Leading today’s Hong Kong news roundup, the owner of apparel brands Nautica, Timberland and The North Face may soon be neighbours with WeWork after signing a major lease in Mapletree’s new office tower in Kwun Tong. Also in the headlines, local homeowners are expected to feel the burn from rising interest rates in 2018, but on the plus side, someone just made HK$190 million from the sale of a house in the South District on Hong Kong Island. There’s some news about Henderson too, so read on for more details.
American apparel and footwear company VF Corporation has reportedly leased 105,000 square feet of office space on the 8th to 10th floors of Mapletree Bay Point in Kwun Tong at HK$25 per square foot.
Located at 348 Kwun Tong Road, between the Kwun Tong waterfront and the Ngau Tau Kok MTR station, the 20-storey grade A office building was developed by Singapore’s Mapletree Investments. US shared office brand WeWork also leased a full floor of the property last August. Read more>>
A townhouse in the Rosecliff development at 20 Tai Tam Road, located in the Tai Tam residential district, has been sold to senior real estate investor and horse owner Li Wing Hon for HK$190 million ($24.3 million).
The property on the south side of Hong Kong Island has an area of 3,314 square feet. The price has jumped HK$104 million ($13.3 million) since the seller purchased the house for HK$86 million ($11 million) in January 2008. Read more>>
More than 400 owners of One Kai Tak, the development at the site of Hong Kong’s former airport, have filed applications with the government seeking approvals for leasing or reselling, just two months after receiving keys to their new homes, according to the Lands Department.
Of these, 236 applicants sought permission for leasing, while 183 applications were for reselling. The applications account for about 34 per cent of the total 1,169 units at One Kai Tak, which was developed by China Overseas Land & Investment. Read more>>
Henderson Land has been reported to have purchased seven residential units and one retail shop in a 50-year-old residential and commercial building located at 21 to 22 Sun Chun Street in Hong Kong Island’s Tai Hang for HK$85 million ($10.9 million).
The six-storey building has 10 residential units and a ground floor shop, and can be redeveloped into a property with more than 100,000 square feet of gross floor area. The height limit has been approved to be changed to 100mPD (above the Hong Kong Principal Datum). Read more>>
Hong Kong homeowners may have a tough time keeping up with mortgage repayments this year as local banks are set to increase their prime rates to follow interest rate moves in the US, the city’s financial secretary said on Monday.
Paul Chan Mo-po offered the gloomy forecast as America raised the rate for the fifth time since the end of 2015, to anywhere between 1.25 percent and 1.50 percent, in December. At least three more upward adjustments are expected this year. Read more>>