The third floor of the Kowloon Centre in Tsim Sha Tsui was just sold for HK$220 million
Leading today’s Hong Kong real estate news, a floor leased to a restaurant in Tsim Sha Tsui’s Kowloon Centre was sold for HK$220 million ($28 million). Also in the headlines, a shop in Mong Kok saw a 64-fold price increase over 42 years, earning its owner HK$137 million ($17.5 million). All these stories and more await you, if you just keep reading.
Floor in TST’s Kowloon Centre Sells for HK$220M
The entire third floor of the Kowloon Centre at 29-39 Ashley Road in Tsim Sha Tsui has been sold for HK$220 million, or HK$13,400 ($1,713) per square foot. The retail asset spans 16,305 square feet (1,515 square metres) in one of Kowloon’s busiest commercial areas.
The floor is currently leased to a restaurant for a monthly rent of HK$580,000 ($74,147) until December 2019, representing a rental yield of 3.2 percent for the new owner. Read more>>
Mong Kok Shop Sold for HK$139M, Appreciating 64-Fold
Street shops 4 and 5 and the first floor of the Prosperity Building, at 59A-61 Tung Choi Street in Mong Kok have been sold for a combined HK$139.28 million ($17.7 million), 64 times the transaction price paid in 1976.
The owner made HK$137 million ($17.5 million) from the transaction. The properties have a combined area of 3,711 square feet, representing a price of HK$37,500 ($4,794) per square foot. Read more>>
January Shop Deals Drop 25% in January to 136 Transactions
According to the Land Registry, there were 136 shop transactions in January, a decline of 25 percent as compared to the previous month. Sales volume dropped by 81 percent month-on-month in January, due to the large transaction volume in December supported by Link REIT’s mall portfolio disposal.
Realtor Ricacorp said it is optimistic on the market, projecting the number of shop transactions to reach over 150 next month, a 10 percent rise. Read more>>
Wing Tai to Book HK$1B Gain on Sale of W Square in Wan Chai
Wing Tai Properties announced it will book a gain of HK$1.06 billion ($136 million) on the disposal of W Square, a 25-story commercial property Hennessy Road in Wan Chai.
The company said the building has a gross floor area of 129,000 square feet of office and retail space. W Square was sold for HK$2.84 billion ($363 million) to Top Sincerity Limited. The building was held through Allied Effort, an investment holding company. Allied Effort holds Winnion, which owns the entire interest in the property. Read more>>
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