Leading today’s Hong Kong real estate news, the city’s market for strata-title office market continues to show some life at the end of the year as the parent company of Singaporean development giant Qingjian Realty has bought a floor in a Kerry Properties project in Kowloon East, and the founder of one of the city’s biggest real estate agencies in the city has set a clear line of succession. Meanwhile, tenants seem to be staying put in a North Point mall despite 60 percent rent hikes and there are more real estate stories awaiting you below.
Hong Kong-listed real estate investor CNQC International has purchased the 8th floor of Kerry Properties’ Enterprise Square Three office tower in Kowloon Bay, along with four parking spaces, for HK$200 million ($25.6 million), or an average price of HK$12,579 per square foot, Ming Pao reported.
The seller of the 15,900 square foot (1,477 square metre) space, the CEO of local jewelry brand Tang Kui Ming, had purchased the property for HK$158 million in March 2017, meaning he pocketed a cool HK$42 million on the deal, or a 27 percent gain. CNQC operates Hong Kong, Macau, Indonesia, Malaysia and Vietnam, and is the parent company of Singaporean developer Qingjian Realty. Read more>>
Centaline Property Agency has appointed Victor Shih, the son of Centaline’s 69-year-old founder and chairman, Shih Wing-ching, as the group’s vice chairman, effective January 1st.
Meanwhile, Shih Wing-ching’s eldest daughter, Janet Shih, was appointed chairwoman of Centaline-owned Ricacorp Properties and the chairman of Centaline’s subsidiaries, also effective January 1st, according to a Hong Kong Economic Times report. Read more>>
A fitness centre has leased a 10,328 square foot (960 square metre) ground-floor space for HK$300,000 ($38,324) per month in the Provident Centre shopping mall on Wharf Road in North Point, even though the landlord increased the rent on the unit 60 percent, according to a Hong Kong Economic Times report.
The mall was sold last year by local listed investor Fortune REIT to Chelsfield Asia and Pamfleet Limited for HK$2 billion, or an average price of HK$11,000 per square foot. Read more>>
The owner of a 1,495 square foot (139 square metre) seafront apartment in Cheung Kong Holdings’ Laguna Verde residential development near the Whampoa MTR station in Kowloon has sold the unit for HK$25.3 million ($3.2 million) — a 28 percent discount on the original HK$35 million asking price, according to a Hong Kong Economic Times report.
The final sales price worked out to an average of HK$16,923 per square foot. Read more>>
Chinachem Group’s has leased out approximately 30 percent of the available retail space in its newly-renovated Nina Tower project in Tsuen Wan. The local developer has now found tenants for some 140 shops in the retail area of the 40-storey commercial building, according to an account in Ming Pao.
Out of the shop spaces, the total 84,000 square foot (7,804 square metre) dining section is now 80 percent leased to tenants including local restaurant brand HK JEBN, which has signed up for a 12,000 square foot piece of the building, where rents range from HK$50 to HK$120 per square foot per month. Read more>>