The plummeting price of a shop leaves Smiling Shau Kei Wan Plaza with little to grin about
Fresh off of selling a North Point project to China Taiping and friends for HK$9.95 billion, Henderson Land may be trying again in Hong Kong’s Kennedy Town, according to the most recent headlines. Also in the news, December may be peak shopping season, but real estate units in Hong Kong’s residential, commercial and industrial buildings weren’t exactly flying off the shelves, with sale and purchase agreements dropping nearly six percent from the previous month. Read on for details about all this and more.
Henderson Pays HK$470M to Buy Out Kennedy Town Site
Henderson Land has paid a total of HK$470 million ($60.11 million) to get 100 percent ownership of the Tin Shing Industrial Building in Hong Kong island’s Kennedy Town.
Henderson had acquired more than 88 percent of the building in October, 2017, this month purchased the remaining space for HK$100 million ($12.79 million), according to a report in the Hong Kong Economic Times. Located at 36 to 38 Belcher’s Street in the western Hong Kong district, the 13-storey building occupies a 6,418 square foot site, and can be developed into a maximum of 57,758-square-foot of gross floor area. Read more>>
Property Sales Up 2.7% Year-on-Year in December
Hong Kong registered 7,158 sale and purchase agreements for all building units in December — down 5.8 percent compared with November, but up 2.7 percent year-on-year.
Residential units comprised 5,337 of the total transactions, Lands Registry records show, amounting to a total of HK$52 billion ($6.65 billion). The remaining 1,821 units were mostly for commercial and industrial units, and involved HK$34.6 billion. Read more>>
Kwai Chung Industrial Units Totalling HK$35.7M Up for Sale
Two units in Block A of the Marvel Industrial Building in Kwai Chung are on sale for HK$16 million ($2 million). The combined units cover more than 5,011 square feet (466 square metres). The 38-year-old New Territories industrial site recorded 13 transactions last year, with most of the units ranging from 1,000 to 2,000 square feet. Read more>>
Another 10,941 square foot (1,016 square metre) industrial unit in Kwai Chung is also on sale for HK$19.7 million ($2.5 million). Located in the Kwai Hing Industrial Building at 10 to 18 Chun Pin Street, the property’s price per square foot is HK$1,800. The 16-storey building, which is 46 years old, saw only one transaction last year. Read more>>
Planning Board to Mull Causeway Bay Building Height Rules
The Town Planning Board will discuss Hong Kong Planning Department’s proposal on Friday on relaxation of commercial buildings height restriction in Causeway Bay.
The Planning Department has proposed to change the height restriction to 135mPD (metres above the Hong Kong Principal Datum) for the area from Gloucester Road to Percival Street and to 100mPD in the residential area of Wun Sha Street south. Read more>>
Value of Shau Kei Wan Mini Shop Plummets 40% Since 2015
A 132 square foot (12 square metre) mini shop at Smiling Shau Kei Wan Plaza has been sold for HK$1.23 million ($157,000). The price of the shop located in Shau Kei Wan town is HK$820,000 lower than it was purchased for in 2015.
Two mini shops at Sham Shui Po also recorded a price drop recently. The shops, located at 102 to 103 on the first floor of the Metro Sham Shui Po shopping mall, were sold for HK$1.2 million ($150,000), about HK$1 million lower than their purchase price in 2005. Read more>>
Tune in again later for more Hong Kong news, and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
Leave a Reply