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Hong Kong home prices hit half-year low

Hong Kong's home prices fell to a half-year low in October, data from the Rating and Valuation Department showed.

The home price index for lived-in homes dropped 0.6 percent to 380.9 last month, down from 383.1 in September. But that was still 0.44 percent higher than 379.2 in December last year.

The property price index weakened unexpectedly last month as the local economy was not in a good position, even though the epidemic was relatively under control, property agent said.

The agent believes most transactions last month involved vendors who were willing to cut asking prices over concerns about the economic outlook and unemployment rate.

The agent expects the November index will fall by 0.3 percent.

Meanwhile, the rental index slid to 179.3 in October from 179.4 in September, according to the Rating and Valuation Department.

Separately, Swire Pacific (0019, 0087) expects to raise US$160 million (HK$1.25 billion) through the proposed listing of its Danish offshore wind installation and transport business on the Oslo Stock Exchange in Norway. A total of 57.99 million shares are to be made available in the IPO at a price of NOK23.5 (HK$20.5) per share.

In the primary market, New World Development (0017) has collected HK$3.28 billion after selling about 90 percent of the 315 units on offer at The Pavilia Farm phase two atop Tai Wai Station on Thursday.

NWD has now collected about HK$23 billion after selling around 2,100 units in the first two phases of the project.

The developer previously released 315 flats in the fourth price list of The Pavilia Farm phase two at an average HK$22,037 per sq ft after discounts, about 16 percent higher than the first price list.

The cheapest flat, measuring 264 sq ft, is offered at HK$7.19 million, or HK$27,258 per sq ft after discounts.

In the commercial property market, Bridgeway Prime Shop Fund Management purchased a 200-sq-ft shop premise at Yu Chau Street in Prince Edward for HK$9.88 million, after HK$6.92 million was slashed from the original asking price.

The double stamp duty on commercial property transactions has been abolished as the market reels from the pandemic and Sino-US tensions.

(The Standard)

 

Boon for owners of commercial property in Hong Kong as hefty stamp duty is abolished with immediate effect

Double stamp duty introduced to curb speculation has hurt owners selling during downturn

Hong Kong companies will get help to expand markets in Greater Bay Area, overseas and online

Hong Kong is easing the tax burden on owners of commercial property who sell their assets and will promote local enterprises in the Greater Bay Area and overseas, in efforts to help companies ride out the severe impact of the Covid-19 pandemic.

In her policy address on Wednesday, Chief Executive Carrie Lam Cheng Yuet-ngor announced the end of double stamp duty (DSD) for non-residential properties.

The move, approved by her Executive Council on Wednesday, takes effect on Thursday andis expected to help owners with cash-flow problems to sell their assets without worrying about the tax they would have to pay.

“As a result of the economic downturn and uncertainties surrounding the Covid-19 pandemic, prices and demand for non-residential properties have been dropping over a period of time. The government considers now [is] the right time to abolish the DSD imposed on non-residential properties,” Lam said.

The double stamp duty, introduced in February 2013 to cool an overheating market, subjected both buyers and sellers to a tax rate as high as 8.5 per cent for non-residential properties valued at more than HK$21.8 million.

Lam said abolishing the DSD would help owners who decide to sell their commercial properties to cope with financial difficulties caused by the economic downturn.

A government source said sales of commercial properties had dropped by up to 19 per cent this year from 4,666 deals last year.

Lam said the government would continue to monitor prices of non-residential properties and adjust measures when necessary to ensure the stable development of the market.

However, there will be no change for residential property sales as she stood firm in keeping taxes such as the special stamp duty and buyer’s stamp duty.

“Given the tight housing supply and that residential property prices remain beyond the reach of average households, I must stress that the government has no plan to adjust any of the stamp duty rates concerning residential properties,” she said.

Lam also announced various measures to help Hong Kong companies tap the Greater Bay Area and overseas markets. The bay area comprises Hong Kong, Macau and nine cities in Guangdong Province, which Beijing aims to develop into a massive hi-tech area to rival Silicon Valley in the United States.

“As the Covid-19 pandemic has dealt a heavy blow to economies around the world, reviving the economy and creating employment have become the most pressing issues,” Lam said.

The initiatives include setting aside HK$50 million to subsidise major professional bodies that take part in various promotional activities in the bay area and overseas markets, and expanding the scope of Export Marketing Fund for two years to subsidise enterprises that take part in large-scale events and online exhibitions. Under the scheme, each enterprise is eligible for cumulative funding of up to HK$800,000.

The Hong Kong Trade Development Council (TDC) will also launch a one-stop “GoGBA” platform with Guangdong and related chambers of commerce to support local firms in tapping the mainland domestic market through business promotions, matching services and training. A digital “Online Design Gallery” will showcase local products to market players on the mainland.

The government is also injecting an additional HK$1 billion into the CreateSmart Initiative, a funding scheme for projects that help develop Hong Kong’s creative industry. It has received about 200 applications over the past two years with HK$800 million being granted so far.

TDC chairman Peter Lam Kin-ngok said the economic initiatives could help small and medium enterprises (SMEs) cope better with the pandemic challenges.

“For Hong Kong SMEs facing cash-flow issues, cancelling the double stamp duty for non-residential property will provide them more flexibility in their finances. At the same time, broadening the coverage of the Export and Marketing Fund will help SMEs find new market opportunities online and offline,” he said.

He pledged to work closely with the government to help SMEs enter the mainland market, transform through digitisation and find new global opportunities.

Property agent noted that the city leader’s policy speech did not include many details about the Greater Bay Area initiatives.

Aside from calling for better communication with related bay area government bodies, “We recommend that the government offer immediate and necessary support to Hong Kong people who will move to live and work in the bay area.” the agent said.

(South China Morning Post)

 

Hong Kong home prices to extend decline after October’s 0.6 per cent surprise drop as Covid-19’s fourth wave dents confidence

The home price index for lived-in homes fell 0.6 per cent to 380.9 last month, as owners continued to settle for less than the asking price

Lay-offs at big firms like Cathay Pacific might influence other companies’ decisions about job cuts and unpaid leave, further denting demand, warned Knight Frank

The fourth wave of coronavirus infections is expected to drag Hong Kong’s home prices down further after they “unexpectedly” fell 0.6 per cent in October.

In an earlier-than-expected release, the government’s Rating and Valuation Department on Thursday revealed that the secondary market home price index dropped to 380.9 last month.

“Even though the epidemic was relatively stable, the property price index last month unexpectedly softened,” property agent said.

The agent believed this was because the economic situation – Hong Kong is mired in its worst ever recession – and high unemployment are still rattling the market.

The number of confirmed cases of Covid-19 decreased significantly in October, and the market for new homes became very active again. And in the second-hand market, some homeowners had been less willing to bargain with potential buyers, suggesting a slight rebound in confidence.

Nonetheless it is likely that most of October’s transactions involved owners who were still willing to reduce their asking prices because of concerns about the economic outlook, the agent said. It was this, rather than a lack of positive market sentiment, that led to the surprise fall in the property price index last month, he believes.

Property prices are down 4 per cent from their historical high of 396.9 points in May last year.

The November index is expected to be slightly softer again, though the monthly decline may narrow to about 0.3 per cent, according to the agent.

The fourth wave of the epidemic in Hong Kong, and the huge lay-offs by the city’s airline Cathay Pacific, are cause for concern. The agent said that the decline in the property price index in December may widen to 1 per cent or more because of a lag in registered sales data.

The sudden latest wave of the epidemic forced the agent to revise his original forecast that property prices could rise by 3 per cent in the fourth quarter to a fall of more than 1.5 per cent.

“Property prices in the next two months are likely to continue to adjust downward,” another agent said.

The current real estate market is very “distorted”, as residential property prices are still high and sales of first-hand properties are very strong, the agent said. The agent  predicts the decline in prices this year will be about 2 to 3 per cent, which is less than the agent had previously feared.

The agent warned that large-scale lay-offs in big firms like Cathay Pacific might influence other companies’ decisions about job cuts and unpaid leave. The agent said that most companies are likely to increase salaries at a very slow pace next year, affecting wage earners’ purchasing power.

The agent called on the government to relax special stamp duties to increase activity in the second-hand market, which would take some heat out of the demand for new homes and help owners with cash-flow problems to cash out or reduce their debt.

“I really hope that the government can use non-traditional thinking to examine the real estate market in extraordinary times,” the agent added. “Under the current market conditions, traditional mechanisms may not be effective to solve the problems.”

Elsewhere, New World Development sold about 90 per cent of the 315 units on sale at its Pavilia Farm phase two development in Tai Wai on Thursday. Altogether, it has sold more than 2,100 units for more than HK$23 billion in phases one and two since the development’s launch last month.

(South China Morning Post)

 

海富中心每呎26元租出 屬十年來新低

受疫情衝擊,核心區甲廈租金持續下滑。消息指,金鐘海富中心一座低層單位,於交吉近半年後以每呎26元租出,較舊租金急挫逾五成,並創該廈十年以來新低水平。

市場消息指出,上述為金鐘海富中心一座低層3A室,面積約2625方呎,以每呎26元租出,涉資約68250元。據代理指出,上述單位坐享少量海景,早以由外資公司以每呎60元租用,惟今年5月已遷出,單位交吉近半年再度租出,租金亦急挫約57%,該甲廈現時放租盤不多,每呎叫租介乎40至60元。

低層戶月租6.82

據代理資料顯示,該甲廈對一上租賃為低層01室,面積6311方呎,於上月以約32.8萬租出,平均呎租約52元;該廈租金貼近是次水平,須追溯至2010年3月,當時該甲廈1期低層1201A室,面積2800方呎,以每呎25元租出,月租約7萬。

另外,商廈市場亦頻錄承租個案。消息指,尖沙嘴利嘉大廈501至02室,面積約1400方呎,以每呎32元租出,每月租金約4.48萬;另外,旺角區商廈亦頻錄承租個案,登打士廣場高層02室,面積約371方呎,以每呎29.6元租出,每月租金約10981.6元。同區信和中心中層02B室,面積約455方呎,以每呎24元租出,月租約10920元。

(星島日報)

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尖區港晶中心商鋪呎價9950元沽 持貨四年貶值39%

《施政報告》撤銷非住宅物業雙倍印花稅,惟鋪位市場陰霾未散,再錄蝕讓個案。消息指,尖沙嘴港晶中心1樓商場鋪位以398萬沽出,平均呎價約9950元。原業主持貨4年帳面蝕讓252萬,期間貶值39%。

鋪市再錄蝕讓成交。市場消息指出,上述為尖沙嘴港晶中心1樓單號鋪,面積約400方呎,以398萬沽出,平均呎價約9950元。據土地註冊處資料顯示,上址原業主於2016年4月以650萬買入,以公司名義SUN GRAND HK LIMITED持有,註冊董事為徐姓人士,故持貨4年帳面蝕讓252萬,物業期間貶值幅度約39%。

減價50%成交

據業內人士指出,上址早前於市場放售已久,早前曾以800萬放售,惟受市場淡風影響,放售價拾級而下,最終釀成是次蝕讓買賣。知情人士亦指出,該鋪位於商場1樓,雖位處走廊大單邊,位置接近商場內的酒樓,有一定的人流,惟因鋪位沒有來去水,加上疫情下內地客近絕迹,市場消費力疲弱不堪,故對該蝕讓不感意外。

資料顯示,同區首都廣場3樓單號鋪,於上月以26萬成交,買家以個人名義登記,以面積76方呎計,呎價約3421元。原業主於2013年以307.8萬購入,持貨7年帳面蝕讓281.8萬,貶值幅度約92%。

駱克道鋪3700萬售

此外,鋪位市場亦錄低市價成交。消息指,灣仔駱克道94至100號京都大廈地鋪,面積約980方呎,以3700萬售出,呎價約37755元,低市價約5%,該鋪由酒吧以12.6萬承租,租約期至明年3月,料買家享回報約4.1厘。原業主於1969年以15.24萬購入,持貨51年,帳面獲利3684.76萬,期間升值約242倍。

盛滙988萬購汝州街鋪

盛滙基金創辦人李根興表示,該基金購入太子汝州街單號地下B1鋪,位處栢樹街單邊鋪,面積200方呎,以988萬沽出,呎價約4.94萬,該鋪由小食店以2.5萬承租,租約期至明年11月,料回報約3厘。原業主於2009年以430萬買入,持貨11年帳面獲利558萬,期間升值約1.3倍。他續說,上址屬公司買賣,業主由980萬反價至988萬,今日本來再追買2間鋪位,皆為買物業交易,惟業主突然反價,他不願追, 最終沒有成功購入。

(星島日報)

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商舖上月空置率微升 中環嚴峻

10月商舖空置率錄得輕微上升,惟升幅漸收窄,中環仍然為最嚴峻地區。而新一波疫情下限聚令再度收緊,料租務會降溫。

踏入第四季,市場期望聖誕及新年長假期可帶旺零售市道,而且現時核心區舖租大跌,商戶開業意慾上升,舖位空置率升勢漸收窄。有代理統計,10月5個核心消費區包括中環、灣仔、銅鑼灣、尖沙咀及旺角商舖空置率輕微上升,升幅約0.02至0.16個百分點;中環仍然為最嚴峻地區,最新錄得約20.61%。

TOPSHOP時裝棄租旗艦店

據該行數據指出,10月5大核心區包括中環、灣仔、銅鑼灣、尖沙咀及旺角商舖空置率比上月錄得輕微升幅,整體走勢平穩。當中錄得最大升幅為中環區,同時亦是5個地區中空置率最高,中環10月舖位空置率為20.61%,按月增加約0.16個百分點。事實上,近月該區屢錄大租客棄租,如GAP時裝租用陸海通大廈地下至2樓,連同地庫部分,面積約1.3萬平方呎,月租高見550萬元,租約最近完結,業主需重新放租。此外,TOPSHOP時裝較早前已預告,將關閉中環旗艦店,涉及物業為中環皇后大道中泛海大廈地下及1樓,面積約1.2萬平方呎,月租約150萬元,近日租客已正式遷出,令該區舖位空置率上升。

另一港島核心消費區銅鑼灣最新空置率為11.74%,比9月上升約0.08個百分點。至於九龍區方面,尖沙咀商舖空置率緊追中環,最新按月升0.13個百分點,至16.99%。

運動服裝租旺角舖 今年最大手

事實上,近個多月來整體租務市場氣氛有好轉,資料顯示,10月錄得約439宗租賃個案,與9月數字相若,更有租客大手承租旺區巨舖,如運動鞋品牌Foot Locker落實租用旺角家樂坊地下約2萬平方呎樓面,月租約200萬元,預計會成為今年最大額舖位租務成交。

分析指,現時舖位租金已大幅下調,令商戶租舖意慾上升,而且第四季一向為舖位租賃旺季,料有不少租客趁核心區舖租相宜而承租。不過,由於近日疫情突轉嚴峻,政府亦正收緊限聚令,包括收緊餐廳用餐人數等,相信令整體消費市場受影響,故短期內租務市場料放緩。

(經濟日報)

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油塘曦臺商舖標售 叫價4.9億

民生區商舖投資上較穩健,現宏安地產標售油塘新盤曦臺商舖部分,意向價約4.9億元。

代理表示,獲委託標售油塘崇山街8號及四山街15號,曦臺基座商場連車位及廣告位置招標,以現況交吉出售,意向價4.9億元,截標日期為2021年1月22日 (周五)。

近5萬呎樓面 連車位

出售物業位於東九龍油塘綜合發展區,為1層高之全新基座商場,地下及1樓面積分別為27,100平方呎及22,500平方呎,總面積約49,600平方呎。物業另包括20個商業車位、2個電單車位及廣告位置。

曦臺由宏安地產及旭輝集團合作發展,而該財團最近亦有入市,上月以18.8億元購入英皇道商廈及商舖,預計日後將重建成住宅。

(經濟日報)

 

深水埗舊樓強拍 底價2.93億

由中資財團收購的深水埗海壇街223至225A號舊樓,早前申請透過強拍統一業權,獲土地審裁處批出強拍令,拍賣底價2.93億元,若果按照測量師估計,可重建作25層高商住大廈,可建樓面約3.7萬平方呎計算,每呎樓面地價約7,864元。

另外,恒地 (00012) 收購的紅磡黃埔街26至40A號,以及2至16A號兩個樓盤地盤,將於下周三 (12月2日) 舉行強拍,拍賣底價分別為13.63億及13.07億元;而宏安 (01243) 收購的大角咀洋松街56至62號,則將於下周四 (12月3日) 舉行強拍,拍賣底價3.27億元。

(經濟日報)

 

撤辣即見成交 盛滙988萬購太子舖

市場現放盤反價 最多達1成

工商舖撤辣,料推動中細價物業買賣,特別早前減幅較多的商舖市場,即日亦錄數宗細碼舖買賣,包括盛滙988萬元購太子舖。據了解,不少舖位業主因應減印花稅,普遍反價,幅度由4%至逾1成。

工商舖撤雙倍印花稅昨正式生效,對投資市場屬正面消息,尤其是近個多月成交量略為反彈的商舖市場,早前業主減幅顯著;代理指,撤辣消息一出,業主普遍收窄議價空間,不少更作出反價,幅度由4至5%起,至最多約1成。

如粉嶺和泰街地下一舖位,面積約2,000平方呎。業主早前以約2,450萬元放售物業,撤辣落實後,業主即調價至2,800萬元放售,幅度高逾1成。至於紅磡民泰街2至23號一餐廳舖位,面積約850平方呎,業主原4,250萬元放售,如今提價至4,500萬元,加幅近6%。

舖位投資氣氛受帶動,即吸引財團入市。盛滙商舖李根興表示,該基金昨斥988萬元,購入太子汝州街17號地下B1舖,面積約200平方呎,現由小食店以2.5萬元租用,回報率約3厘。據了解,原業主早前以1,680萬元放售,累積減價逾4成沽貨。

尖東港晶中心舖位 蝕252萬沽

李根興指,由於是次以買賣公司進行交易,不涉及印花稅,因此業主亦沒有反價,故決定入市。他指辣招正式生效,原本洽購至尾聲的兩舖位,亦因業主反價,需進一步商討。

另外,商場舖位昨亦錄成交,尖東港晶中心1樓雙號舖,面積約400平方呎,以約398萬元交吉易手。據了解,原業主於2016年4月以650萬買入,蝕252萬元離場,蝕幅達39%。

另外,《施政報告》宣布撤銷非住宅物業雙倍印花稅,財經事務及庫務局局長許正宇昨指,非住宅物業價量都顯著回落,寫字樓、零售業樓宇及分層工廠大廈的樓價,較高峰期跌13至19%,成交量較雙倍印花稅推出前跌逾8成,認為是適合時機撤銷需求管理措施,方便企業出售套現,以應付財政問題。

(經濟日報)

更多港晶中心出售樓盤資訊請參閱:港晶中心出售

更多尖沙咀區甲級寫字樓出售樓盤資訊請參閱:尖沙咀區甲級寫字樓出售

 

雅居樂家族4.51億中標大埔滘段地 僅高次標5%

上月雅居樂 (3383) 副主席陳卓賢次子陳思遠以4.51億元、每方呎樓面地價4,478元中標的大埔公路大埔滘段住宅地皮;地政總署剛以不記名方式,公布落選投標者的投標金額,入標價介乎1.08億至4.28億元,即每方呎樓面地價介乎1,072至4,249元,即陳思遠出價僅高於次標5.3%奪地。

資料顯示,上述地皮鄰近長實 (1113) 發展的鹿茵山莊,地盤面積6.7萬方呎,指定作私宅用途,最高可建樓面約10.07萬方呎。

根據賣地章程,地盤中央兩處位置屬私人地段,並有構築物外伸至地盤範圍內。同時,中標發展商須於指定日期前,鋪設地盤東南面的一段路面以作公用道路,及重建一條在地盤西北方的行人天橋,並需要為地盤內兩段私人地段重新鋪設兩條通道。另地盤東南面有斜坡,中標者須負責其斜坡維修和保養責任。

(明報)