Leading today’s Hong Kong real estate news, Shop King Tang Shing-bor snapped up a commercial building leased to a hotel in Tsim Sha Tsui for HK$330 million ($42 million). Also in the headlines, the city’s office rents are poised to reach a new high as they are nearing the levels before the 2008 financial crisis. Meanwhile in the residential market, there are 9,000 unsold first-hand units as at the end of March, according to the city’s housing chief. All these stories and more await you, if you just keep reading.
Tang Shing-bor has bought a commercial building at 80 Kimberly Road, Tsim Sha Tsui for HK$330 million or HK$16,000 per square foot. The 19,923 square foot (1,851 square metre) property was originally purchased by the seller for HK$98 million in 2006.
The 14-storey building houses a bar on its ground floor with the remainder of the structure serving as a hotel. The asset generates a combined monthly income of around HK$520,000 and a rental yield of 2 percent. Read more>>
Office rents in Central, the most expensive place to rent office space in the world, is closing in on levels reached before the 2008 financial crisis, with market watchers believing a new high will be reached soon, driven by a paucity of supply and rapid inflow of Chinese companies.
“We’ve seen landlords asking for HK$200 per square feet,” said Ben Dickinson, head of agency leasing at JLL Hong Kong, adding that the last time such a demand was seen was in 2008. Read more>>
There were 9,000 unsold first-hand private residential flats in completed projects as of March 31, the Housing and Transport Secretary Frank Chan Fan said today. He explained to lawmakers that these unsold units may be vacant, or units occupied by the developers for self-use, or even those rented out by developers (such as serviced apartments).
“As developers are not required to declare the occupancy of these unsold units, we do not have information about the number of units rented out by developers among these 9,000 units,” he said. Read more>>
At least 20 developers have shown their interest in the Sham Shui Po residential project on Tung Chau Street/Kweilin Street, proposed by under the Urban Renewal Authority’s demand-led redevelopment.
Developers including Sino Land, Wheelock Properties, ChinaChem, Wang On, Emperor International, Chevalier International and Lai Sun have tendered for the project. Read more>>
Galaxy Entertainment, the largest casino operator in Macau, bought a 4.9 percent stake in rival U.S-based Wynn Resorts in a surprise move earlier this year, sparking rumours that the company may be considering buying a bigger stake down the road.
But founder and chairman Lui Che-Woo told Bloomberg in an exclusive that they have no plans to do so and that he’s waiting for more clarity around regulations before expanding into mainland China. Read more>>
Hong Kong’s largest bank committed a “serious breach of trust” when it favoured one side of a family feud that split one of the city’s richest real estate clans, the High Court was told on Tuesday.
The row for control of the Hong Kong-listed Great Eagle Holdings, valued at HK$27.7 billion (US$3.55 billion), stems from a lawsuit filed two years ago by the widow of property tycoon Lo Ying-shek, who died in 2006. Read more>>