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Mad rush for flats at Henley III

The first batch of flats at The Henley III in Kai Tak was 7.5 times oversubscribed as of 3 pm yesterday with Henderson Land Development (0012) receiving 850 checks for the 100 units offered on Saturday.

Thomas Lam Tat-man, general manager of the sales department at Henderson Land, said is confident of receiving 1,000 checks before the deadline of 8 pm tonight because of the low price of this batch - there are 83 units with a discounted price of less than HK$10 million - and the developer may launch the second round of sales next week.

The Holborn in Quarry Bay, also developed by Henderson Land Development, uploaded its sales brochure yesterday and will release the price list next week at the earliest.

Located at 1 Shau Kei Wan Road, The Holborn will offer 420 units ranging from studios to three bedrooms, measuring from 200 square feet to 571 square feet, according to its sales brochure.

The first batch of 84 flats will mainly provide studio to one-bedroom units. It plans to open sales at the end of this month and will take reference from the prices of new properties in the same area of Hong Kong Island and projects along the Hong Kong Island railway.

It is expected to open three show flats next week, including a one-bedroom modified demonstration unit, a one-bedroom standard unit, and a two-bedroom standard unit.

Meanwhile, Sun Hung Kai Properties' (0016) Wetland Seasons Bay in Tin Shui Wai has received 5,000 checks for the 300 units offered on Saturday, or at 15.6 times of oversubscription.

Among the 300 units, 285 units will be sold in the form of price list which covers from studio to three-bedroom units with a price increase of 1 percent to 9 percent in some units, and the remaining 15 units through tendering.

Codeveloped by Kerry Properties (0683), Sino Land (0083), and MTR Corporation (0066), La Marina in Wong Chuk Hang was 19 times oversubscribed with 3,750 checks received for the 200 units offered also on Saturday.

(The Standard)


Fivelements to shut Times Square spa amid quibbles over rent, as uncertainties of Hong Kong’s recovery stymies businesses

Fivelements Habitat’s wellness centre on level 13A of Times Square Tower One will cease operating at 6pm on September 30, according to a notice

The wellness centre, measuring 15,000 sq ft, is estimated to cost HK$975,000 in monthly rent

Fivelements Habitat, which provides yoga sessions, spa treatments and plant-based cuisine, is shutting its Times Square wellness centre in Causeway Bay after two years of operation, as it failed to reach an agreement with landlord Wharf Reic on the terms of its lease renewal.

The centre, located on level 13A of Times Square Tower One, will cease operating at 6pm on September 30, ahead of the expiry of its lease in December, according to a notice to customers.

“We were reaching an inflection point where we’re required to commit to a further lease term and we were not able to reach an economically viable agreement with the landlord,” said Jason Washbourne, managing director of Fivelements’ owner Evolution Wellness Hong Kong in an email interview with the South China Morning Post.

Fivelements, which opened in Times Square in July 2019, is the latest business to pull back in Hong Kong, after two years of economic havoc first wreaked by months of street protests, and then by lockdowns to contain the coronavirus outbreak. Now, as Hong Kong’s economy claws its way out of its worst recession on record, local businesses are grappling with how they should price commercial real estate while consumption is yet to fully recover amid tentative foot traffic.

Pedestrian traffic has visibly improved at many shopping centres in Hong Kong, including Wharf’s Times Square and Harbour City, as the first HK$2,000 instalment of the city’s consumption vouchers which took effect last month set off a spending spree at shops and restaurants.

The boom may be fleeting, as spending disappeared as soon as the first vouchers were used up, said the Hong Kong Retail Management Association, which represents more than 9,000 retail outlets that employ half of the city’s retail workforce. Sales in August were still 80 per cent lower than the peak in 2018, and consumption in September may decline further until the second instalment of vouchers is distributed, according to estimates by the guild.

That has translated into uncertainties about where retail rents are headed, as many commercial leases are still bound by contractual terms set at the depth of Hong Kong’s economic slump. Average rent across Hong Kong’s shopping centres fell 10.2 per cent in the second quarter from last year, down 45.2 per cent from the peak in 2018, according to data provided by property agency.

“While retailers have regained confidence, premises with corner and extensive shop frontage, high headroom or with provisions for operating restaurants will see a 5 to 10 per cent increase in rents compared to last year,” agent said.

Landlords and tenants had been caught in a stand-off since last year when the Covid-19 outbreak first reared its head. Nearly 50 brands staged an unprecedented strike in February 2020, closing nearly 200 shops in 14 shopping centres – including Times Square – across Hong Kong to demand rent reductions. Most landlords held out, opting to settle with their tenants on individual cases instead of acceding to across-the-board cuts.

Amid the stand-off, the luxury brand Prada closed its three-storey Russell Street flagship store at Times Square’s doorstep, for which it was paying HK$9 million in monthly rent. As soon as the Milano atelier announced its closure, the landlord offered to slash its rent by 44 per cent, putting a dent into Russell Street’s claim as the world’s most expensive shopping strip.

As the Covid-19 lockdowns wore on and tourists stayed home, luxury retailers exited Causeway Bay in droves. Rolex, Omega and skincare brand Kiehl’s all shut their outlets. The Italian lingerie label La Perla shut its four-floor store, which it rented for HK$7 million a month.

Covid-19 had been particularly challenging for Hong Kong’s beauty and wellness industry, as social distancing measures and lockdowns forced spas, gyms, yoga schools, dance classes and massage centres to shut. Salons and beauty parlours were allowed to reopen in February after shutting for more than 100 days in 2020, leaving the industry out of pocket by an estimated HK$2 billion (US$258 million).

While some businesses have bounced back, others are still struggling to recover their lost revenue as many customers continue to stay home.

“We are saddened that after two years of business disruptions, we have not been able to reach a workable agreement with the landlord,” said Washbourne. “It’s both sad and perhaps ironic that we face these challenges in a city that has been through so much, and where there is so much to be gained at the community level with a brand like Fivelements.”

Wharf Real Estate Investment Company (Wharf Reic), the manager of Times Square, did not respond to requests for comment. Still, Wharf Reic’s chairman and managing director Stephen Ng did note during the company’s interim results briefing last month that rents had faced “downward pressure,” culminating in lower charges on new leases as the lagging effect of the economic slump makes its way to property landlords.

Fivelements operates a retreat in Bali, and a wellness centre in Hong Kong measuring 15,000 sq ft (1,393 square metres). The monthly rent for Times Square’s Tower One ranges from HK$53 to HK$58 per square foot, according to another property agent. The rate was even higher two years ago at HK$60 to HK$65, which would translate to HK$975,000 per month for a business of Fivelements’ size. Washbourne declined to divulge the centre’s rent or say how many customers it has.

Fivelements is “currently seeking alternative space” to continue its business of providing yoga, soundscape and tea meditation in Hong Kong, he said.

“The team is actively pursuing options and we are hopeful that we will find a way to maintain this great community,” Washbourne said.

Some customers are already lamenting the imminent closure.

“It is very unfortunate that the two parties cannot come to an agreement,” said Jocelyn Tam, who practises yoga at Fivelements, adding that the facility was a “calm oasis amid the hustle and hysteria” of Hong Kong.

The company “invested a lot of money decorating and setting up this sanctuary,” she noted, but the government’s restrictions to prevent the spread of Covid-19 have “taken a toll on the membership.”

“It is difficult to maintain or develop good physical and mental habits if there are intermittent interruptions caused by the closure of the premises,” she said.

(South China Morning Post)

For more information of Office for Lease at Time Square please visit: Office for Lease at Time Square

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


包浩斯1.26億沽信和工中 採售後租回回報率近四厘


連鎖時裝品牌包浩斯公布,以1.26億沽出九龍灣啟祥道9號信和工商中心5樓1至40號工場及9號儲物室,以及地庫P39號車位及L9號貨車位,買家為嘉隆 (香港) 有限公司,據公司註冊處資料顯示,該公司註冊董事為周姓人士,交易並以售後租回形式進行,為期3個月,並指該物業將繼續用作集團辦公室、倉庫及停車場,以月租41.6萬,料買家享租金回報約3.9厘。





因疫情重創零售市道,該時裝品牌早前亦以短租形式租用市區鋪位。資料顯示,包浩斯早前以20萬短租西洋菜南街38至40號地鋪連閣樓,面積各約2040方呎,合共4080方呎,呎租約98元 (不連閣樓),該巨鋪舊租為莎莎,於2017年7月以100萬進駐,及至今年2月遷出,鋪位於丟空1個多月錄短租,月租較長租租金減80%。


另一方面,據土地註冊處資料顯示,觀塘振業工業大廈中層C室,於上月以2760萬成交,買家以公司名義凱優有限公司 (BEST WINNER CORPORATION LIMITED) 登記,註冊董事為羅正達 (LO, CHING TAT NICHOLE),為晶苑地產發展有限公司董事。
















佳明3.2億 購土瓜灣炮仗街舊樓

看好屯馬綫 擬建1幢住宅連商舖

受惠港鐵屯馬綫開通,土瓜灣舊樓更為吸引發展商注視,佳明集團 (01271) 最新收購土瓜灣炮仗街41、43及45號項目,涉資3.2億元。


舊契項目 最快明年推售


曾志偉沽界限街舖 賺2780

另一方面,恒和珠寶 (00513) 公布,斥資1.835億元收購何文田界限街164號及164A號物業,其中一個舖位由知名藝人、現為無綫電視高層的曾志偉及其相關人士持有,是次收購帶挈曾氏賺2,780萬元。

根據文件,上述物業涉及何文田界限街164號地下、1樓、2樓和部分天台,及界限街164A號地下、1樓及2樓。其中,界限街164號地下,所涉的收購價為3,200萬元,該單位原由金祐置業有限公司持有,公司董事包括曾寶儀等人,即電視廣播有限公司 (00511) 副總經理 (綜藝、音樂製作及節目) 曾志偉的女兒。文件亦指,該物業的最終實益擁有人為曾志偉。





長沙灣工商新項目多 前景理想





至於甲廈方面,近年最積極定為新世界 (00017),先後投得3項商業項目,其中位於荔枝角道888號去年尾發售,至今反應不俗,近日市況轉好,成交有所增加,包括日前錄5宗散單位買賣,至於最大手為新創建 (00659) 旗下Modern Elite、富通及Tycoon Estate,以13.67億元向母公司新世界,收購荔枝角道888號樓花商廈,總樓面面積96,744平方呎,呎價約1.41萬元。據悉,是次收購的4層樓面中,富通保險佔兩層,涉資6.79億元。


西港都會中心 活化項目登場

傳統工廈方面,個別業主把物業進行活化,如香港興業 (00480) 把旗下永康街西港都會中心,由工廈活化成商廈,業主去年進行改裝工程,近日完工。項目樓高24層,物業每層面積約5,887平方呎,而業主有見細單位搶手,故把個別樓層分間,單位由1,354至1,664平方呎起,意向呎租約24元。