近期写字楼市况趋活跃，业主趁势放售，尖东康宏广场一个中层单位，以2700万易手，物业于13年间升值26%，新买家为用家。

13年升值26%

尖东康宏广场录1宗买卖，该厦中层2012至13室，约2043方呎，以2700万易手，平均呎价13216元，买家为用家；该物业原由汉晨烟草自用，于2009年2138.8万买入，持货13年，帐面获利561.2万，物业升值26%，新买家为自用客。

有代理表示，九龙湾临乐街19号南丰商业中心7楼26室，面积约1020方呎，以交吉形式交易，成交价约595万，呎价约5833元，单位望公园景，景观开扬。买家为用家，原业主去年中放售单位，当时叫价约643万，其后因应市场变化调整，售价较原先叫价低约7.5%。该单位于2006年以260万购入，持货16年半，帐面获利约335万，物业升值约128%。

代理表示，南丰商业中心刚录一宗租务成交，单位为15楼06室，面积约1187方呎，月租约1.78万元，呎租约15元。

(星岛日报)

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中环大道中巨铺月租120万 「戏院大王」陈俊巖家族持有 空置3年始租出

受通关效应带动，核心区铺位租赁转活，「戏院大王」陈俊巖家族于三年前重建的中环丰乐行，基座巨铺丢空3年，终以每月120万租出，为今年以来最大宗铺位租赁个案。

中环皇后大道中54至56号丰乐行地下、1楼、2楼及3楼，每层面积分别为2065、2205、2185、2280方呎，总面积共约8735方呎，以月租120万计算，平均呎租137元，有代理表示，此类型复式巨铺于市况畅旺时受捧，疫市下难于出租，现时租金大约为2008年至2009年的水平。

每呎137元重返2008年

该物业由「戏院大王」陈俊巖家族，早于三年前完成重建，上述4层复式巨铺，空置3年，年前曾叫租180万，直至近日通关后，才成功租出，为今年暂录最大宗铺位租务个案。

有代理估计，租客为中档零售品牌，昨日市传是早前以200万于广东道承租复式巨铺的体育用品店李寧，惟相关消息未获证实。

丰乐行全幢由单一业主持有，楼高22层，总楼面约35867方呎，楼上写字楼每层面积约1428方呎，业主为南源有限公司，公司董事包括陈荣裕、陈荣美及陈荣民，均为「戏院大王」陈俊巖子女。

斥3400万购铜锣湾地铺

早前，铜锣湾怡和街19至31号乐声大厦地下1A1及1A2号地铺易手，作价3400万，买家为陈裕荣，正是「戏院大王」家族成员。

于2021年9月，购入中环德辅道中113号远东发展大厦地铺，作价1.15亿，成交呎价9.9万。

陈俊巖家族早于1962年，购入铜锣湾摩顿台11至13号，作价250万，开设第一家叫「新都」的戏院，其间不断扩充，直至1992年，更「大手笔」斥1.894亿，一口气购入旺角金声、深水埗华声及乐声三家戏院，高峰期，旗下拥有戏院数目多达17间。

陈俊巖家族旗下4层复式铺巨铺，空置3年，直至近日通关后才成功租出，为今年暂录最大宗铺位租务。

(星岛日报)

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教育机构3.5亿购HQ全幢商厦

鹏里资产沽售太子全幢商厦HQ，作价约3.5亿，由一家本地教育机构承接，平均呎价约9155元。

呎价约9155元

太子砵兰街450至454号HQ全幢易手，消息人士透露，买家为一家本地教育机构，该厦楼高15层，每层面积约3000餘方呎，总楼面约38228方呎，呎价约9155元，现时出租率约97%，租客以教育中心主导，并有部分宗教团体。该厦已获屋宇署批准酒店改建图则，可提供84个客房。鹏里资产于2015年以3.5亿购入，近年曾多次放售，最高叫价逾7亿，现时减价50%售出，持货8年平手离场。

该项目前身为炳富商业大厦，由于物业原本较旧，鹏里资产斥资数千万翻新，包括入口及大堂等，并易名为HQ，打造为教育主题的商厦，两年前以7.8亿放售，去年以意向价6亿放售，最终大幅减价沽售，持货8年帐面仅平手，若计及印花税及翻新费用等，料有所亏损。

鹏里资产近日放售红磡海名轩3楼、5楼及6楼全层，总楼面约7.7万方呎，市值逾11.55亿，单位于2018年向资深投资者林子峰以约11.6亿元购入。

(星岛日报)

大手买卖低位回升 外资代理行：料全年达700亿

有外资代理行指出，今年在高息大环境下，投资者倾向选择高回报物业，实力业主不会轻易劈价求售，部分交易需要更长谈判时间，市场上有不少被银主接管资产出售的个案发生，财团积极放售非核心物业，预期今年大手买卖由今年低位回升，全年达至700亿水平。

去年第四季录153亿

该行代理表示，季内逾亿元的大手物业成交额约153亿，按季升6%，但按年下降53%，大多数投资者加息环境中观望，第四季度交易量主要由两笔大型与接管个案有关的易手推动，合计106亿，佔本季度总投资额69%。纵观2022年，全年总成交额录约625亿，按年跌36%，其中交投宗数主要集中上半年。

按年大跌53%

写字楼交易佔第四季度总投资额的39%，主要为太盟投资集团 (PAG) 和丰树产业以56亿 (每呎6100元) 收购高银金融国际中心，分层写字楼交易第四季度相对淡静，建筑地盘佔第四季度总投资额33%，元朗和生围住宅发展项目被接管人以近50亿售出。

第四季度亦录一全幢酒店成交，宏安地产伙拍安祖高顿基金收购新蒲岗九龙贝尔特酒店。工业物业投资放缓，受注目的有黑石 (Blackstone) 伙拍迷你仓集团合资以8.5亿买入长沙湾永新工业大厦，观塘世达中心其中三层楼面亦以约3.3亿沽。

(星岛日报)

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商务活动渐復常 大手买卖有望增

正式通关，带动投资气氛，近一星期市场录数宗工商铺大手成交，预计商务活动渐恢復，大手买卖有望增加。

近一星期市场相继录大手买卖，而近期积极沽货的资深投资者罗守辉，以约7.48亿元沽出大角咀海桃湾基座「西九汇」商场。阳光房地产基金 (00435) 公布，以7.48亿元购入「西九汇」，位于大角咀樱桃街38号海桃湾基座商铺，物业楼高3层，可出租面积约58,836平方呎，并连同8个外墙广告位及17个商业停车位。据了解，项目现时每月租金收入约300万元，回报率接近5厘。

翻查资料，项目早年由基汇资本持有，2012年罗守辉以6.3亿元承接。现持货11年转手，获利约1.18亿元离场，升值近两成。近期罗守辉连环沽货，包括日前沽出湾仔乙厦两层单位。

邓成波家族 蚀沽尚翘峰商铺

另消息指，「铺王」邓成波家族，以约2.1亿元沽出湾仔尚翘峰1座商铺及停车场，面积约1.82万平方呎，连50个车位。波叔于2016年，以5.642亿元买入尚翘峰1至3座商铺及停车场，当中1座商铺及停车场，共涉2.43亿元，是次家族沽货帐面蚀3,300万元。另外，家族仍持有项目第2及3座铺位，面积约7,922平方呎。

至于商厦方面录中资机构入市。资料显示，海富中心二座 15楼全层以1.88亿元沽出，按面积约10,627平方呎计，呎价约1.77万元，仍属低市价成交。据了解，新买家为内企信义玻璃，购入楼面或自用。

翻查资料，该层楼面原业主为上市公司，于2017年以3.18亿元买入物业作总部，不过该公司早前被停牌，并于去年3月初被清盘，上述物业及后成为银主盘。以1.88亿元成交价计，该物业在过去5年期间帐面贬值约1.3亿元，跌幅约40%。

至于全幢商厦亦有投资者留意，消息指太子砵兰街450至454号HQ全幢易手，物业楼高15层，总楼面约38,228平方呎，每层面积约3,000餘平方呎，现时出租率约97%，主要租客为教育中心、宗教团体等。据悉，项目以约3.5亿元成交，呎价约9,155元，略低于市价。

项目前身为炳富商业大厦，鹏里资产于2015年以3.5亿元购入，翻新并易名为HQ，基金持货8年沽出，帐面平手离场，惟若计算支出，料有所亏损。

分析指，中港落实通关，市场气氛转好，由于投资者憧憬本港经济今年向好，即使目前息口未下降，仍希望趁工商物业价格有所回调，趁早入市。随着香港与内地及海外地区商业活动復常，料投资气氛持续向好，大手成交可望胜去年。

(经济日报)

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去年商厦成交 量价跌逾4成

有代理行发表的商厦报告指出，去年全年商厦成交量录797宗，按年下跌约41.2%，成交金额同样录跌幅，按年跌约43.5%，仅录218.8亿港元。全年甲厦售价下跌4.1%，乙厦售价亦跌4%。租金方面，甲厦及乙厦按年分别下挫6.8%及4.1%。

该报告指出，12月商厦售价个别发展，分散业权甲厦售价按月微升2.5%，而分散业权乙厦售价则按月跌3.2%，甲厦售价上升主要是录得6宗50大甲厦成交，略为带动售价拉升，成交集中于港岛的核心商业区如上环及金鐘，其中较为瞩目为上环信德中心西座中层的大额交易，业主以8,500万易手，呎价3.32万元，高于该区市场水平约20%。

甲厦今年租售价料升5%

租金方面，分散业权甲厦和乙厦租金分别按月下降1.3%及1.7%。上月租务市场发展多元，包括不同类型的预租个案及低于市价的租赁成交。根据市场消息，苏富比拍卖行预租太古广场六座多层楼面，涉及面积近3万平方呎，成交呎租约60元。同时，中环长江集团中心及环球大厦录得租务成交，市值呎租分别料约120元及43.5元，目前新租金较高峰期回调3成至5成。

该行代理表示，由于国际及内地企业往来香港进行商务活动减少，对甲厦的需求增长构成压力，加上商厦供应进入高峰期，整体空置楼面因而上升。截至去年12月底，中环甲厦空置率为8.3%，东九龙更录16.8%，拖累整体甲厦空置率升至10.3%。

展望来年，本港通关计划自2023年1月已经逐步实施，惟市场初期反应较慢、通关后的实际情况仍有待观察，故买卖及租赁需求在通关初期内未必反弹。该行预计，若2023年下半年完全恢復与外地的来往达致全面通关并配合其他利好消息推动，交投亦会回稳，预料全年整体甲厦售价及租金分别录5%以内和5%的升幅。

(经济日报)

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尖沙咀堪富利士道全幢 意向价4.6亿

全幢物业具投资价值，现老牌业主放售尖沙咀堪富利士道全幢物业，意向价约4.6亿元。

有代理表示，有业主以公开招募意向书形式出售尖沙咀堪富利士道11号全幢，意向书截止日期为2023年2月17日 (星期五) 中午12时正。

每月租金收入约138万

物业建筑面积约23,047平方呎，基座为零售商铺部分，包括地库、地下、及1楼至3楼，建筑面积约10,243平方呎，楼上商业楼面包括4楼至11楼，建筑面积约12,804平方呎。物业位于堪富利士道头段，邻近弥敦道，步行至尖沙咀港铁站入口仅需1分鐘。

业主持有该物业超过40年。是次放售意向价约为4.6亿元，基座零售商铺部分市场估值约3.3亿元，楼上商业楼面市场估值约1.3亿元。物业计划翻新后可作餐饮、美容、医疗及其他零售等用途，届时全幢预计总租金收入预计将可达每月约138万元，预计租金回报约4厘。

(经济日报)

尖沙咀瑞信集团大厦 合中小企

尖沙咀瑞信集团大厦位处柯士甸道，优质景观为该优卖点之一，适合中小型公司使用。

瑞信集团大厦位于尖沙咀柯士甸道，位置上稍接近佐敦港铁站，由港铁站出口步行至该厦，需时约5至10分鐘，大厦附近亦有巴士、小巴站等。

饮食配套上，柯士甸道有不少餐厅，近年地段亦有新式文青咖啡室。此外，附近的柯士甸路及山林道餐厅选择亦多，或可前往尖沙咀THE ONE等商场。

柯士甸道附近以乙厦为主，包括好兆年行等，而地段因不算非常繁忙，属静中带旺，观感不错。

大厦地下现由超市租用，而地下大堂并非连接大厦入口，观感上稍逊。物业提供两部升降机，通往各楼层。大厦楼高16层，楼层不算多，故升降机尚算足够。

大厦放盘少 租务不多

物业全层面积主要约2,858平方呎，个别楼层逾3,000平方呎，普遍每层可分间为两单位，面积分别约1,130及1,488平方呎。大厦所有单位，均望向九龙木球会方向，并可以远望何文田及红磡，景观非常开扬舒适，为该厦卖点之一。单位楼底不高，空间感一般。

该厦向来极少买卖，一年未必有一宗成交，2019年3月，物业13楼A室，面积约1,123平方呎，以约988万元易手，呎价约8,798元。其后一宗买卖，为去年4月，物业4B室，面积约1,488平方呎，以约1,280万元易手，呎价约8,602。

因大厦放盘少，租务亦不算多，2021年12月，物业8B室，面积约1,481平方呎，以每呎约22元租出。对上一宗租务为去年6月，涉及15B室，面积约1,488平方呎，成交呎租约21元。

(经济日报)

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Wheelock's six projects will offer 3,000 flats

Wheelock Properties will launch six new projects offering altogether 3,000 units this year, expecting to benefit from Hong Kong's recovery.

Managing director Ricky Wong Kwong-yiu said in a ceremony that "the bad news has left" as the transaction in Wheelock's projects is increasing and the appointments of home viewing and inquiries have rebounded significantly after the border with the mainland reopened.

Wong is optimistic about the property market this year as Hong Kong is accelerating its recovery. HSBC (0005) raised Hong Kong's economy growth forecast to 3.8 percent this year.

The developer sold 587 units last year, cashing in over HK$9.5 billion together with car parking spaces.

But Wheelock will speed up this year, with a plan to offer more than 3,000 units in six new projects, including Miami Quay II and No 19 Shing Fung Road in Kai Tak, Koko Hills Phase 3A in Lam Tin, Phase 12 of Lohas Park in Tseung Kwan O, Spring Garden Lane in Wan Chai, plus a luxury project of No 1 Plantation Road on the Peak.

(The Standard)

Home sales tick up with border reopening

A mainland buyer has purchased a Lohas Park apartment in Tseung Kwan O for HK$12.8 million, according to real estate agecny.

The property, with a stamp duty of HK$3.84 million, was sold as market sentiments improved after China reopened its border.

The four-bedroom unit was priced at HK11,297 per square foot following a 6 percent discount offered by the owner, the agency said.

The sale was reported as the agency’s index tracking deals in 138 housing estates in the preceding fortnight increased 0.27 percent this week. The index has gone up by 0.31 percent since the beginning of the year.

Meanwhile, the index increased for eight weeks in a row - up 0.9 percent this week - indicating a recovery in homebuyers' confidence amid China's reopening. The agency expects home prices in Hong Kong to continue to rebound if the confidence index stays positive.

Another property agency said that 197 properties in Tseung Kwan O were sold in the first half of January, up 22 percent from a month ago.

Attributing the increase to border reopening, The agency expects the rebound to continue in Tseung Kwan O before the Chinese New Year.

Elsewhere on the Mid-Levels, Chinachem sold a three-bedroom flat at University Heights for HK$68 million by tender, or HK$44,884 per sq ft. The property includes a 429-sq-ft terrace.

A duplex of K Summit in Kai Tak, developed by K Wah International (0173), was sold by tender for HK$73.89 million yesterday, marking a new high for the project. The 1,798-sq-ft property was traded at HK$41,096 per sq ft.

The rebound followed a relatively weak year. Last year, land premium payments dropped by 7.6 percent to HK$41.48 billion from the previous year - although the sum for the fourth quarter surged strongly by 6.4 times to HK$15.08 billion, according to Lands Department data.

(The Standard)

Hong Kong property: cash is king as rate hikes, capital depreciation raise the bar on investment returns

Property investment loses appeal as homebuyers, investors get better returns from keeping cash in time deposits

Analysts at Wall Street firms, real estate consultancies and agencies are still divided on price recovery prospects in 2023

Hong Kong’s economic troubles and higher bank deposit rates are raising the bar on property investment returns in the city, persuading homebuyers and speculators alike to hold onto their cash for now, according to industry analysts.

Interest rates have risen since last March as the Hong Kong Monetary Authority lifted its base rate in lockstep with US hikes, prompting some commercial banks in the city to raise their lending and deposit rates to levels last seen more than two decades ago.

Fubon Bank, for example, last month offered up to 5.1 per cent interest on 12-month deposits of at least HK$200,000 (US$25,600). Annual rental yields on typical flats measuring up to 430 sq ft in Hong Kong have slipped below 3 per cent on average since August 2016, according to government data, while home prices retreated 17.3 per cent from an all-time high in August 2021.

“When people see weaker [property or] asset prices, they will say cash is king,” said Lee Shu-kam, head of economics and finance department at Shue Yan University. “So I will be pessimistic” on the industry outlook, he added.

That suggests the slump in Hong Kong’s property market activity is not about to reverse soon. Home transactions fell last year to a 27-year low of 45,050, according to data compiled by a property agency. Deals involving residential properties liable for extra stamp duties shrank 42 per cent to 2,972, the least since government records began in 2014.

Hong Kong’s economy shrank 4.5 per cent in the third quarter, in addition to a 1.3 per cent contraction in the preceding three months. While China’s reopening will spur recovery, Financial Secretary Paul Chan Mo-po has cautioned the rate-hike cycle is far from over.

The outlook appears to be equally weak in the commercial real estate market. Volumes involving deals worth at least HK$78 million tumbled 36 per cent last year to HK$52 billion, according to another agency, while the number of transactions almost halved to 129.

“The overall investment volume is forecast to remain weak in the first half of 2023 as high financing costs will remain a major barrier,” an agent said. Activity, however, could improve in the second half as economic recovery gains traction, the agent added.

What could brighten the outlook? Some analysts believe the city’s property market will start rebounding soon after China abandoned its zero-Covid policy and reopened its borders from this month. The Federal Reserve is also expected to temper its hawkishness after inflation cooled last month.

“Interest rates are likely to fall [later this year], so high interest rates will only be a short-term phenomenon,” said Chong Tai-leung, associate professor of economics at Chinese University of Hong Kong. The return of mainland visitors will generate economic activity and upwards pressure on prices, he said.

Beijing abandoned its zero-Covid policy last month. The border reopening will help boost the city’s economy and housing market, Chan said in his blog earlier this month.

That may take time to crystallise. The jury is still out as industry analysts at Wall Street firms and global real estate consultancies and agencies are divided on the recovery outlook.

There are three agencies and Goldman Sachs said home prices could fall by 5 to 15 per cent this year, while Citigroup and Morgan Stanley predict they will rise by 5 per cent by year’s end. Another two local property agencies said prices may climb by as much as 15 per cent.

Investors have been reluctant to part with their cash over the past year, many stunned by steep losses in the equity and bond markets and erosion in their pension funds. China’s zero-Covid curbs contributed to a 15 per cent slump in the Hang Seng Index last year, the most in 11 years.

Besides, interest income from cash deposits is now greater than the average annual cost of living. Inflation in Hong Kong eased to a six-month low of 1.7 per cent in November, after netting out the effects of government subsidies.

“Basically, there is still very weak investment demand,” said Billy Mak, an associate professor in the department of of accountancy, economics and finance at Baptist University in Hong Kong. Without the prospect of near-term capital appreciation, investors will take five years of rental yields just to cover the 15 per cent extra stamp duty on their home purchases, he added.

“From an investment perspective, it won’t look smart to buy a home just to collect rents,” he said. Home prices are still prone to further weakness given more rate hikes in store, he added.

For instance, the number of transactions in South Horizons in the southern district declined 45 per cent last year to a four-year low of 216, according to one of the local property agency. The average price retreated 18 per cent to HK$14,519 per square foot.

“Investment demand might not come back in full force as long as interest rates or [time] deposit rates remain elevated or get even higher,” agent said.