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The Henley II gears for sales

Sales of flats at The Henley II in Kai Tak may kick off this month and a new batch with at least 31 units will be revealed soon, said the developer Henderson Land Development (0012).

It may raise the price in the forthcoming batch depending on the market response, said Thomas Lam Tat-man, a general manager of the sales department.

The developer has received 252 checks for 61 homes on the first price list, making them over three times oversubscribed, Lam said.

Meanwhile, Henderson's other project in Tai Kok Tsui - The Quinn Square Mile - has released a new price list, offering 65 units with prices starting from HK$5.61 million after discounts.

The batch, which comprises flats from 208 square feet to 382 sq ft, costs from HK$22,113 to HK$27,337 per sq ft.

Mark Hahn Ka-fai, the other general manager of the sales department, said sales could be announced this week at the earliest.

Also developed by Henderson, The Harmonie in Cheung Sha Wan sold 38 units in just one hour after launching sales last night.

A total of 108 flats were put on the market, priced from HK$6.9 million to HK$9.46 million after discounts.

In Yuen Long, The Grand Mayfair I was 25 times oversubscribed yesterday with 10,000 checks for the 388 units on offer.

Separately, a report submitted by the HKMA to LegCo showed that of the 12,500 mortgage applications approved this year as of April 20, 1,160 were under the new coverage after the mortgage issuance program revisions.

(The Standard)


Office Upgrades on the Rise After Omicron Slowed Hong Kong Market in Q1

Corporate tenants in Hong Kong are enjoying greater opportunities to relocate to upgraded premises this year as the city’s struggles with the Omicron variant slow leasing activity and open up more office space, according to recent research by a property agency.

“Office leasing activities will be largely focusing on flight-to-quality relocation, space optimisation or consolidation moves over the year, as most office occupiers are looking for cost-saving options, and they are now presented with more leasing options in the market given 4.5 million square feet (418,000 square metres) is scheduled to complete in 2022,” property agent said.

With many companies unable to visit office locations during the first quarter, vacancy across the city climbed by 0.9 percentage points compared to the same period a year earlier to 10.9 percent by the end of March, according to the agency’s figures. The slowdown in leasing has meant reductions in office rents for occupiers, with overall leasing rates down 1.3 percent in the first quarter. This is helping to make office locations which were once beyond the budget of some occupiers into more attractive options.

The market challenges have also had an impact on investment activity, which was dominated by bargain hunters in the industrial and retail sectors during the first quarter, as trades of income-earning property assets fell by 46 percent compared to the October to December period to total just HK$11.2 billion ($1.4 billion), the agency’s  data shows.

Flexibility Needed

Net take-up of office space in Hong Kong grew by 157,000 square feet during the first quarter, mostly supported by new supply completion and leases negotiated since end-2021 and closed in early Q1, according to the agency.

The cooling in Hong Kong’s traditional business hubs means that vacancy in Central climbed to 8.3 percent during the first quarter, with rents, which now average HK$103 per square foot per month in the district, expected to slide by a total of 5 percent during 2022.

While the waning of the latest COVID wave is already allowing more workers back to the office, with the Russian-Ukrainian war and uncertainties over when Hong Kong’s border with the mainland will be reopened, the agency predicts a muted 2022 for the city’s office market and encourages asset owners to stay in dialogue with potential tenants.

“Market uncertainties since the start of 2022, including the outbreak of Omicron, geo-political tensions and stock market volatilities, have disrupted the decision-making process of investors and occupiers, hence slowing office leasing and investment momentum in Q1,” agent said. “With cash-rich investors still keen on acquiring quality assets, and landlords becoming more flexible in negotiation to retain tenants or secure new leases, we are hopeful of a gradual improvement in market sentiment and momentum in H2.”

Kowloon Boon

While tenants have been slow to act in the city’s traditional business core, some occupiers looking for upgrades took advantage of the downturn to pick up large spaces in emerging locations in Kowloon.

During the first quarter a consumer goods firm leased 44,100 square feet at the NEO project in Kowloon East, while a social services organisation took up 27,900 square feet at the nearby One Kowloon.

Even pricier locations in Kowloon remained active during the period, with a financial services firm agreeing to lease 26,000 square feet at Sun Hung Kai’s International Commerce Centre (ICC) in West Kowloon.

That activity was reflected in leasing rates with average rents in Tsim Sha Tsui climbing by 1.6 percent during the quarter, while pricing in Kowloon East climbed by 0.2 percent compared to the preceding three months. While Kowloon East continues to have the highest level of vacancy of the city’s major commercial hubs, that rate stayed flat at 14.1 percent in the first quarter, despite the broader slowdown.

Industrial in Style

While investment activity during the first quarter fell sharply compared to the last three months of 2021, the HK$11.2 billion in deals recorded still represented an increase of 19 percent compared to the same period a year earlier, with industrial and retail trades constituting 74 percent of total transactions, according to the agency.

“Overall, investors are still eager to look for acquisition opportunities while pricing remains attractive for most sectors,” another said.

The agency predicts that with investors showing resilient demand for data centre and cold storage facilities, industrial assets, which accounted for 38 percent of investment transaction volume during the first quarter, will continue to be sought after.

With deals such as PGIM Real Estate’s HK$850 million acquisition of the Travelodge Central hotel during the first quarter becoming more common, the agent foresees more investors picking up hospitality assets for conversion into co-living or quarantine facilities during the coming months. The agency also expects office deals delayed during the Omicron wave to get back on track during the second half of the year.

While the city is fighting its way back from the most recent COVID bout, the agency cautioned that restrictions on the mainland border would keep the investment market subdued this year.

The agent said that, “Whilst the timeline of mainland-Hong Kong border reopening remains uncertain, this could limit flow of cross-border capital from mainland investors, who used to be one of the key drivers before the pandemic but only accounted for 2 percent of investment market volume in Q1.”

In the absence of big ticket asset trades in the coming months, the agency now forecasts that investment transactions in Hong Kong will slip by 5 percent in 2022 to HK$70 billion, representing an adjustment from the firm’s previous forecast of 15 percent growth this year.


For more information of Office for Lease at NEO please visit: Office for Lease at NEO

For more information of Office for Lease at One Kowloon  please visit: Office for Lease at One Kowloon

For more information of Grade A Office for Lease in Kowloon Bay please visit: Grade A Office for Lease in Kowloon Bay

For more information of Office for Lease at International Commerce Centre please visit: Office for Lease at International Commerce Centre

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Property agency based in U.S. picks a down-time to open Hong Kong office, betting on recovery in the world’s most expensive commercial property market

The agency with its head office on New York’s Park Avenue, has leased shared space from Atlaspace in Hong Kong’s Tsim Sha Tsui area to house even staff

The office is on the 16th floor of the Harbour City building

The property agency has opened its first office in Hong Kong, as one of America’s biggest listed commercial real estate consultancies picked a down-market moment to establish a foothold in the world’s most expensive property market.

The agency with its head office on New York’s Park Avenue, has leased shared space from Atlaspace in Hong Kong’s Tsim Sha Tsui area to house seven staff, most of them hired from other agency firms. The office is on the 16th floor of the Harbour City building.

The Hong Kong space expands the agency’s global footprint of 160 offices, with 6,200 employees and US$2.9 billion in revenue last year. The city’s economy and property market are reeling from a devastating Covid-19 outbreak that crippled hundreds of small businesses, drove tens of thousands of residents to emigrate and expanded the ranks of the unemployed to nine-month highs.

“A lot of Hong Kong investors are focusing on local retail because they expect the retail market to bounce back pretty quickly during the course of this year, so they seek opportunities there,” agent said. “We’ll still see a steady flow of capital from China coming into Hong Kong [later this year] for the right product.”

The agency will initially focus on the industrial and office segments before adding retail to its services, executives said.

“Industrial property continues to be strong with capital from around the world, and we expect the office market to slowly pick up,” the agent said. “The retail sector will be dominated by local investors this time.”

Hong Kong’s property deals declined 46 per cent in the first quarter, compared with the final three months of 2021, according to another property agency.

Still, the value of transactions rose 19 per cent from the low base a year ago to HK$11.2 billion (US$1.4 billion), with half of the deals negotiated in 2021, the agency added.

One notable transaction in the first quarter was the sale of Fu Tung Holdings’ stake in two car parks in Godown Buildings in Chai Wan and Hung Hom for HK$5.82 billion to LINK REIT, with another agency advising on the sale.

Hong Kong’s luxury retail segment is particularly under strain, as a dearth of mainland Chinese tourists since 2019 left scores of upmarket stores empty and scurrying for the exit. Over the past 12 months, numerous brands including Burberry, Prada and La Perla have downsized in Hong Kong, shutting their Causeway Bay outlets on Russell Street, which used to surpass New York’s Fifth Avenue as the world’s costliest retail strip.

“The luxury market will take time to recover, and we anticipate the recovery of the retail market will lag behind other markets in Hong Kong,” agent said. “We have seen reasonable activity from the [food and beverage] sector as companies take advantage of rental pressure and increased supply to secure strategic locations to expand their businesses.”

Before joining this agency, this agent was the vice-chairman of advisory and transaction services in Hong Kong for another agency. Thea gent handled the largest grade A office leasing deal in Hong Kong in almost two years in April 2021, when Manulife Hong Kong leased around 145,000 square feet of office space at Manulife Place (formerly known as International Trade Tower) in Kwun Tong.

Other property consultants are looking further into the year for recovery in the office and retail sectors.

“As social-distancing measures have been relaxed recently, the office leasing and investment momentum are expected to have a mild growth in the third and fourth quarters of 2022, and the transaction volume for offices in Central is expected to have higher growth among other areas in the market,” another agent said.

With no known time frame for a reopening of the border with China, the outlook remains uncertain.

“If we assume mainland Chinese tourists to Hong Kong rebound to 30 per cent of the pre-Covid-19 level after a partial reopening of the border, this suggests a potential of 1.2 million tourists per month entering Hong Kong,” the agent said. “A full recovery is likely contingent on global travel resumption, which we expect to come in 2023 or beyond.”

(South China Morning Post)

For more information of Office for Lease at Manulife Place please visit: Office for Lease at Manulife Place

For more information of Grade A Office for Lease in Kwun Tong please visit: Grade A Office for Lease in Kwun Tong


Hong Kong developers set to rush 800 flats to market as easier Covid-19 rules break lull in home sale

Loosening Covid-19 restrictions are helping to revive property sales after three months of anaemic sales

Wheelock Properties raked in HK$3 billion of sales last weekend, showing some pent-up demand for housing

Hong Kong developers are wasting no time to rush more new residential homes for sale in the coming days, after the government’s decision to ease Covid-19 curbs in the city helped reinvigorate the housing market from a three-month lull.

More than 800 flats from four projects in Kowloon and New Territories will be made available in the coming two weeks, according to data compiled from impending property launches. Wheelock Properties collected at least HK$3 billion (US$382 million) last weekend, the first major sales launch in the city since late January.

The government removed some social distancing measures from April 21 as health officials put the Covid-19 outbreak under some control, giving businesses a shot in the arm. The local economy may barely grow this quarter, after probably contracting 2.9 per cent in the first three months this year, the University of Hong Kong forecast.

“When the pandemic stabilises, everyone will speed up [sales activity],” said Ricky Wong, managing director of Wheelock Properties. “Developers had no way to do it in the last few months. It was impossible to launch a new project [due to the pandemic curbs],” he added.

Sales of new homes are likely to hit 1,200 units in April, a property agent said. If so, it will be the busiest month since 1,493 units recorded in December, according to Land Registry data. They could reach a 10-month high of 2,000 in May, the agent predicted.

Wheelock will sell another batch of 112 flat at the Monaco Marine project in Kai Tak on Thursday, a follow-up to its robust taking on Saturday as homebuyers unleashed pent-up demand in so-called “revenge spending”.

Henderson Land offered 114 units at The Harmonie in Cheung Sha Wan on Tuesday, while arrangements are progressing to launch 188 flats at The Quinn Square Mile in Tai Kok Tsui next month. The Grand Mayfair I in Yuen Long, developed by Sino Land, K Wah International and China Overseas Land and Investment, will sell 388 flats on Friday.

Sun Hung Kai Properties’ Silicon Hill development in Pak Shek Kok and Prince Central in Ho Man Tin may be on sale in May, it said last week.

The impending launches may help the developers catch buyers seeking to pre-empt higher financing costs. The Federal Reserve is seen tightening its policy with rapid increases in interest rates to fight inflation at four-decade high. The Hong Kong Monetary Authority can be expected to raise its base rate in lockstep under the city’s linked exchange rate system to maintain the currency peg.

With developers taking new orders from buyers every day this week, the offers in April would be a big jump from just 162 units sold in March and 474 in February, according to government data. There were 1,073 units logged in January.

Still, the slump in stock prices in Hong Kong and mainland China has eroded equity wealth, weakening purchasing strength. The citywide lockdown in Shanghai since late March continues to hurt sentiment and prices, while an undetected outbreak in Beijing has stoked concerns about equally drastic curbs in the capital.

The current property market sentiment has noticeably improved, said Wheelock’s Wong, especially against March when infection cases were running in tens of thousands and domestic banks were forced to shut about a quarter of their branches.

He expects home prices to rise 3 per cent in the second quarter, recouping the decline in the preceding quarter. Easier mortgage financing measures, as announced by Financial Secretary Paul Chan Mo-po in the Budget in February, will support home demand.

“The local property market is likely to recover in the second quarter of this year, and will rebound strongly in the third and fourth quarter,” said Victor Lui Ting, deputy managing director at Sun Hung Kai Properties. Prices are expected to rise 5 to 10 per cent through the year, he added.

(South China Morning Post)


Hong Kong government rejects all bids for Tuen Mun site, the first land sale to carry minimum flat size requirement

The Tuen Mun site is the first to be subject to the Hong Kong government’s 280 sq ft minimum flat size requirement

All five tenders received for site were rejected as their bids did not meet the government’s reserve price

The Hong Kong government on Tuesday rejected all five bids received for a 1.3 million square feet residential site in Tuen Mun, the first to be subject to a 280 sq ft minimum flat size requirement, as all tenders were below the reserve price.

“All five tenders received for the sale of a residential site in Tuen Mun town lot no. 561 at Castle Peak Road – Tai Lam, Tuen Mun, have been rejected as their tendered premiums did not meet the government’s reserve price for the site,” the Lands Department said in a statement. “The government will not sell a site if no bid reaches the reserve price as assessed by the government’s professional valuers. This is to ensure that the government gets a fair and reasonable return in the interest of protecting public revenue.”

Bids were submitted by Sun Hung Kai Properties, Henderson Land Development, Sino Land Company, K Wah International Holdings and CK Asset Holdings.

With the government introducing the minimum size requirement for all private flats in February, the site was estimated to yield 2,020 units.

Surveyors had expected the parcel to fetch between HK$7.1 billion (US$905 million) and HK$9 billion, or HK$5,500 to HK$6,900 per square foot.

“Notwithstanding the cancellation of this tender, the government will continue to apply the minimum flat size requirement to government land sale sites, railway property development projects and projects of the Urban Renewal Authority,” a spokesman for the Development Bureau said.

This was being done with the aim of enhancing living space and responding to the aspirations of society, he added.

Over the last five years, the government had put 70 sites for tender, of which six, including the Tuen Mun parcel, were cancelled due to bids being below the reserve prices, the Lands Department said.

The previous five cancelled tenders involved four commercial sites and one residential plot. One of the commercial sites and the residential site were subsequently successfully re-tendered. The other three commercial sites are undergoing re-zoning procedures for residential use.

As the tenders received for the Tuen Mun site were lower than expected, it shows that the five developers had bid conservatively and, therefore, did not meet the government’s reserve price, a property agent said.

The agent said that the government and developers were likely to shrug off this disappointment as the outlook for the residential market was optimistic.

“Looking forward, there are quite a lot of residential sites of various sizes that will be available for tender,” the agent said.

(South China Morning Post)














美資代理行趁疫市攻港 代理:大手買賣升溫












近期大手買賣升溫,罕有的全幢住宅更受捧,禹洲地產旗下西半山UPPER CENTRAL全幢住宅,獲財團以6.2億洽購至尾聲,料短期內易手。


禹洲地產旗下的堅道48號UPPER CENTRAL,年前放售,業主意向價6.5億,市場消息透露,近日獲準買家出價6.2億,業主落實將物業售予該名準買家,項目進入盡職審查中,將於短期內易手。本報昨日致電禹洲地產,惟直至截稿時未獲回覆。

市場消息則指出,該項目總樓面21480方呎 (實用面積),以涉資6.2億計算,平均呎價約2.88萬,與目前區內新樓呎價3至4萬比較,留有一定水位,新買家除了長綫出租外,不排除拆售,項目以細單位主導,相信受市場歡迎。


UPPER CENTRAL樓高22層,提供82個開放式戶,以及3個2房戶,實用面積由167方至388方呎,擁有會所Upper Club,位於5樓及頂層,5樓設健身室、活動室、閱讀室或私人影院,頂層設按摩浴池及燒烤空間等。發展商年前透過代理招租,呎租介乎80至100元,月租1.4萬起,今番連租約易手。

項目位於堅道48號,禹洲地產於2014年8月購入舊樓 (前身),作價3.738億,連同印花稅3453萬,總收購代價4.08億,及後重建發展商住宅,當時預計項目建築成本約1.2億,計及總投資成本約5.3億,預期出售能獲得利潤,惟前後歷時長達8年,利潤不算可觀。



佐敦全幢酒店作價2.2億 投資者李栢景沽貨 10年升值41%












鰂魚涌海裕街40萬呎樓面 增零售酒店


鰂魚涌昔日屬於住宅及工業為主的社區,但隨着區內大地主太古地產  (01972)  陸續將區內廠房、工廈重建成為太古坊的商廈群,逐漸變成第二個商業延伸區,近年發展商更進一步展開區內工廈、舊樓作重建,加快地區轉型。目前區內正在進行的工商業重建項目至少有3個,合共提供約216.2萬平方呎的商業樓面供應。

擬招標出售 估值約40




太古兩重建項目 作辦公及商業用








富國銀行 續租太古城中心兩層


月租逾200 呎租40

據消息指,富國銀行續租的兩層商廈為太古灣道12號 (前稱太古城中心四座) 7至8樓全層,面積合共約51,308平方呎,由富國銀行承租多年,疫市下續租,新租金由舊租金每平方呎46元減逾10%,亦有消息指租金雖然維持舊有水平,惟業主給予租客優惠。



至於 K11 ATELIER King's Road 據代理行數據顯示,今年初租出一層高層單位,面積達2萬平方呎,月租約111.45萬元,平均呎租約56元。而樓齡較大的華懋交易廣場,低層兩個合共3063平方呎單位月租約8.66萬元,平均呎租28元。




更多K11 Atelier King's Road寫字樓出租樓盤資訊請參閱:K11 Atelier King's Road 寫字樓出租



首幅限呎地流標 發展局:政策續推

梁志堅:與限呎無關 無損屯門區樓


該地皮於上周五截標,僅接獲5份標書,參與競投的主要為本地「大孖沙」,包括新地 (00016)、長實 (01113)、恒地 (00012)、信置 (00083) 及嘉華 (00173)。不過,地政總署昨公布,由於發展商出價未達到政府就該用地所定的底價,所以不接納所收標書。

東涌地去年流標 半年第二宗


在過去5個財政年度,政府合共就賣地進行超過70次招標,當中6次 (計入是次招標) 因為標價低於底價而取消有關賣地,其中5次取消的招標涉及4幅商業用地及1幅住宅用地,當中1幅商業地及該幅住宅用地隨後經重新招標後成功售出,其餘3幅商業用地則正進行改劃用作住宅用途。





上述地皮位於永泰 (00369) 旗下 OMA by the Sea 旁邊,佔地約36.3萬平方呎,最高可建樓面總面積約130.6萬平方呎。地皮截標前市場估值介乎72億至90億元,每呎樓面地價約5,500元至6,900元。



3大因素 揭屯門地流標之謎





至於地皮身邊的屯門區亦有未來供應重鎮,有望未來2至3年推出的中、大型新盤至少仍有3個,涉及超過2,200伙,包括長實 (01113) 等小秀村項目 (涉573伙)、路勁 (01098) 等管翠路項目 (涉698伙),而「玩具大王」蔡志明購入的青山公路地盤亦涉及逾千伙供應。

地皮方面除了今次推出的「限呎地」外,區內亦有另一幅同樣涉及逾百萬平方呎樓面的屯門第48區 (帝御旁邊) 地皮有待推出,有可區內供應需要時間消化,發展商出價自然較為保守。




灣仔西營盤住宅地 估值降逾5%


兩地估值 共19.4億至32.9

政府由推出首幅的屯門「限呎地」,到今年初發展局公布賣地計劃亦稱,「今年賣地表地皮都會加入 (限呎) 要求,除非個別情況不許可」,而在地皮流標後政府亦強調未改變當局改善居住環境決心,會繼續推「限呎」政策。