佐敦莊士倫敦巨舖呎租47元 面積逾3200方呎 夾公仔店短租
至於6至9號舖，面積雖然偌大，但位處柯士甸道，搶眼程度未及彌敦道，租金較廉宜，巨舖一拆為二，亦見證淡市下業主舉動，將舖位拆細，才容易租出。事實上，該舖位早年亦是分間出租，租戶包括服裝品牌 G2000 及便利店等，龍豐集團當年一口氣合併打通承租。
Hong Kong’s Sun Hung Kai prices Yoho West flats at six-year low, readies for biggest weekend of property sales since July ‘22
350 flats at residential project jointly developed with MTR Corp go on sale this weekend
Not difficult to see all flats being snapped up on Saturday, property agent says
Sun Hung Kai Properties (SHKP), Hong Kong’s largest property developer by market capitalisation, will on Saturday launch its biggest weekend sales since July 2022 for a new project in Tin Shui Wai.
About 350 flats at Yoho West – a huge residential project jointly developed by SHKP and MTR Corp – will be put on sale this weekend. The flats on sale will be drawn from three price lists SHKP has released for a total of 613 flats.
The first batch of units has been priced at an average of HK$10,888 (US$1,395.5) per square foot after discounts – a six-year low for new homes.
A second batch of 163 units has been priced at HK$11,633 per square foot on average after discounts, while the third batch of 170 units has been priced at HK$12,437 per square foot after discounts.
Property agents are optimistic about the sale despite a sluggish property market.
“It is not difficult to see all flats being snapped up on Saturday,” an agent said. About 15,000 prospective buyers have written cheques to vie for the 350 flats on offer, the agent added.
Despite lukewarm sentiment, property developers still need to sell their inventories for cash flow in a high interest rate environment, said Raymond Cheng, managing director and head of China and Hong Kong property at CGS-CIMB Securities.
Yoho West will be profitable despite the current discounts because of an estimated gross margin of 30 per cent, Cheng said. SHKP’s sales in Hong Kong are expected to reach around HK$30 billion to HK$35 billion for the whole financial year, with Yoho West accounting for less than 10 per cent of its overall sales, he added.
The project is attractive as its cheapest flats have been priced at about a 20 per cent discount compared to the first batch of the third phase of SHKP’s Wetland Seasons Bay project, also in Tin Shui Wai, the agent said. Flats at Wetland Seasons Bay launched in September 2022 were offered at HK$14,344 per square foot.
Yoho West’s discounted selling price ranges from HK$2.99 million to HK$10.9 million, or HK$10,000 to HK$16,701 per square foot, after discount.
Situated atop the Tin Wing MTR stop, Yoho West is the first of two phases, with 1,393 out of a total of 1,976 units. Saturday’s sale is expected to be SHKP’s biggest since July 2022, when homebuyers snapped up all 336 units on offer at its Novo Land development in Tuen Mun.
SHKP said in its result announcement for the year ended in June that the developer’s sales targets for the current year for Hong Kong and mainland China were HK$33 billion and HK$5 billion, respectively.
For the rest of this financial year, it would launch five new projects in Hong Kong: Yoho West and Yoho Hub II in Yuen Long, the third phase of Novo Land in Tuen Mun, and the first phases of Cullinan Sky and Cullinan Harbour in Kai Tak. A joint-venture project in Ho Man Tin is also set to be launched, according to filings by SHKP.
Hong Kong home builders are speeding up sales amid downward pressure on home prices, as well as a low number of transactions.
The city’s lived-in home prices fell by 2.16 per cent in October, dragging the official index to its lowest point in more than six-and-a-half years, as transactions hit their lowest level for the year.
The Rating and Valuation Department’s gauge of lived-in home prices slumped to 321.4 – only a whisker higher than the 321.2 recorded in March 2017 – from 328.5 in September, according to the latest data, released on Tuesday.
The primary market recorded a total of 362 transactions in October, a 32 per cent increase from the 274 cases in September, which was this year’s lowest total, according to the property agency. But October’s tally was far below that of March, which recorded 2,100 transactions.
However, Victor Lui Ting, SHKP’s deputy managing director, said he remains positive as the negative factors in the market have begun to recede and the positive factors are gradually strengthening.
In the past two years, there have been only around 10,000 first-hand transactions, which is on the low side, and lower than the overall average figure in the past, Lui said. “This shows that the market has stored up a huge amount of purchasing power, waiting for attractive properties, and it is believed that property prices will return to the upwards trend next year,” he added.
(South China Morning Post)