HK (+852) 3990 0799

Citibank cashes in $720m with flagship shop sale

US-based Citibank sold its giant shop at Pedder Street in Central for HK$710 million to a Taiwanese manufacturer, bringing the lender a paper gain of around HK$320 million after holding the property for 17 years.

The shop measures a usable floor area of 8,539 square feet, suggesting an average price of HK$83,148 per sq ft.

Citibank will rent it from the new owner to continue branch services, the bank's representative said in response to questions.

The property was acquired by a company called Shiny Profit, whose director is Miguel Chang Yan Shee, data of Companies Registry showed. Chang is a veteran commercial property investor.

Citibank first acquired the premises for HK$88.88 million in 1988 before selling the shop at HK$162 million in 2002.

The firm then reacquired the property at HK$390 million in 2004.

The news came as the shop vacancy rate in Causeway Bay has dropped to around 10 percent, data from a local property broker showed, as retailer and food and beverage shop keepers are rushing to rent shops ahead of the traditional peak Christmas and New Year season.

Among five core consumption areas, Causeway Bay was the top performer by posting a drop of 1.53 percentage points year on year to 10.06 percent in August, property agent said.

The month-on-month figure little changed for the district, the agent said.

Retailers as well as the food and beverage business in Causeway Bay are well supported by locals since the district is a major consumption area in the city, the agent said, adding that the rental transaction was fueled by a significant drop in rentals for some shops.

Other than that, the shop vacancy rate in Central and Wan Chai both rose year on year but inched down slightly quarter on quarter.

The figure for Central decreased by 0.07 percentage points to 20.47 percent in August, compared to July while that for Wan Chai went down by 0.15 percentage points to 14.77 percent. The year-on-year readings are 0.09 percentage points and 0.06 percentage points higher for the two districts, respectively.

Meanwhile, Tsim Sha Shui reported a 0.04 percentage point rise in its vacancy rate to 15.51 percent while Mong Kok fell 0.06 percentage points to 11.81 percent, according to the agent.

(The Standard)


Home price gains Asia's fastest

Two new projects with a total of 258 units will be put on the market this weekend after Hong Kong recorded the fastest rise in Asia in the second quarter.

Henderson Land (0012) will sell 128 units of the Holborn in Quarry Bay on Sunday, with the cheapest unit costing HK$5.8 million.

The first batch comprises 103 one-bedroom units and 25 studios, ranging from 220 to 260 square feet, with discounted prices from HK$5.8 million to HK$8 million, or from HK$25,309 to HK$31,507 per sq ft, said Mark Hahn Ka-fai, general manager of the sales department.

Meanwhile, Kwai Hung Group is set to launch all 130 units of Mangrove in Hung Hom on Saturday.

The prices range from HK$3.32 million to HK$9.1 million after discounts, or from HK$17,281 to HK$28,016 per sq ft.

The developer has received over 5,000 checks, which is an oversubscription of 37.5 times.

According to property agency, the rise in Hong Kong home prices is almost the fastest in Asia in the second quarter by about 2.6 percent from a year ago.

On a quarterly basis, the growth exceeded Singapore, mainland cities, and Korea, agent said.

the agent expects Hong Kong housing prices to set a new record in the third quarter and added that the low interest rate environment remains a solid factor for the sustainable longer-term price growth.

the agency's price-tracking index rose 9.2 percent on average across 55 countries and territories year on year as of June, and 10 of the world's developed economies averaged price growth of 12 percent in the 12 months to June, double that seen in key developing markets at 4.7 percent.

Another agency also expects Hong Kong prices to progress steadily in the fourth quarter with room to rise by up to 3 percent despite a downward trend in transaction volume.

It projected that the new project sales from developers will continue and dominate the market in the next quarter.

(The Standard)


Citibank’s sale of Central shop for US$41.1 million profit suggests market is bottoming out, analyst says

Bank sells Unit A on the ground floor of Wheelock House for HK$710 million

Price shows that prime retail is gradually bottoming out and recovering, property agent said

Citibank sold a shop in Hong Kong’s Central business district at a profit of HK$320 million (US$41.1 million) last month, according to Land Registry records.

The shop, Unit A on the ground floor of Wheelock House, was acquired by Shiny Profit Limited for HK$710 million. Citibank (Hong Kong), which has been occupying the shop for years, bought it from a company called Yeebo Technology in December 2004 for HK$390 million.

“This transaction is a commercial decision based on our global real estate strategy to drive greater efficiency from resources. Proceeds of the sale will be reinvested to support client-led growth in Hong Kong,” a Citi spokeswoman said on Wednesday. “This sale will include Citi’s long-term leaseback of the premises to ensure continued branch services, and we remain committed to serving our clients in Hong Kong.”

The sale is being viewed as indicating that Hong Kong’s shops market is bottoming out after a couple of years of economic shocks. The city’s anti-government protests in 2019 and the coronavirus pandemic, which broke out last year, have dragged Hong Kong’s visitor arrivals to almost zero, pummelling prime street rents and prices.

“This market price shows that prime retail – even though many people in the market say retail is not good currently – is gradually bottoming out and recovering,” property agent said. “People are very willing to pay a good price for prime locations,” the agent said, describing the deal as “signature” and at a “very good” price.

The acquisition by Chang Yan Shee Miguel, Shiny Profit’s director according to Companies Registry records, comes at a time when shops are being rented at a faster pace because of the government’s HK$5,000 consumption vouchers.

“With more favourable factors in the consumer market this year, such as consumption vouchers and ‘Come2HK’ arrangements, confidence in leasing in the retail and catering industries has strengthened,” another agent said. “In preparation for Christmas and New Year business, the retail rental peak season could appear earlier, which could help the leasing situation in the coming few months remain strong.”

Prime street shop rents sank 77.4 per cent in the second quarter this year from a peak in the first quarter of 2013, according to another agency. The number of vacant shops and vacancy rates of Hong Kong’s shopping districts overall, and Central in particular, slid year-on-year in the third quarter of 2021 as well, according to another agency. But vacancies will fall further in the coming six months, dominated by restaurant leases, agent said.

Meanwhile, an property agency is marketing a part of the Kwun Tong Theatre Building for an indicative price of about HK$200 million.

Separately, despite a downward trend in transaction volumes, home prices are expected to progress steadily in the fourth quarter, with room to rise by up to 3 per cent, another agency said on Wednesday.

(South China Morning Post)

For more information of Office for Lease at Wheelock House please visit: Office for Lease at Wheelock House

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

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















花旗銀行7.1億沽中環巨鋪 38年前進駐採售後租回策略


據土地註冊處資料顯示,中環畢打街20號會德豐大廈地下A鋪及地庫,於上月中以7.1億售出,買家公司名義騰倡有限公司 (SHINY PROFIT LIMITED),註冊董事為張彥緒,原業主為花旗銀行 (香港) 有限公司 (CITIBANK (HONG KONG) LIMITED),早於1982年12月以8888.2萬購入自用,並於2002年10月以1.84億售出,當時帳面賺近億元,不過,2年後,卻提價近一倍購入,於2004年12月以3.9億回購,至今持貨17年,帳面獲利3.2億,物業期間升值約82%。
























觀塘三工廈補價涉逾10億 鴻圖道32號矚目將重建作商廈










除上述三個工廈項目外,長實旗下元朗錦田錦泰路地皮,亦於8月完成補地價,涉及3.8788億,而地皮為住宅 (丙類) ,總樓面約13.76萬方呎,每呎樓面補價約2819元。

上述地皮位於元朗錦泰路丈量約份109地段第2206號,鄰近錦田蒙養公立學校;資料顯示,該項目早於2018年獲城規會批建8幢樓高5層 (另有1層地庫) 的分層住宅,地皮面積約17.2萬方呎,可建總樓面約13.76萬方呎,提供約200伙。 至於上月補價收入逾14億,相較7月的逾8.6億,按月增約62%。




有測量師行獲業主委託放售觀塘通明街9號觀塘戲院大廈A座部分基座樓面 (見圖),意向價約2億,呎價約1.3萬,可以股權轉售形式交易。物業1970年落成,當時為區內知名的「觀塘戲院」一部分,吸引無數觀眾。物業逾15000方呎,其中地面層約11000方呎。此外,業主有一份已獲批改建及加建圖則,有機會額外增加數千方呎面積。




觀塘東瀛遊廣場連車位 意向月租25萬


樓底極高 坐擁維港景









何文田傲玟被取消預售樓花事件後,銀行對小型發展商的樓花項目按揭取態更加審慎。市場消息透露,桂洪集團旗下紅磡曼翹,本周六 (18日) 公開發售,但多家大型銀行均表示暫時不接受樓花按揭申請。



有新盤遭取消售樓紙 銀行審慎