Harbour City in Tsim Sha Tsui is jumping again
Leading today’s Hong Kong real estate news, prime retail rents have ticked up for the first time in a year as local shoppers return to the malls. Also in the headlines, a top executive at Wheelock Properties reveals plans for developing the luxury residential site that just changed hands for a record-setting price in Kowloon Tong, and Henderson Land is getting ready to roll out apartments in its new project in North Point. And there are many more stories to share, if you just keep reading.
Shopping Growth Lifted Prime Retail Rents in Q4
Hong Kong’s prime shopping centres recorded growth in rental rates for the first time in three quarters, lifted by improving retail sales as local consumers enjoyed the wealth effects brought by rising property and stock prices.
Rental rates rose 0.2 per cent to 145.6 in the December-ended quarter, reflecting the first increase since the fourth quarter of 2016, according to the SCMP-JLL Prime Shopping Centre Rental Index. Read more>>
Wheelock To Develop HK$12.4B Kowloon Tong Parcel
Wheelock Properties, the development arm of Wharf’s parent Wheelock & Co, will be responsible for developing the parcel of land near Beacon Hill, traditionally a luxury residential area, according to a company statement.
Stewart Leung, chairman of Wheelock Properties, said the site would be developed into large units, probably in the region of 2,000 square feet. The Wharf (Holdings) had outbid nine developers to win the luxury residential site in Kowloon Tong for HK$12.45 billion ($1.6 billion). Read more>>
Sun Hung Kai Properties Sells 60% of New Industrial Building
Sun Hung Kai Properties’ new boutique industrial development W212 in Tsuen Wan sold 60 percent of its units, generating HK$1 billion ($128 million) for the developer. SHKP expects to raise the price of the remaining units by three to five percent.
The units were sold for HK$8,500 to 9,500 per square foot. The builder added that half of the buyers are end users and young entrepreneurs. Read more>>
Sham Shui Po Site Selling for HK$220M
A site in Kowloon’s Sham Shui Po area is open to tender with an asking price of HK$220 million ($28 million). The site is composed of three old buildings with a combined area of 2,918.5 square feet. Designated as residential use, the maximum plot ratio for the site is 7.5.
The sale is brokered by AG Wilkinson and the tender will close on February 28. Read more>>
Henderson’s North Point Project Readies for Launch
Henderson Land will release the price list for its new development Novum Point within this week. The developer said the first batch to be offered for sale this month consists of 57 units, the majority of which would be priced at HK$800 million or below. Read more>>
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