Leading today’s Hong Kong real estate news, Hong Kong’s prices for private residential properties have risen for a continuous 24 months, recent figures from the government show. The latest numbers show that the city’s sky-high costs for residential properties are not showing any signs of cooling down despite the government’s efforts at reining in the cost of buying a roof and four walls. Also in the headlines, a five-storey building on Cameron Road in Tsim Sha Tsui was sold to a consortium including a director of mid-scale developer Chun Wo Development for HK$524 million, and the city’s retailers may increasingly turn to pop-up shops as they try to figure out what consumers want. All these stories and more await you, if you just keep reading.
Hong Kong’s private home prices rose in March to mark their second straight year of uninterrupted monthly increases, data showed on Monday, driven by a persistent critical land shortage in the city.
The territory’s Rating and Valuation Department’s price index rose 1.01 percent in March from the previous month, hitting its 17th consecutive record high. Prices jumped 14.7 percent year-on-year and surged 35.7 percent from two years ago, when the uptrend began. The index broke historic records in November 2016 and has continued to rise since then. Read more>>
Figures from the Land Registry show that a basket of propertiesin Tsim Sha Tsui were recently sold to a consortium. Four street shops and 17 residential units at 35 Cameron Road in the busy Kowloon commercial district were sold for HK$524 million to a group of buyers including Chun Wo Development director Anthony Poon Chi-choi.
The building on Cameron Road between Carnarvon and Chatham Roads in Kowloon City has the ground floor allocated for retail space while the first through fifth floors are currently for residential use. The 3,750 square foot site, which can be redeveloped as commercial for hotel use, can yield up to 45,000 square foot of floor area. Read more>>
Pop-up stores are not only the answer to shopping malls striving to meet ever-changing customer demands, but they are also for new retailers to test the water without having to pay exorbitant rents as the retail market recovers from a three-year decline, say operators and analysts.
“Local consumption demand is growing, but it’s mainly focused on lifestyle, health, food and beverage sectors, which require smaller size retail shops. A popular format we see around shopping centres is pop-up shops,” said Nigel Smith, managing director at Colliers International Hong Kong. Read more>>
A street shop at 42 – 52 Shau Kei Wan Main Street East is put on the market for HK$29.8 million, according to the shop’s sale agent Midland Realty. The asking price for the 800 square foot shop in the eastern district of Hong Kong island, which includes an 800 square foot loft space, works out to HK$18,625 per square foot.
The property is currently leased to a vegetarian restaurant for HK$61,000 per month, with the lease expiring in February 2019. It is expected the buyer can gain around a 2.5 percent rental yield from the property. Read more>>