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Property deals soar to 24-year high at $468b

Local property transactions surged 74.2 percent year-on-year to HK$468.71 billion in the first half as of June 29, hitting a 24-year high, according to property agency.

The transactions included residential properties in the primary and secondary market, commercial properties and car-parking spaces, and the number of transactions jumped 52.1 percent to 49,795 in the first half as of June 29, a more-than-eight-year high, it said.

In the primary market, 8,087 deals of private residential flats were recorded during the period, up 25.2 percent year-on-year, with the total consideration rising 57.8 percent to HK$111.51 billion.

In the secondary market, the number of transactions increased 48.1 percent to 32,737 during the period, with the total consideration up by 62.8 percent to HK$280.06 billion.

In the commercial market, an property agency recorded 96 transactions at 50 Grade A office buildings in the first half, up by 182.35 percent year-on-year.

Separately, three flats at Grand Victoria were sold for about HK$44.71 million in total. The property in Cheung Sha Wan is being developed by Wheelock Properties, Sino Land (0083), K Wah International (0173), Shimao (0813) and SEA Holdings (0251).

(The Standard)


Hong Kong government departments take advantage of falling rents to lease more office space in Kowloon

The Transport Department recently signed a lease in Kowloon, while the Lands Department is looking additional office space, according to property agency

With more companies starting to expand amid an improving economy, the city’s grade A office market recorded its first net absorption since July 2019, another agency said

The Hong Kong government is taking advantage of the drop in office rents to seek additional space for some departments, joining private companies looking to expand amid an improving economy.

The Transport Department recently signed a lease for a huge office space in Kowloon, while the Lands Department is in talks with landlords to take up additional office space, according to property agency.

In May, office rents in Kowloon East fell 9.3 per cent year on year to HK$26.9 per square foot per month, while in Central they dropped 12.9 per cent to HK$111.8 per square foot compared to a year ago, the latest data from property agency showed.

“They are mainly looking for space in Kowloon where rents are about a quarter of those on Hong Kong Island,” agent said.

The Transport Department recently leased 27,000 sq ft at Skyline Tower in Kowloon Bay, a core part of Hong Kong’s plan to transform Kowloon East into the city’s second core business district, at about HK$22 per square foot, while the Lands Department is looking for additional space close to its Cheung Sha Wan offices, the agent said.

In the past year, the Government Property Agency, which rents and allocates office space to various departments among other activities, has leased 100,000 sq ft at Skyline Tower to accommodate the back up offices of the Social Welfare Department, Immigration Department, Drainage Services Department and Audit Commission.

“The government’s move indicates rents in Kowloon East have dropped substantially,” said another agent.

Overall grade A office rents in Hong Kong have fallen about 27 per cent from the peak in June 2019, when they started their downward spiral amid the anti-government protests followed by the Covid-19 pandemic, according to the property agency. Local and multinational firms opted for downsizing or implemented work-from-home arrangements to contain costs amid tougher operating conditions.

The agent said that the rate of decline in rents has narrowed since early this year, and expects overall rents to fall by five to 10 per cent this year, compared to the 18.9 per cent plunge in 2020.

For the first five months this year, office rents have declined 4.1 per cent, ageny said. With more companies starting to expand, the property consultancy said the city’s grade A office market recorded its first net absorption since July 2019.

“We have helped several China-backed securities firms and asset management companies in Central take up more space,” the agent said.

Companies that have recently leased office space include the food delivery company Foodpanda, which leased two floors with a gross floor area of 39,000 sq ft at Times Square in Causeway Bay in June.

BitMEX, which operates a cryptocurrency derivatives exchange out of the priciest office tower in Hong Kong, is exploring the possibility of leasing additional space equivalent to half a floor at Cheung Kong Center from CK Asset Holdings.

The three-year lease of BitMEX’s 20,000 sq ft of space on the 45th floor of the tower, costing about US$600,000 per month, expires later this year.

With business confidence building up in Hong Kong in recent months, companies have started reassessing their real estate needs, agent said.

“We believe that the worst period for the office leasing market has passed and rental fall will moderate in the second half of the year for most core markets,” the agent said.

(South China Morning Post)

For more information of Office for Lease at Cheung Kong Center please visit: Office for Lease at Cheung Kong Center

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

For more information of Office for Lease at Skyline Tower please visit: Office for Lease at Skyline Tower

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 Times Square please visit: Office for Lease at Times Square

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


Hong Kong’s real estate deals jump to 24-year high in first half buoyed by upbeat economic sentiment

Real estate deals amounted to HK$468.71 billion from January to June, the most since HK$483.6 billion in the first half of 1997, property agency data shows

Secondary housing tops the volume, accounting for nearly 60 per cent of the turnover this year

Hong Kong’s real estate market is gathering steam. Total transactions in Hong Kong’s property sector surged to a 24-year high in the first half, led by a bounce in residential assets, as investors piled into the market amid the economic recovery.

The overall volume, including homes, commercial and industrial properties and car parking spaces, rose to HK$468.71 billion (US$60.4 billion) in the first six months, the most since HK$483.6 billion in the first half of 1997, according to data compiled by property agency. It represented a 74.2 per cent jump from the same period last year, when the Covid-19 pandemic coupled with the recession dampened investor sentiment.

Secondary housing topped the list, accounting for HK$280.06 billion or nearly 60 per cent of the turnover.

“Even under the haze of the pandemic, the property market has rebounded, with the number and value of transactions rising, of which the second-hand housing market has become the main driving force,” analyst said.

The prices of lived-in homes extended a five-month rally in May and were at their highest since July 2019, according to Rating and Valuation Department data. They were also within 0.8 per cent of a historic high recorded in May 2019, before anti-government protests kicked off in the city. Some analysts have predicted that Hong Kong’s secondary home prices could rise by 5 to 10 per cent this year.

Offices saw the fastest growth in transactions, rising nearly fivefold to HK$22.58 billion in the first half compared to HK$4.52 billion a year earlier. One of the biggest transactions was the HK$10.5 billion sale of Kowloon Bay International Trade and Exhibition Centre in June, data from another property agency showed.

The office market is showing signs of recovery and will rally once the border is reopened as funds from mainland China will return, agent said.

The commercial and industrial property segment saw first-half deals increase 136 per cent to 3,623, the most since the second half of 2018 before the outbreaks of social unrest and coronavirus pandemic saw investors retreat to the sidelines, according to the agency. Transactions in the second half are expected to rise by another 25 per cent from the first half to 4,500, it estimated.

“The bottom in the industrial and commercial property market has ended, and the market is slowly entering an upward trend,” the agent said.

Separately, a real estate unit of asset manager Schroders Capital and real estate investment firm BentallGreenOak said that they have acquired an industrial property and car parking spaces at Cable TV Tower and One Midtown from Wharf Development.

Located in Tsuen Wan, the premises comprise about 568,200 sq ft of industrial space and 122 car parking spaces.

The companies paid HK$2.6 billion for the assets, according to sources. A Schroders spokesman, however, declined to confirm the price.

“In anticipation of a gradual recovery in trade and economic activities, this deal represents a strategic investment and a good opportunity to capitalise on Hong Kong’s international importance as a trading and logistics centre,” said Andrew Moore, head of Schroders Capital Real Estate Asia Pacific.

(South China Morning Post)

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

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


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