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
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,
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.
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
“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.
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
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.”
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
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
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
“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
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
For more information of Grade A Office for Lease in Tsim Sha Tsui please visit: Grade A Office for Lease in Tsim Sha Tsui
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
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
The office is on the 16th floor of the Harbour City building
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
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.
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.
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.
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.”
Kong’s property deals declined 46 per cent in the first quarter,
compared with the final three months of 2021, according to another
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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
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.
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.
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
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.
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.”
were submitted by Sun Hung Kai Properties, Henderson Land Development,
Sino Land Company, K Wah International Holdings and CK Asset Holdings.
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.
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.
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.
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.
agent said that the government and developers were likely to shrug off
this disappointment as the outlook for the residential market was
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)
佐敦全幢酒店作價2.2億 投資者李栢景沽貨 10年升值41%
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
(01113)、恒地 (00012)、信置 (00083) 及嘉華
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。
(01113) 等小秀村項目 (涉573伙)、路勁 (01098) 等管翠路項目
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。
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。