At the top of today’s Hong Kong news is a race to the residential bottom, as a new batch of micro-flats that could just about fit in your pocket is said to have attracted almost 14 times as many eager subscribers as the number of units. Office space in new or renovated buildings is also in demand, but ageing sheds and workshops are mostly valued for their redevelopment potential. Read on for more details about what’s hot and what’s not in the world of Hong Kong real estate.
A nano-flat project of Henderson Land in Yuen Long was reportedly oversubscribed by nearly 14 times, receiving 877 subscriptions for the first batch of 63 presale flats on offer.
Apartments on offer range from 187-sellable-square-foot studios to 310-square-foot one-bedroom flats. The average price stood at HK$15,763 per square foot. Read more>>
Regus has leased two floors of a Mong Kok commercial complex owned by Link REIT, where the global workspace provider will roll out a shared office venue. Located at 700 Nathan Road, the complex is the former Trade and Industry Department Tower.
The two-storey office space covers an area of 22,000 square feet, with a rent of about HK$50 per square foot per month. Link REIT purchased the 284,829 square foot building for HK$5.9 billion ($750 million) last year and is repositioning the 1983-era project into a retail-led destination. Read more>>
Two Harbour Square, a newly completed, 570,000 square foot office building in Kwun Tong, has inked its first lease agreement by signing up an IT firm for its 20th storey space. The 28,000 square foot premises were leased out at HK$25 per square foot. Read more>>
A 493 square foot unit in the Tsuen Wan industrial building DAN 6 has been sold for HK$1 million ($127,875). The price represents a 63 percent markdown, after the seller bought the ninth-floor unit for HK$2.7 million ($345,261) in October 2016.
Another unit of the same building also recorded a devaluation in the latest transaction. The 637 square foot unit was sold for HK$3.78 million ($483,158), $30 million less than the sale price in 2013. Read more>>
At least nine industrial buildings in Tuen Mun has been purchased for redevelopment into commercial properties in recent years, providing a total gross floor area of 1.42 million square feet, under Hong Kong’s Revitalisation of Industrial Buildings policy.
The buildings are primarily located in the main industrial area of the city, Tuen Mun Areas 9 and 12. One of the redevelopment projects is owned by Vivien Chan, founder of VCC Land and former chairman of the Estate Agents Authority. Chan has applied to build a 19-story commercial building at 5 San Yick Lane, which can yield 185,000 square feet of office space.
Other owners of the projects include property tycoon Tang Shing-bor, veteran investor Cheung Shun Yee and Emperor International. Read more>>