A joint bid by Hysan Development and Chinachem Group has won the first commercial site to be offered by the government in Causeway Bay for 24 years, for HK$19.778 billion (US$2.55 billion).
The price is much higher than expected, analysts said, showing developers’ confidence in the outlook for Hong Kong’s office market as the city tries to get back on track from a deep recession.
Patchway Holdings (HK), a joint venture set up by Hysan and Chinachem’s Chime Corporation won the plot on Caroline Hill Road for about HK$18,400 per square foot, the Lands Department said on Wednesday. Hysan already owns the Lee Gardens luxury shopping centre in Causeway Bay.
The price tag for the new parcel of land is 15 per cent above market estimates that ranged between HK$11 billion and HK$17.2 billion.
“The project significantly expands the scale of the Lee Gardens portfolio and reinforces Hysan’s leading position in Causeway Bay ... The company believes Hong Kong will remain a major international city and benefit from China’s strong economic momentum,” said Irene Lee Yun-lien, who chairs Hysan Development, in a filing to the Hong Kong stock exchange on Wednesday evening.
Hysan Development, the biggest landlord in the city’s famous Causeway Bay shopping district, holds a 60 per cent stake in the joint venture and will pay HK$11.867 billion for the land, while Chime Corporation controls the remaining 40 per cent. The winning bid was enough to see off competition that included Hong Kong’s two biggest developers, Sun Hung Kai Properties and CK Asset Holdings.
“Such a high winning price shows that the developers are strongly confident in the commercial property market in the area,” surveyor said.
Hong Kong’s economy rebounded with stronger than expected growth of 7.8 per cent in the first quarter of 2021, the fastest in 11 year after a historic low a year ago when coronavirus pandemic took hold, according to data from the Census and Statistics Department.
The site, opposite the iconic Lee Garden Three, can yield a million square feet of gross floor area.
It is the first commercial plot to be tendered by the government in Causeway Bay since 1997, according to the surveyor expects that the total investment for the office and retail project could reach HK$28 billion.
“This is a rare large-scale commercial project in the heart of the city. We are excited to have this opportunity to partner with Hysan, the most experienced developer in the district, to develop this project,” said Chinachem Group’s chief executive Donald Choi. “The project will have synergy with Hysan’s other Lee Gardens developments and the long-term prospects are encouraging.”
The potential value of the project will be enhanced by a proposed system of covered walkways joining it to Causeway Bay MTR station, Hysan said in the filing.
Currently, Hysan Development’s portfolio of retail, office and residential investment properties covers a total gross floor area of 4.5 million square feet, including Lee Gardens, which hosts Hermes and Chanel as well as Goldman Sachs as its office tenant.
The company said the project will boost the area of its commercial projects by 27 per cent and is expected to be completed by the end of 2026 or beginning of 2027.
Hong Kong’s office and retail property segments remain hobbled by an uncertain global economic outlook amid the coronavirus pandemic that could hurt demand as companies surrender office space and introduce flexible work arrangements to cut costs.
The Wan Chai-Causeway Bay area saw office rents tumble 25 per cent in April from a peak in June 2019, while in Central they fell 30 per cent in the same period, according to property agent.
The retail property segment in the city also slumped in 2020, with rental values of prime shopping streets in Causeway Bay falling between 40 per cent and 50 per cent, according to property agency.
Sino Land bid for the parcel on Caroline Hill Road as part of a consortium that included Lifestyle International Holdings, Kerry Properties and CC Land Holdings.
Offers also came from Sun Hung Kai Properties (SHKP), CK Asset Holdings, Wheelock Properties and Link Reit, Asia’s largest real estate investment trust.
(South China Morning Post)
For more information of Office for Lease at Lee Garden please visit: Office for Lease at Lee Garden
For more information of Grade A Office for Lease in Causeway Bay please visit: Grade A Office for Lease in Causeway Bay
希慎華懋198億奪銅鑼灣地王 超預期 高估值上限15% 每呎樓面地價逾1.8萬
位處銅鑼灣加路連山道的百億商業地王中標財團揭盅，由區內大地主希慎興業 （00014） 夥華懋，以197.78億元奪得，每呎樓面地價逾1.8萬元，高於市場估值上限約15%，反映發展商無懼疫情對商廈市場的衝擊。
疫情打擊商業市道，近1年政府推出的多幅商業地均流標收場，而是次推出的銅鑼灣加路連山道商業地王終順利售出。地政總署昨日公布，地皮由大熱門希慎夥拍華懋，以197.78億元投得，每呎樓面地價約18,374元，較市場估值上限高約15%，可見是次中標發展商出價不算保守，且勝於市場預期。
希慎出資6成 華懋佔4成
以中標金額計，該地皮屬本港歷來第4貴的商業地，最貴的商業地王，屬於西九高鐵站商業地，地價約422.3億元，其次是啟德第1F區2號商業地皮，成交價246億元，緊隨其後則為中環美利道商業地，當時中標價232.8億元。
希慎屬銅鑼灣大地主之一，近百年前已扎根銅鑼灣，並集中發展商業項目。目前該集團在區內擁有多個商業項目，包括利舞臺廣場、利園一至六期及希慎廣場等。按照賣地章程，中標財團需要興建行人天橋，接駁同系利園商場，相信可再大大增加項目之間的協同效應。
根據希慎最新發出的通告，集團將會出資118.67億元，並將會持有合資公司的60%，亦即是華懋佔有其餘40%，而合營夥伴應按其各自於投標公司的股權比例出資。
希慎興業主席利蘊蓮稱，項目是一項戰略性的長期投資，將有助於提升集團的資產組合，並指可在核心地段發展大型商業項目的機會難得。同時，項目將為利園區的未來發展及營運產生協同效應，及可為集團增加穩定的租金收益。
無懼疫情衝擊 呎租料達62元
華懋集團執行董事兼行政總裁蔡宏興表示，除了提供商店及寫字樓樓面，項目更附設社區設施及公眾休憩空間，可為社會創造共享價值，貫徹集團宗旨。
據賣地章程，項目不能拆售。而銅鑼灣一帶有不少商廈，惟其租金差異頗大，綜合市場資料，去年初至今，區內商廈呎租維持於28至100元水平。假設項目落成後的租金回報率約3厘，初步估計項目日後呎租可達約62元，租金頗為理想。
代理預計，是次賣地結果反映「麵粉價貴過麵包價」。若計入建築費及利息開支等，項目的總發展成本高達約260至280億元，每呎約2.4萬至2.6萬元，甚至高於金鐘甲廈，並料項目落成後呎租逾70元。
代理稱，是次中標價反映發展商對後市信心十足，又指成交價對6月截標的中環海濱商業地的地價具參考價值。
▲ 位處銅鑼灣加路連山道的百億商業地王，由區內大地主希慎興業夥華懋以197.78億元奪得。（資料圖片）
(經濟日報)
更多利園寫字樓出租樓盤資訊請參閱：利園寫字樓出租
更多希慎廣場寫字樓出租樓盤資訊請參閱：希慎廣場寫字樓出租
更多銅鑼灣區甲級寫字樓出租樓盤資訊請參閱：銅鑼灣區甲級寫字樓出租
前翠華中環旗艦店 譚仔45萬租2層疫市擴充涉4千呎 租金平約4成
餐飲續租舖，翠華位於中環威靈頓街旗艦店交吉一年後，其中兩層獲譚仔米綫以約45萬元租用，較舊租低約4成。
中環威靈頓街17至19號香港工商大廈地下及地庫，面積約4,000平方呎，以每月約45萬元租出。該舖鄰近蘭柱坊，屬餐飲集中地段。
消息稱，新租客為譚仔雲南米綫，該品牌在疫情期間擴充不斷，去年亦於中環開店，租用中環華商會所大廈3層，涉及約8,514平方呎，其中用餐區佔2層，可提供逾200餐座，亦是現時譚仔所有分店中最大一間分店。如今見租金回調，即於同區擴充。
8160呎舖 高峰期月租達230萬
翻查資料，該舖曾由翠華茶餐廳租用，翠華在1998年9月底起租用威靈頓街舖，其後更擴大舖位至地庫、地下、閣樓及1樓的旗艦店，整個舖位建築面積合共8,160平方呎，是翠華在香港最大的分店。
租金方面，高峰期該舖月租曾高見230萬元，其後租金隨大市回落，4年前翠華以約130萬元續租，已經較高峰期少近一半，並在2019年短暫續租，但疫情影響下旅客絕迹，生意未如理想，而翠華去年中決定不續租並遷出，結束22年歷史。如今業主重新招租，並把其中兩層租出，新租金較舊租平約4成。
疫情下租金明顯回落，零售商相對保守，而餐飲則趁機擴充。過去一年，中區不少舖位獲餐飲品牌進駐，如中環萬邦行地下舖位面積約1,540平方呎，去年獲麵包店以每月約35萬元租用，租金較高峰期跌約7成。同地段的H QUEEN'S地下，近日亦獲本地甜品及餅店預租，即將開業。
▲ 翠華去年中決定不續租中環威靈頓街旗艦店舖位並遷出，業主把其中兩層租予譚仔米綫。（資料圖片）
(經濟日報)
更多萬邦行寫字樓出租樓盤資訊請參閱：萬邦行寫字樓出租
更多中環區甲級寫字樓出租樓盤資訊請參閱：中環區甲級寫字樓出租
觀塘開聯工中逾萬呎地廠 開價1.38億
起動九龍東以來，觀塘區商易發展乘勢加快，而疫情漸趨平穩下，工商舖市場交投亦重回正軌，大額成交紛見，同時吸引業主伺機割愛換貨，而現放售的觀塘開聯工業中心地廠單位，業主以約1.38億元連租約放盤。
食堂承租回報逾3.6厘
代理指，觀塘開源道55號開聯工業中心A座地下6C至6D室，面積約11,000平方呎，現以意向價約1.38億元放售，平均呎價約12,545元，單位業主為資深投資者羅珠雄，見近期市況轉旺，將單位叫價由原本約1億元，提價放售。
放售為地廠單位，現由食堂承租，月租約30萬元，按意向價計，新買家可享約2.6厘租金回報，利潤吸引，極其適合購入作長綫收租投資之用。而物業坐落於區內核心地段——開源道之上，為觀塘區主要工商廈地段，人流旺盛，為物業確保穩定客源，加上地廠本身供應有限，而且地廠處於人流必經之地，更為項目增值不少。
罕有大單位 處核心地段
據資料顯示，僅僅開源道兩旁的工廈，過去一年以來已錄得逾30宗成交，而開聯工業中心A座佔15宗，反映出該廈的受歡迎程度，惟成交的單位以分層戶，並以面積於2,000平方呎以下的細單位居多，平均呎價約5,800餘元，市場最新錄得中層5室，面積僅778平方呎，成交價約500萬元，平均呎價6,427元，另高層11室，面積約1,949平方呎，以每平方呎約6,054元易手，造價約1,180萬元。
代理指，觀塘作為香港第二核心商業區，區內物業投資價值備受肯定，而地廠單位礙於其數量有限，而面積逾萬平方呎的大型地廠更為罕有，因而成為投資上佳之選。而據資料顯示，觀塘區對上一宗逾萬平方呎地廠買賣成交，已需追溯至2019年9月，為鴻圖道33號王氏大廈地下單位，面積約11,000平方呎，當時以約1.8億元沽出，平均呎價約1.64萬元，相比現正放售的開聯工業大廈A座地廠，面積與王子大廈相若，惟單位可即享合理的租金回報，料可獲投資者踴躍洽購。
▲ 開聯工業中心A座地廠每呎售1.25萬（代理提供）
(經濟日報)
更多觀塘區甲級寫字樓出售樓盤資訊請參閱：觀塘區甲級寫字樓出售
