A unit in Shun Tak Centre is being sold for HK$83 million
Leading today’s Hong Kong real estate news, the city’s floor flippers continue to look for profit from office assets as a 2,508 square foot unit in Shun Tak Centre has reportedly been sold for HK$82.8 million. Also in the headlines, the city’s urban planning experts seem to be taking some lessons from their greener, cleaner competitor to the south as some are now pointing to the Singapore model for a way out of Hong Kong’s land dilemma. And the city’s supply of space is so tight, and developers’ grip on the market so firm, that it now costs more to park your car in some areas of Kowloon than it does to rent a luxury apartment in most other cities in the region. All these stories and more await you, if you just keep reading.
Shun Tak Centre Unit Sells for HK$82.8M
Unit 28D in China Merchants Tower, part of Sheung Wan’s Shun Tak Centre, was sold for HK$82.8 million, or HK$33,000 per square foot. The 2,508 square foot property is currently leased for HK$60 per square foot per month, which should provide the new owner with a rental yield of around 2.2 percent.
Meanwhile over towards Sai Ying Pun, a unit in 118 Connaught Road West has been put up for sale for HK$14.8 million. The 860 square foot asset is being offered at around HK$17,200 per square foot, said Centaline, which is acting as the sales agent for the property. Read more>>
A Parking Space in Ho Man Tin Costs HK$10,000 a Month
A lot of people are proud of their cars, buffing them to a shine on a Sunday afternoon or having the inside professionally cleaned. But how many of us would be prepared to pay the price of a small apartment to provide our beloved vehicle with its own parking space?
A space measuring just over 8 feet by 16 feet was snapped up for a record HK$10,000 ($1,274) a month on Monday, according to property agents. Read more>>
Shop on Causeway Bay’s Russell Street Cuts Rent by 33%
The rent for a street front watch shop at 38 Russell Street in Causeway Bay has been cut by 33 percent from when Swiss watch retailer Swatch Group first leased the premises three years ago, according to market reports.
The maker of Swatch, Tissot and other Swiss time pieces recently renewed the lease for HK$1 million per month — 33 percent less than when the previous lease was signed in 2015. The existing rental agreement is set to expire in August of this year. The new rental deal comes as demand for high end retail space continues to slide across the city. Read more>>
Govt Endorses Farmland Development While Worrying About Perceptions
Executive Council convener Bernard Charnwut Chan has endorsed the new public-private partnership for developing farmland, but says it is important to make the public feel there is no collusion.
A public consultation by the Task Force on Land Supply for land resource options will start next Thursday. Chairman Stanley Wong Yuen-fai said one option is to make the government invest in infrastructure around farmland owned by developers. Read more>>
Urban Planners Urge Study of Singapore Planning Model
Urban planners say the dispute over the reliability of the city’s projection of land demand has exposed a deep-rooted problem in the system and that Hong Kong should learn from Singapore.
“How can a city rely on a department head to request his seniors to reserve a certain amount of land for various purposes? Unlike the chief secretary, the Planning Department has little power,” Professor Ng Mee-kam, director of the urban studies programme at Chinese University said. Read more>>
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