sees higher home prices from Hong Kong’s recovery as a buyer snares an
apartment at the uber-expensive Mount Nicholson address
JPMorgan takes the bullish side as recent slide in Hong Kong home prices divides analysts at Morgan Stanley
US bank does not expect negative wealth effect to have a sustained dampening effect on property market
Home prices in Hong Kong
are likely to increase this year, extending a multi-year uptrend as the
city’s economic rebound brightens the employment market and offset the
dampening effect of emigration, according to JPMorgan Chase.
prices could gain 5 to 10 per cent despite a blip in the latter half of
2021, the US bank said, adding that still-low borrowing costs will
support buying demand. The chance of the Hang Seng Index rebounding is
higher than a further decline, according to the bank’s managing director
and head of Asia property and Hong Kong research Cusson Leung.
optimism is underpinned by recent transactions in luxury homes as
locals and “new Hongkongers” lighted up the market despite restrictions
on cross-border travels to contain the Covid-19 pandemic. Wheelock
Properties this week sold another flat on Mount Nicholson to keep Asia’s
most expensive address at record highs.
there is a border reopening or not, [people] still need a place to live
in, therefore I don’t think that will actually affect demand,” Leung
said, adding that “investment demand is still high” and will probably
continue this year.
Wheelock this week sold Flat 15C at the third phase of Mount Nicholson,
a four-bedroom unit measuring 4,230 sq ft for HK$583.2 million
(US$74.75 million) that includes two parking spaces. The price works out
to about HK$137,870 per sq ft, trailing the HK$140,800 psf tag in
November for Flat 16D as the most expensive in Asia.
newest transaction, however, surpassed the HK$136,000 psf deal in
February 2021 for a five-bedroom unit known as Flat 1 on the 23rd floor
of 21 Borrett Road in Mid-Levels, of a luxury residential project
developed by CK Asset Holdings.
so, analysts are still divided on the prospects for 2022 given the
stock market slump in recent months. Morgan Stanley last month predicted
a 2 per cent drop in lived-in home prices to halt a 13-year bull run,
due partly to stock market losses. One of property agency with the
city’s biggest network of sales agents, sees a 10 per cent gain.
agency’s index which tracks banks’ valuations for used homes in 133
housing estates compiled by the agency, has been in a doldrum since
falling below 40 points in November, a threshold indicating a bearish
view on the market.
reading increased 8.27 points in the week to January 2 from 23.12
points in the preceding week, which was the lowest since March 2020. The
Hang Seng Index of stocks fell about 15 per cent in 2021, the worst
performing major indices worldwide, as the broader market lost HK$5.14
trillion in capitalisation.
home prices fell to a seven-month low in November after peaking in
August, according to data from the Rating and Valuation Department.
stock losses could sour sentiment, Leung said he was not convinced the
index would be going down further. JPMorgan noted that there may be
market-cooling regulatory measures by Asian governments if prices
increase by more than 10 per cent.
(South China Morning Post)
是次申請地點涉及長沙灣荔枝角道850至870號的永新工業大廈，及比鄰政府土地，佔地約1.51萬平方呎，申請人擬將地積比率由12倍增至14.4倍，以重建1幢26層高 (包括4層地庫) 的商廈，作為寫字樓、食肆、商店及服務行業用途，總樓面涉約21.5萬平方呎。
上述工廈鄰近指標商場 D2 PLACE TWO，對面為區內指標屋苑泓景臺。
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