After a year of sizzling price increase, Hong Kong’s housing market leads the news today with signs of a cool down. Also in the headlines, a strata-titled office floor has changed hands and the city’s housing crisis may get some relief in Kowloon’s Diamond Hill neighbourhood. There’s also some news about the possible fate of hotels on Hong Kong Island, if you keep reading.
Hong Kong’s property boom is quietening down, according to Credit Suisse Group AG.
The brokerage projects home prices in the city will rise 3 percent this year, compared with 13 percent in 2017, as the risk of higher interest rates and increasing housing inventory grows.
Faster supply of new units will suppress price growth in the “mid-to-long run,” said analyst Susanna Leung, advising investors favor developers with strong sales in recent years. Read more>>
The whole 6th floor of South Seas Centre in Tsim Sha Tsui, along with two parking spaces, has been sold for around HK$208 million ($26.59 million).
Located at 75 Mody Road in the Tsim Sha Tsui East neighbourhood, the property takes up 14,542 square feet (1,351 square metres). The price is equivalent to HK$14,300 per square foot. The seller bought the properties in 1982 for HK$24.72 million ($3.16 million). Read more>>
The Hong Kong government plans to release a 430,000 square foot (39,948 square metre) area in Diamond Hill for residential development by relocating the Fresh Water and Salt Water Service Reservoirs to caverns.
The Water Supplies Development started the relocation research in 2014 and presented the plan to Wong Tai Sin District Council yesterday. The released area is estimated to provide 2,500 units of private housing. Read more>>
The Hong Kong government announced that it would launch a design and fashion project at the Urban Renewal Authority’s Tung Chau Street Redevelopment Project in Sham Shui Po no later than 2024.
The project will be developed into a five-storey commercial podium, covering a total gross floor area of 39,000 square feet (3,623 square metres), comprising exhibition rooms, co-working space and workstation for the design and fashion industry. Read more>>
Marriott International will debut its St. Regis Hotels & Resorts brand in Hong Kong by early 2019 in collaboration with China Resources Property. The upcoming hotel will be Marriott’s 10th property in the city.
This will be Marriott’s second luxury hotel in the city joining the The Ritz-Carlton, Hong Kong, which overlooks Victoria Harbour on the Kowloon side. The St. Regis property is being developed in Hong Kong’s Wan Chai district, a busy commercial area known for trendy bars and restaurants and escalator walkway system. Read more>>
Hong Kong’s tourism industry may be on the upswing after a three-year downturn as more tourists visit from the mainland, but this has not stopped hotel owners toying with the idea of converting them into office complexes amid strong demand and the prospect of bigger profit.
The 317-room Grand View Hotel, formerly known as Newton Inn, in North Point, and the 300-room Rosedale Hotel in Causeway Bay are two such properties that could see their new owners turning them into office towers. Read more>>