Leading today’s Hong Kong real estate news, local cosmetics retailer Sasa is ready to celebrate Christmas with shoppers in Causeway Bay by taking advantage of 65 percent discounts available on new leases on the world’s most expensive retail street. Meanwhile, property giant Sun Hung Kai Properties notched its own retail success in the past week after having leased out 70 percent of the space in its new Sham Shui Po mall and selling another pair of units in its Ultima luxury residential development for a total of HK$215 million. Read about these stories and more from the world’s most expensive real estate market.
Hong Kong-listed cosmetics retailer Sasa is paying about HK$700,000 (US$89,588) per month for a short-term lease on a 1,000 square foot (93 square metre) shopfront on Russell Street in Causeway Bay, local newspaper Apple Daily reported.
The seller of creams, lipsticks and rouge is leasing the space on Russell Street, the most expensive retail strip in the world, for an average price of just HK$700 per square foot per month — a 65 percent markdown compared to the HK$2 million per month that French luxury brand MontBlanc had been paying for the same space four years ago. Read more>>
Sun Hung Kai Properties’ V Walk has leased more than two-thirds of the 300,000 square feet (27,871 square metres) of space in the shopping mall in Kowloon’s Sham Shui Po area, the developer announced on Thursday, according to Ming Pao.
About 210,000 square feet of retail space has been leased in the property atop the Nam Cheong MTR station, at prices ranging from HK$150 per square foot per month to HK$300 per square foot per month, according to the company. Tenants in the mall, which is scheduled to open in the third quarter of next year, include Levi’s, initial and SPORT b. Read more>>
A 2,083 square foot (194 square metre) house in the La Vetta project in Sha Tin district’s Kau To Shan area sold for HK$48.7 million (US$6 million) last week, working out to an average price of HK$23,400 square foot, according to a report in Ming Pao.
The mountain-and-sea-view project co-developed atop the hills of Kau To Shan by Wing Tai Properties and Manhattan Garments has recorded a total of HK$850 million in sales value via 14 transactions since it launched sales in October. Read more>>
Sun Hung Kai Properties’ Ultima residential development on Fat Kwong Street in Ho Man Tin district on Thursday sold a pair of houses via tender for a total of HK$215 million, including a duplex that brought a record high price for the project, according to Ming Pao.
The 2,689 square foot (250 square metre) duplex apartment with swimming pool changed hands for HK$174 million (US$22 million), or HK$65,000 per square foot, which is believed to have set a new high-water mark in terms of value per square foot for the development. Another 1,360 square foot apartment sold for HK$41 million, or a unit price of HK$30,077. Read more>>
Local buyers snapped up units at a new residential project in Kwun Tong after developer Sino Land priced the properties 14 percent below other estates in the area.
Sino Land’s Grand Central on Hip Wo Street, sold out all 237 homes made available on its first day of sales, after the developer made the first batch available at an average price of HK$17,388 per square foot. The discount strategy enabled the developer to sign HK$5.6 billion (US$717 million) in sales contracts, according to an account in Apple Daily. Read more>>