Leading today’s headlines, New World Development has acquired over half of the ownership of a building on Hankow Road in Kowloon’s Tsim Sha Tsui commercial district for HK$700 million ($89 million) as the city’s major developers continue to snatch up assets. That enthusiasm for the city’s commercial property is also reflected in figures on sales of shops during the first quarter, which rose 30 percent in the first three months of the year. Also, some Hong Kong natives living in Shenzhen may find themselves living on the mainland longer than they expected as many are finding it too costly to move back home. All these stories and more await you, if you just keep reading.
New World Development has paid over HK$700 million to acquire more than half of the space in a 59-year-old building at 45 Hankow Road in Tsim Sha Tsui. Two companies associated with New World Development have now purchased 47 residential units and six shops in the Hankow Apartments building, a few minutes walk from the Tsim Sha Tsui MTR station.
The developer began its acquisition of units in the building in 2016 and has since been adding to its holdings in the property just south of Kowloon Park. A unit was sold for HK$28,000 per square foot, close to the price for newer apartments in the area. Read more>>
Sales volume for shop transactions rose 29.6 percent year on year to HK$16 billion ($2 billion) in the first quarter of 2018, according to property agency Centaline.
The city experienced 19 transactions of shops at prices of over HK$100 million in the quarter, with the aggregate deal total reaching HK$820 million ($104 million). That total represents an increase of over 50 percent from the amount transacted during the same period of the previous year. Centaline expects investors will become more active in the second quarter, resulting in still higher transaction volumes. Read more>>
Sun Hung Kai Properties says it will soon start selling homes in its 522-unit Mount Regency project in Tuen Mun, according to a spokesperson for the development heavyweight. SHK plans to release the project’s sales brochure next week.
Sun Hung Kai senior project manager Timothy Lam said the project will enjoy sound transport services as it will be served by 20 bus routes to different districts. From the project, it only takes three minutes to reach the Prime View Stop and the development is only four minutes away from the Tuen Mun train station. Read more>>
Real estate service provider JLL Retail expects the Macau SAR retail market to continue its upward trend in 2018 supported by robust local consumption, improved tourism, and the launch of large-scale entertainment facilities and new infrastructure developments.
“The outlook for the retail sector in Macau is exceptionally promising in the light of the positive impacts that will be brought about by the completion of the Hong Kong-Zhuhai-Macau Bridge and other major infrastructure projects,” the Head of Retail at JLL Macau, Oliver Tong, was quoted as saying on Tuesday in a press release about the agency’s latest research study on the city. Read More>>
Mark Tang, a Hongkonger who has been living in Shenzhen for 10 years, has to defer his plan to move back to the city, even though his wife is about to deliver a baby in September. The businessman, who moved across the border after retiring in his early 40s, bought a 1,670 square foot apartment for RMB 3 million ($476,940) three years ago, in southern Shenzhen’s Liantang district, an hour’s bus ride from Kowloon Tong in Hong Kong.
“Now, I could sell the apartment in Shenzhen for about RMB 5 million, which can be used to buy a new apartment of about 300 square feet in Hong Kong,” said Tang. “Shall I go and downsize in Hong Kong? It would be stupid to act now.” Read more>>