Residential transactions are at the forefront of our Hong Kong roundup this week as newly appointed CEO Kuok Khoon Hua’s Kerry Properties makes a record-breaking sale in Kowloon for HK$101,800 per square foot, while the Hong Kong-listed hospitality holding company and mainland developer China Overseas Land and Investment made luxury home sales totalling HK$327 million.
In other real estate news from the city with the world’s least affordable property, a chief executive officer cleared for a blackmail charge in 2014 is back in the game with a HK$361 million Wan Chai office sale, while the owner of a well-known jeweller sells HK$120 million of retail space and the boss of a grocery chain is selling off HK$360 million of office space purchased only two months ago.
Keep reading for these stories and more from the world’s most expensive real estate market.
Kerry Properties sold a luxury apartment in Kowloon for HK$101,800 per square foot ($139,286 per square metre), a record high for a residential sale in Kowloon. The buyer, rumoured to be a mainland investor, paid HK$307.1 million ($39 million) for the seventh floor flat in the Mont Rouge development in Shek Kip Mei. The 3,017 square foot property on Lung Kui Road comes with a 2,111 square foot rooftop terrace.
The Mont Rouge development comprises five villas, 14 houses and two residential towers. Besides the seventh floor flat, two villas have been purchased since the development’s launch this year, selling for HK$235 million each. Read more>>
Property investment firm Eminence Enterprise, whose co-founder Koon Wing Yee was cleared of a blackmail charge in 2014, sold eight office units and three car parking spaces in a grade B commercial building in Wan Chai for HK$361.6 million ($46 million) to Create Success Investments Limited, according to an announcement to the Hong Kong stock exchange.
The buyer, whose sole shareholder is Lin Xu Yan, paid the equivalent of HK$24,828 per square foot for the 14,500 square feet of office space in the Capital Centre at 151 Gloucester Road, a record high for the building, according to local media. Eminence Enterprise had originally purchased the property for HK$295 million last year, giving the company a book profit of HK$65 million. Read more>>
The founder of the Prince Jewellery and Watch Company, Jimmy Tang Kui-ming, sold a combined 9,200 square feet of retail space in Sai Wan for HK$120 million, giving the jeweller-turned-property investor a capital gain 22 percent, or HK$26 million, after buying the property one year ago, according to local media.
The buyer, who has not been identified, paid the equivalent of HK$13,200 per square foot for the commercial space, which comprises one ground-level shop unit with a floor area of 730 square feet and 8,300 square feet of first floor space on Connaught Road West, a major traffic artery of Hong Kong Island. The shop unit is currently leased to an educational institute, which pays a rent of around HK$355,000 per month. Read more>>
Rosamund Kwan Chi Lam, the actress-turned-property investor best known for her “Thirteenth Aunt” leading part in the Once Upon a Time in China franchise, purchased a 7,226 square foot floor in an industrial building from Sky Joy Limited. Kwan paid HK$70 million for the 14th floor of the Heung Wah Industrial Building on Wong Chuk Hang Road, which is 50 metres from Aberdeen Police Station, equating to HK$9,687 per square foot.
Last year the former actress bought the building’s 13th floor for HK$51 million, or HK$7,058 per square foot — 37 percent less than what she paid for the 14th. It is not known if the purchase of the 13th floor was inspired by her erstwhile movie role. Read more>>
Twenty-two office units have been sold for a total of HK$104 million four days after local property investor and Best Mart 360 boss, Hugo Lam Chi-Fung, launched the strata sale of 73 office units and six shops in the Yue Fai Commercial Centre.
Located on Aberdeen Main Road on Hong Kong Island, the 26 story grade B office building is being sold floor by floor, with the third, seventh, 22nd and 27th floors to be sold in the first tranche. The veteran property investor will be selling a total of 73 office units in the commercial building, with the cheapest floor going for an estimated HK$3.6 million. The property investor bought the project this March for around HK$360 million with a consortium of investors. Read more>>
Italian sports brand FILA is expanding its presence in Hong Kong by agreeing to lease two more stores in Hong Kong, one in Central and another in Mong Kok, according to local media reports.
The sportswear company, now owned by FILA Korea, leased 4,000 square feet comprising a ground-level shop and first floor space in the Yu To Sang Building on Queen’s Road in Central for HK$1.4 million. The company has also pre-leased retail space in Hung Lung Properties’ Hollywood Plaza in Mong Kok, agreeing to a monthly rental amount of HK$1.8 million. Read more>>
A retail unit in a mixed residential and commercial high-rise in Central has been put on the market for HK$33 million by a seller who has not yet been identified.
The 640 square foot unit on the ground floor of the Garley Building on Graham Street, which runs between Staunton Street and Hollywood Road, has a gross floor area of 640 square feet, making the HK$33 million sale price equivalent to HK$51,600 per square foot. The property is currently leased to a fusion cuisine restaurant for HK$58,800 per month. Read more>>
Paliburg Holdings sold a luxury townhouse in Stanley for HK$168 million, or HK$62 million more than what the company bought it for in 2008. The buyer, who has not been identified, paid the equivalent of HK$49,137 per square foot for the 3,419 square foot property in the Regalia Bay luxury homes development on Wong Ma Kok Road in Stanley. Read more>>
China Overseas Land and Investment sold a luxury villa in Yau Yat Chuen to the chief executive officer of Dali Foods Group Company Limited, Shihui Xu.
The Fujian businessman paid HK$159.2 million or approximately HK$39,830 per square foot for the 3,992 square foot property at 62 Begonia Road, which has a 986 square foot balcony, a 130 square foot rooftop area and a 605 square foot garden. Read more>>
Reporting provided by Dorothy Ma and Iris Poon.