority sold its currency to restrain its appreciation, boosting liquidity in the financial system and causing the interbank rates to tumble.

The one-month Hibor, which is linked to mortgage loans, fell 2 percentage points to 1.9366 per cent on Friday from a week earlier, according to the Hong Kong Association of Banks. The rates for three and six months fell by 123 and 104 basis points, respectively.

Hong Kong benefited from some of the biggest bets by Southeast Asian companies over the past year, especially from Singapore, official records showed.

They included DBS’s HK$1.35 billion deal for two floors in The Center in Central in August, and the HK$1.4 billion acquisition of One Vista, an office building in Tuen Mun, by an undisclosed buyer from Singapore, according to the agency.

The records also showed that Harmony Jade International, whose director is Singaporean Lim Siok Kiang, was the buyer behind the HK$1.08 billion deal involving the entire office building Queen’s Road Centre on 152 Queen’s Road Central.

Elsewhere, the owner of Manila-based Jollibee Group bought two industrial buildings called Artisan Lab and Artisan Hub from New World Development in November in San Po Kong for HK$980 million.

Several purchases by local universities also created a buzz in the market. The Hong Kong Metropolitan University paid HK$2.6 billion in November for Cheung Kei Center. The 15-storey office building in Hung Hom was seized by creditors from the cash-strapped Cheung Kei Group.

“The government is rolling out a number of good initiatives to attract overseas students,” the agent said. This has given new “opportunities for schools to expand, and some new operators are coming to set up in the city”.

In the leasing segment, Stamford American School snapped up commercial space in the Imperial Cullinan in Tai Kok Tsui for HK$3 million a month, the agencys’ data showed. The private school in Ho Man Tin said it would add 75,000 sq ft of learning space across three floors for its second campus.

Zenith Kindergarten renewed its lease this year for 22,486 sq ft in Twin Peaks in Tseung Kwan O for HK$600,000 a month.

The agent said capital was flowing back into Hong Kong to take advantage of the recent slump. Prices of some prime properties had declined by 30 to 50 per cent from a peak in 2017 and 2018, making them very attractive to some investors, the agent added.

The current capital values of Hong Kong’s commercial real estate were affected by US tariff and interest rate policies, another agent said. The city had become a buyer’s market for investors seeking value-based assets, the agent added.

“Many investors have faith in Hong Kong that it will rebound and it will remain the financial hub of Asia,” the first agent said.

“Some of these buildings may not be available during a good market because the landlords themselves tend to hold on to them for a long time.”

(South China Morning Post)

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觀塘寧晉中心呎價8277元售 重返2014年水平 千三呎細單位

觀塘區指標甲廈寧晉中心錄今年以來首宗買賣，一個中高層單位，建築面積約1329方呎，以每呎8277元易手，呎價為10年來新低，重返2014年水平。

觀塘寧晉中心22樓C室，建築面積約1329方呎，以1100萬易手，平均呎價8277元，重返2014年水平，雖然低價成交，惟原業主於2010年11月以727萬購入，持貨14年帳面獲利373萬，物業升值51%。

持貨10年升值51%

該廈去年錄得對上一宗成交，於去年3月錄得，該廈17樓B2室，建築面積917方呎，以807萬易手，平均呎價8800元；該廈2023年未錄成交，2024年呎價跌穿萬元水平，而於2018至2019年商廈市況高峰期，呎價普遍維逾1.1萬水平，未見大起落，表現甚為穩定。

造價跑贏同區甲廈

2010年入伙的寧晉中心由於接近港鐵站，價格跑贏同區同類型甲廈，區內2011年落成的海濱道133號萬兆豐中心，今年以來交投暢旺，不過，呎價普遍較寧晉中心低，平均呎價由6000元至8100元，其中，「轉數快」營運商香港銀行同業結算有限公司 (HKICL)於今年2月斥約6817萬購入萬兆豐中心3個單位，涉及樓面約9563方呎。

其中，包括20樓A1室，建築面積約3722方呎，作價3014.82萬，呎價8100元；原業主於2012年4月以3275.36萬買入，帳面虧損260.54萬或8%。同層L室建築面積約2119方呎，成交價1271.4萬，呎價低見6000元，屬該廈近13年呎價新低，原業主2012年4月購入價1524.56萬，帳面貶值253.16萬或16.6%。

HKIC總部位於萬兆豐中心，該公司2011年一手購入大廈多層樓面，分布5、23及25樓，建築面積共約61010方呎，金額近3.9億，今年增購後，於該廈坐擁約70573方呎樓面。

(星島日報)

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工商舖錄460宗買賣 按月升幅17.3%

有本港代理行綜合土地註冊處資料顯示，2025年4月整體工商舖共錄460宗買賣，較3月份升約17.3%，創自2002年6月以來的近3年新高，金額方面，4月份錄約40.7億港元，按月增加約30%，出現「量價齊升」的局面，反映市場轉趨活躍。

一手工商廈頻錄成交

4月主要由細價物業帶動，價值500萬或以下物業錄258宗，佔整體註冊宗數一半以上，按月及按年分別增約17.3%及64.3%。期內一手工商廈貨尾銷情表現亮眼，新式工廈如金岸科技中心、東傲、維特健靈中心及寶源亞洲中心共錄79宗註冊。商廈方面，IEC 1、IEC 3、第一集團中心及德華中心則共錄46宗註冊，反映新盤貨尾銷情暢旺。

細價盤註冊量上升

細價物業註冊量上升，相信與政府財政預算案中將徵收100元印花稅物業價值上限，由300萬提高至400萬有關。政策實施後，發展商為加快一手工商廈貨尾銷售，願意降低叫價，吸引資金流入一手工商廈。

工商舖三大板塊註冊宗數均增長，工廈錄266宗註冊，按月增約20.4%，金額達16.3億，按月增14.8%，商廈板塊錄114宗註冊，按月升約23.9%，金額10.8億，按月升32.2%；商舖板塊則有80宗註冊，按月增加1.3%，金額按月升52.3%至13.6億元，數字反映上月整體工商舖市場走勢向好。

(經濟日報)

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金融業續擴充 九龍甲廈租務看升

外資代理行代理：供應增全年租金料跌

寫字樓租務市場不乏新租務，有外資代理行代理認為，今年銀行、保險等仍有擴充及升級，九龍區甲廈租務可望增加，惟區內有大型新供應，將令全年甲廈租金跌約1成。

該行今年第一季統計，香港整體寫字樓市場錄得負143,400平方呎的淨吸納量，主要由於早前企業完成整合及搬遷後釋出大型樓面所致。此外，受新項目落成影響，整體寫字樓空置率於3月底升至13.7%。在各分區市場中，九龍東的空置率由2024年第四季的18.6%上升至21.3%。2025年第一季，整體寫字樓租金按季下跌1.3%，所有分區市場均見租金回落。

九龍萬呎租務去年51宗 65%擴充

該代理指，去年51宗九龍區逾萬呎租務上，65%為擴充業務，而58%涉及大廈升級，至於今年首季，1萬呎以上九龍區有14宗成交，較去年同期8宗更有明顯增幅，可見企業仍對後市樂觀，「若沒有生意便不會擴充，去年擴充、升級活動頗多，可見企業在目前寫字樓高空置下，趁機增加樓面，或遷入質素較佳的項目。」

該代理分析，貿易戰會對個別企業於第二季決策時稍放慢，現階段企業不會太快決定，亦未知貿易戰結果，暫會觀望，把重大投資延遲1至2個月，特別涉及貿易的公司。

今年租務市場焦點，仍離不開搬遷升級，因多個大型項目落成。該代理指，全港今年新供應達500萬平方呎樓面，九龍區便有新地高鐵站項目International Gateway Centre (IGC)、涉260萬平方呎。該代理分析，新甲廈優勢高，「新樓與10年以上樓齡，租金接近一樣，對企業來說便想遷入新項目。」因此對樓齡稍舊的業主來說有挑戰，「留客非常重要，因有租客走，現時不易有填補，可能面對長時間交吉。」

至於較活躍行業，首季銀行及保險業擴充較積極，如渣打、滙豐等，均租用甲廈作財富管理部門使用，該代理預計未來一季，續會有大型金融機構，對相關業務進行擴充，目標是5,000至1萬平方呎，選址集中於西九龍一帶。至於保險業擴充未有減慢，如友邦保險便租用啟德AIRSIDE全層。

租金難大升 商廈業主不願大翻新

另一擴充行業便是教育相關，該代理指，地緣政治及本地政策推動，來港升學的內地生不斷增加，故會擴充樓面，但強調不一定租甲廈，「可能租用基座零售商舖，故未必是商廈市場主流。」

由於甲廈再遇供應高峰，該代理預計九龍區甲廈租金，全年再跌5至10%。面對新供應挑戰，其他商廈業主要提升物業質素，保持競爭力，「例如電動車興起，故要加裝充電器，或因應ESG需求，進行環保設施升級等。」不過，該代理相信願意作出大規模甲廈翻新的業主仍不多，一來個別商廈礙於大廈建築，例如樓底等，難以大幅改動。此外，涉及燈光、冷氣系統等全面提升，成本或太高，「現階段難以保證翻新後，租金會有明顯上升，業主未必願再大幅投放資金。」

(經濟日報)

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