Shouson Hill tender results pushed back

The United States government will disclose the tender results for its residential property at Shouson Hill on September 9 due to lower than expected bidding prices, local media reports.

The US government previously said the result will be disclosed on or before August 30.

Last week, CK Asset (1113) denied a claim it secured the six low-rise blocks after a tender closed on July 31.

Washington had held the six blocks at 37 Shouson Hill Road in Southern District since 1948 and recent estimates have put the value at HK$3.2 billion to HK$7.1 billion.

The six blocks have a gross floor area of 47,382 square feet, and can be demolished and rebuilt with a gross floor area of up to 71,097 sq ft.

The property flurry came after the United States stripped Hong Kong of its special trade privileges in response to the National People's Congress imposing national security legislation on the SAR.

A price comparison shows that in July 2018 China Resources Land (1109) bought a 92,087-sq-ft site at 39 Shouson Hill Road for HK$5.9 billion, or about HK$85,847 per sq ft, from the family of Shouson Chow, one of Hong Kong's earliest tycoons.

But the Covid-19 pandemic has dealt a huge blow to the luxury property market, with more loss-making transactions recorded of late.

In other news, CK Asset sold 20 flats at Sea to Sky in Lohas Park in August.

(The Standard)

Owners suffer steep losses in home sales

Homeowners are dumping their properties at hefty losses amid the ongoing pandemic and bleak economic outlook.

The secondary market recorded at least 36 loss-making sales in August, according to local media reports, and some property agents left the lucrative industry last month.

One vendor suffered a loss of HK$8.41 million on paper after selling a 2,115 sq ft house at The Beverly Hills for HK$22.28 million, or HK$10,534 per sq ft.

In Wong Chuk Hang, a mainland vendor suffered a loss of HK$38 million on paper after selling a 3,408 sq ft house at Marinella for HK$100 million.

This came as private residential prices in Hong Kong dipped 0.5 percent month-on-month in July after climbing for two consecutive months, data from the Ratings and Valuation Department showed, as well as property agency forecast that home prices will drop about 5 percent this year.

In the commercial property market, another agency recorded only 43 transactions at 50 major Grade A office buildings in the first eight months, down by about 60 percent from the same period last year.

In August, the number of transactions at 50 major Grade A office buildings fell to four from five in July, although the Hong Kong Monetary Authority relaxed the loan-to-value ratio caps for mortgage loans on non-residential properties by 10 percentage points from 40 percent to 50 percent two weeks ago.

In Causeway Bay, a cake shop rented an 850 sq ft street shop at Lai Yuen Building for HK$120,000 per month, or HK$141 per sq ft, after HK$210,000, or 63.6 percent, was cut from the original asking rent, according to property agent.

Meanwhile, the number of licensed real estate agents in Hong Kong fell to 39,858 last month from 39,945 in July, ending the previous three consecutive monthly increases in the number, data from the Estate Agents Authority showed.

In the primary market, Sino Land (0083) will offer seven units at 133 Portofino in Clear Water Bay for sale by tender on Friday. Also in the area, Chinachem will offer seven luxury houses at Villa Cove for sale by tender on Friday.

(The Standard)

Landlords of Hong Kong’s ‘Ginza-style’ commercial buildings slash rents and target non-restaurant tenants amid coronavirus downturn

Buildings housing restaurants, bars and shops on higher floors are struggling to retain tenants as previously unaffordable street-level rents tumble

Landlords are cutting rents to compete, and targeting a broader range of tenants, such as medical clinics and beauty salons

Landlords of Hong Kong’s “Ginza-style” commercial buildings are slashing rents by up to 40 per cent and shifting their focus away from restaurants and bars to survive the dramatic downturn in the catering and retail sectors caused by the coronavirus pandemic.

As rents of street-level shops and restaurants have tumbled, these projects – buildings typically packed with cafes, bars and small shops on higher floors – are struggling to retain tenants.

With no sign of a rebound in the food and beverage industry, some of them are now targeting a new tenant mix including such businesses as beauty parlours and medical clinics.

“If you enlist tenants without transforming, the [rent] offers will be very low because there are too many choices,” agent said. “Street shops have had their rents slashed, and social distancing rules have hit the catering industry very seriously. So the vacancy rates [in the Ginza buildings] are high.”

Named after one of Tokyo’s busiest shopping districts, the term Ginza is used by real-estate agents to refer to commercial properties shared by many different businesses under the same roof. The term was coined when sky-high rents for street-level shops forced stores in the city to move upwards, where space was more affordable.

Such commercial buildings are usually in relatively small single blocks. They sprouted across Hong Kong, especially in tourist districts like Causeway Bay and Tsim Sha Tsui, during a boom in tourism to satisfy demand in a city famous for its shortage of space.

Their landlords, particularly those in Causeway Bay, traditionally preferred to lease to restaurants as they could boost footfall and afford higher rents.

The new strategy is to market the premises to businesses in other sectors, rather than wait – potentially for a very long time – for a meaningful recovery in the food and beverage industry, agent said.

Buildings seeking to transform include Circle Property Development’s Circle Plaza and Circle Tower in Causeway Bay, according to property agency. Circle did not immediately respond to a request for comment.

Such buildings in Causeway Bay are more than half empty now – a phenomenon described by the agent as “horrible”.

Before the social unrest in the second half of last year, occupancy of such buildings could reach 95 per cent. Monthly rents could reach about HK$60 (US$7.74) per square foot.

Rents of Ginza-style establishments have fallen 30 to 40 per cent since then. In Causeway Bay, the rate would be less than HK$40 per square foot now.

Potential tenants are more inclined now to choose a premises at street level, which have become cheaper. Street shops in places like Jaffe Road only cost around HK$60 per square foot a month now. Before social unrest and the health pandemic, they could fetch over HK$100 per square foot.

The agent was hopeful the change in tenant mix would help improve vacancy but it has not shown a marked sign yet because it has only just started.

Another agent said a total lack of demand from restaurant owners for space in Ginza-style buildings was driving their transformation to serve different purposes.

“No tenant would rent it. There is no demand,” the agent said. “That’s why they change; it’s easier to find doctors.”

Tse said the trend would continue in the next three to four months since the catering industry was “a disaster”, particularly for hotpot and buffet restaurants that would usually rent such spaces.

Another agent was equally pessimistic.

“The food and beverage sector will continue to suffer the hardest hit, and restaurant receipts are expected to further contract in the third quarter,” agent said. “As consumption sentiment remains weak, the retail market is unlikely to hop on the trajectory of recovery for the rest of 2020. Therefore, we may see more cases of substantial rent cuts later this year.”

(South China Morning Post)

九龍灣商貿區 增358萬呎商用樓面

近年逐步轉型成為本港第二個核心商業區一部分的九龍灣，在活化工廈2.0措施下，區內工廈重建進一步加快，目前6個重建項目，預計能夠釋放出約358萬平方呎商業樓面供應。

6工廈重建 啟祥道20號規模最大

九龍灣過往屬於以工廠、貨倉為主的工業區，隨着政府將啟德、九龍灣及觀塘組成的九龍東定位為第二個核心商業區，並推動起動九龍東計劃，並將區內改名為九龍灣商貿區，區內商業氣氛逐步成形。目前九龍灣區內至少有6個工廈重建項目正在推展，涉及358萬平方呎樓面，當中規模最大為中信股份旗下的大昌行集團大廈。

該項目於啟祥道20號，現為一幢工廈設有多層停車場，鄰近有高銀金融國際中心、中國建設銀行中心等商廈，規劃為「其他指定用途(商貿)」用途，發展商向城規會申請放寬兩成密度和高限，重建成2幢商廈。

項目佔地約10.26萬平方呎，以地積比率14.4倍發展，興建2幢32層高商廈，以作辦公室、商店、服務行業和食肆用途，總商用樓面多達約147.7萬平方呎，設有3層地庫停車場、2層零售平台及1層平台花園，其餘以上樓面均用作商業用途，屬於區內近年其中一個規模最大的商廈項目。

嘉里危險品倉 擬建26層高商廈

另外，2018年由「重慶李嘉誠」張松橋及資本策略 (00497) 等以約80億元向南豐購入臨澤街8號啟匯，前稱傲騰廣場，雖然樓齡只有大約10年，不過發展商在今年6月向屋宇署申請建築圖則，涉及67.98萬平方呎樓面。而鄰近的的嘉里危險品倉，早年曾經獲批重建成住宅發展，興建216個豪宅單位，不過嘉里在去年底就向城規會申請地積比率由9.5倍放寬至11.4倍，擬建26層高商廈，總樓面約52.7萬平方呎。

永泰 (00369) 旗下常悅道13號瑞興中心，在去年提出重建成34層高商廈，但由於商廈高度太高，所以遭城規會拒絕，近日發展商再闖關申請重建一幢30層高的商廈(包括4層地庫)，提供約26.3萬平方呎樓面。

(經濟日報)

更多九龍灣區甲級寫字樓出租樓盤資訊請參閱：九龍灣區甲級寫字樓出租

德永佳前高層 1.77億售九龍塘洋房

樓市氣氛稍為好轉，市場頻錄名人沽貨，德永佳 (00321) 前執行副主席潘機澤，以1.77億沽出九龍塘喇沙利道28號洋房；另外卓悅 (00653) 前大股東葉俊亨亦以1,800萬沽出何文田豪宅。

近日豪宅市場頻頻錄得大額成交，消息稱，喇沙利道28號一幢洋房，實用面積5,230平方呎，剛以1.77億元沽出，實用呎價33,843元。原業主於2005年透過公司名義購入單位，公司董事為潘機澤。潘為德永佳前執行副主席，當年以6,023萬元購入單位，持貨15年，易手帳面獲利1.1677億元。資料顯示，潘於2016年時曾豪斥3.5億元購入MOUNT NICHOLSON一個分層單位。

卓悅葉俊亨何文田宅 1800萬售

另外，土地註冊處顯示，何文田亞皆老街雅麗居1座高層複式D室，實用面積1,114平方呎，剛以1,800萬元售出，呎價16,158元。單位由一家公司持有，董事包括卓悅前大股東葉俊亨及鍾佩雲，於2005年以811.1萬元買入上述單位，持貨15年帳面賺988.9萬元。

張衛健蝕賣歐意花園大屋

據土地註冊處顯示，藝人張衛健剛售出上水歐意花園雙號屋，單位實用面積1,466平方呎。資料顯示，藝人張衛健與其母親以聯名形式在1997年以1,180萬元購入單位，如今以1,035萬元售出，成交呎價7,060元。如對比購入價，今次張衛健轉售物業帳面要蝕145萬元離場。

據媒體報道，張衛健的弟弟張衛彝在2018年初被發現倒斃在上址，故可能影響今次物業轉售價錢。

(經濟日報)

上環全幢商住樓5900萬售 長情業主沽貨54年升值1022倍

受疫情打擊，市場氣氛未明朗，部分長情業主亦加入沽貨行列。上環樂古道全幢商住樓，以5900萬售出，呎價約1.55萬，買家料享回報約3厘，原業主為長情業主，持貨54年，物業升值近1022倍。

據土地註冊處資料顯示，上環樂古道全幢商住樓，於上月12日以5900萬成交，買家以公司名義志龍有限公司(CREATIVE DRAGON LIMITED)，註冊董事為黃耀榮。原業主於1966年8月以5.77萬購入，故持貨54年帳面獲利5894.2萬，物業期間升值約1022倍。

據業內人士指出，上述商住樓7層高，總樓面約3800方呎，以易手價計，呎價約1.55萬，該物業早前曾於市場以1億放售，最終大幅減價4100萬，現時全幢月租收入共15萬，買家料享租金回報約3厘。

平均呎價約1.55萬

另一方面，雖然市場觀望氣氛仍濃，惟核心區甲廈仍錄高市價承租。

市場消息指出，由金利豐行政總裁朱李月華持有的中環中心59樓01至03室、及13室，合共面積9428方呎，以每方呎90元租出，涉資約84.9萬。據業內人士指出，該甲廈最高市值租金僅約70元，故上述租金較市價高逾2成。

中環中心每呎70元租出

資料顯示，受多項不明朗因素困擾，中環中心近期租金持續受壓，該甲廈低層單位，面積約1973方呎，以約7.95萬元租出，平均呎租約40元，創該甲廈10新低水平。

同時，朱李月華持有中環中心多層單位，早前她以約4.05億向「磁帶大王」陳秉志購入該甲廈42樓全層連車位的70%業權，平均呎價約2.7萬，造價屬三年來新低，同時亦令朱李月華於中環中心合共持有8層樓面。

(星島日報)

更多中環中心出租樓盤資訊請參閱：中環中心出租

美領館正審議多份標書壽山村道物業下周三最終定案

由美國政府持有的南區壽山村道37號豪宅，原先於8月底開標，但美國領事館發言人對本報指出，目前正審議多份標書，將延至下周三公布最終買賣定案，有知情人士認為，財團普遍出價較保守，有發展商只出價每方呎樓面地價約5萬入標，涉資逾20億，令美方須更多時間考慮。

壽山村道37號項目於7月底已截標，根據招標條款，須於1個月內、即約8月底開標。美國領事館發言人對本報指出，正繼續審議多份標書，並延至本月9日(即下周三)公布最終買賣定案。

美領館發言人：延遲公布

據知情人士指出，中美關係依然緊張，是次入標增加政治風險，加上疫情影響，本地發展商出價趨保守，更相信中資財團未有入標，同時有發展商只出價樓面呎價約5萬入標，涉資只有逾20億，在出價偏低下，美方亦須更多時間作考慮，甚至與入標財團磋商價錢。

同時亦有測量師指出，項目雖位處傳統豪宅地段的南區，但由於本港經濟前景不明朗，價格難免受壓，難以與2年前華潤置地以樓面呎價約8.6萬，購入毗鄰的壽山村道39號相提並論。

出價每呎約五萬

至於該項目曾市傳以約28億沽出，每方呎樓面地價約5萬，並以長實奪標的呼聲最高，但長實發言人其後指出，未有中標該項目。

項目於五月底時以暗盤形式推出，並邀請各發展商入標，當時有發展商指出，由於疫情持續，豪宅市況低迷，當時項目每方呎估值約六萬多元，涉資約三十億左右。

政經不明朗影響出價

項目地盤約9.4萬多方呎，現有建築樓面47328方呎，可以地積比率達0.5倍重建，可建約47398方呎。另外，亦可以補地價形式，把地積比率增至0.75倍，屆時樓面將增至7.1萬多方呎。

土地註冊處資料顯示，上址第一手業主ERIC GRIMBLE，於1941年以3.3萬購入地皮，及後於1948年，美國政府以逾31萬購入，並持有至今，並於83年完成重建。

現址為6幢3層高的低密度住宅，提供26個單位，以及52個車位。另設室外游泳池，由於地盤布局修長，對海門面極寬闊，屆時可重建為海景豪宅獨立屋項目，每戶均可享深水灣景致。

(星島日報)