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iCITY buyers all set to move into Hong Kong’s newest digital industrial landmark

Hong Kong’s newest digital industrial landmark, iCITY in Kwai Chung, has recorded strong sales. As of November 22, 232 of the project’s 270 units had been sold, accounting for 86% of currently available properties in phase one.

Isabella Cheng, Soundwill Real Estate Agency Limited, stated that iCITY’s total sales have reached nearly HK$985.3 million. The average price in terms of gross floor area was approximately HK$9,477 per square foot, with the highest transaction price of approximately HK$10,353 per square foot. The average selling price achieved was around HK$4.247 million, representing a premium for industrial buildings in Kwai Chung.

“Since its launch, iCITY has received an enthusiastic response, with transaction prices at above HK$10,000 per square foot,” said Cheng. “Many prospective buyers made immediate purchases after on-site visits, so we have full confidence in the current sales performance of this project and hope to achieve even better results.”

According to Cheng, investment purchases accounted for 70% of iCITY buyers while 30% purchased for self-use. Kwai Chung, Tsuen Wan, Yuen Long, and Yau Tsim Mong were among the major locations where buyers were based, accounting for 85%. The remaining 15% were distributed across other areas of Hong Kong.

The developer is working with mortgage referral firms and banks to provide buyers with tailor-made mortgage plans and financing options. Delivery of iCITY units is expected to commence from December 2023 through January 2024, as the development has now obtained its occupation permit.

Strategically located near the West Kowloon high-speed rail station and the Hong Kong-Zhuhai-Macau Bridge, iCITY provides convenient connectivity for businesses between Hong Kong and mainland China. It is also well-positioned to benefit from the Hong Kong government’s efforts to attract businesses and talents from across the globe. This, combined with a scarce supply of comparable new industrial buildings in the city, has driven strong investor demand, Cheng said.

“With their exemption from stamp duty and lower financial outlay, these industrial buildings are highly sought-after for long-term investment by local investors and new arrivals from mainland China who have now obtained permanent residency after residing in Hong Kong for seven years,” Cheng noted.

iCITY is located at the junction of Kwai Chung’s Wo Yi Hop Road and Ta Chuen Ping Street, within a well-established industrial, commercial and residential community with convenient facilities nearby, including shopping malls, wet markets, dining, entertainment and leisure amenities.

The property boasts excellent transportation access. Bus and minibus stops are sitting right next to the project entrance, connected by multiple bus and minibus routes to areas across Kowloon, Hong Kong and the New Territories. There is also a seven-seater car service between iCITY and Kwai Hing MTR Station for easy commuting.

iCITY features a full curtain wall façade and equipped with a lift for sightseeing, providing a 24-hour smart workspace. Spanning 20 floors, phase one comprises 324 units ranging from 422 to 510 square feet, with each enjoying an ultra-high 4.2-metre floor-to-floor height* for maximum flexibility. Added comforts include a private lavatory as well as split-type air conditioning and electronic door locks within each unit.

(The Standard)


Mortgage applications slump 39pc as rates rise

Mortgage applications in Hong Kong slumped by 39 percent month-on-month in October to 5,359 cases amid rising mortgage rates, according to data from the Hong Kong Monetary Authority.

Mortgage loans approved in the month also dropped by 2.2 percent compared with September to HK$24.9 billion. Among these, loans financing primary market transactions jumped by 75.4 percent to HK$5.6 billion while those for second-hand homes slid by 13.6 percent to HK$8 billion.

Loans for refinancing declined by 13.2 percent to HK$11.3 billion.

The outstanding value of mortgages inched up by 0.1 percent to HK$1.86 trillion at end-October, but the delinquency ratio remained unchanged at 0.07 percent.

All interbank borrowing costs fell in Hong Kong for the first time in nearly a month yesterday.

The mortgage-linked one-month Hong Kong interbank offered rate dipped by 14 basis points to 5.517 percent.

Although lenders have raised the time-deposit interest rates to draw funds from customers amid rising Hibor rates, Hong Kong dollar deposits dropped by 0.4 percent while foreign currency deposits rose 0.4 percent. The yuan deposit value grew by 3.3 percent in October.

The total assets of the Exchange Fund rose by HK$68.2 billion to HK$3.99 trillion as of the end of October.

The financial hub booked a cumulative deficit of HK$172.9 billion in the April-October period, after taking into account the proceeds of HK$66.6 billion received from the issuance of green bonds, the government said.

The fiscal reserves stood at HK$661.9 billion.

Meanwhile, the Insurance Authority said new business premiums derived from mainland visitors slumped by 32.9 percent to HK$15 billion on a quarterly basis in the third quarter of the year.

The total gross premiums fell by 1 percent to HK$428.6 billion in the first three quarters of the year from a year ago.

HSBC Life said it recorded nearly HK$30 billion in new business premiums in the first nine months of the year.

(The Standard)


甲廈空置率 稍為緩和








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