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Goodbye luxury stores, hello restaurants - Hong Kong streets transformed during Covid


Luxury retail chains are losing their once-iron grip on Hong Kong’s shopping streets, as Covid-19 keeps visitors away and forces the city to shift toward restaurants and bars catering to residents.

Across the Asian financial hub, one in five shops targeting mainly Chinese tourists and selling jewellery, medicine, cosmetics, clothing and leather goods has closed since the third quarter of 2018 -- before pro-democracy protests and the pandemic dealt blows to the city’s economy -- according to data from the research arm of a real estate agency.

The number of restaurants and food grocery outlets, by comparison, has grown 9 percent during the same period.

The trend is being felt in some of the most bustling shopping districts. At Sai Yeung Choi Street South in Kowloon, once a hotspot for mainland tourists, six new restaurants and bars have opened during the period while 12 cosmetics and personal care shops have shut down. Percival Street in central Hong Kong has seen five watch and jewellery shops shut since the third quarter of 2018, and added one food and drink business.

The shift has been a rapid one, given the typical life of a city. The protests -- portrayed in Beijing-backed media as violent and targeting mainlanders -- led to the disappearance of Hong Kong’s biggest source of tourists almost overnight. The city’s zero-tolerance approach to the virus, which includes quarantines of up to 21 days, has meant they’ve still not returned.

While the government is trying to ease border curbs with the mainland, the lack of a plan to reopen more broadly means Hong Kong risks falling behind other financial and shopping capitals, from Singapore to London.

In some ways, the pivot toward retail that caters to the city’s 7.4 million residents -- from long-time locals hunting dim sum to cashed-up expats on a night out -- marks a correction. The mainland’s growing footprint on Hong Kong, driving more stores catering to tourists than residents’ needs, was one frustration fuelling the protests in 2019.

“There’s been a big rebalancing toward local spending,” Jonathan Zeman, Chief Executive Officer of Lan Kwai Fong Group, a major landlord in Hong Kong’s nightclub district, told Bloomberg TV in an interview. “People who normally would fly around to Tokyo, Bangkok, Paris, they can’t do that now so they’re happy to find ways to spend locally.”

Ever since Covid-related restrictions on eateries started to ease in February, the food and drinks business has been bouncing back, driven by strong local demand, he said. Lan Kwai Fong’s overall occupancy rate has climbed back up to 98 percent and its catering businesses have returned to 2018 levels, Zeman added.

Before the pandemic, outlets of Luk Fook Holdings International Ltd., one of Hong Kong’s major jewellery chains, relied on mainland tourists for 60 percent of their business. Now, Luk Fook is one of the premium retail brands rolling out perks and upgrading services in an intensifying competition for what is a smaller group of local shoppers.

Luk Fook is partnering with a local e-commerce platform and setting up its own online shopping website, said Chief Financial Officer Kathy Chan. It’s cut some stores in major tourist districts and added new ones in local residential areas. And it’s rolling out lucky draws and vouchers to lure in customers, pegged to its 30th anniversary.

Signs for rival Chow Tai Fook Jewellery Group Ltd. compete with Luk Fook’s on shopping thoroughfares across the city, and its Hong Kong operation once counted on tourists for half of its sales pre-pandemic. Now it’s joined Luk Fook in the battle to draw Hong Kongers through the door.

The company -- whose retail revenue in Hong Kong and Macau has plunged 60 percent in the two fiscal years since March 2019 -- has added Instagram spots at its stores to appeal to younger customers, said Executive Director Peter Suen. It’s also targeting quicker delivery.

A government initiative to hand out HK$5,000 (US$642) worth of spending vouchers to eligible residents to support local businesses amid Covid will last through mid-2022. It has also prompted a number of companies to compete for customers flush with extra cash, Suen said.
Hong Kong retail sales surged 12 percent in August to HK$28.6 billion, the biggest gain since April, fuelled by the vouchers. Retail sales recovered to 71 percent of 2018 levels in the first eight months of this year, government data shows.

The shift could last even after borders reopen and travel resumes, with mainland tourism likely still hindered by political concerns and challenges from e-commerce, said Emily Leung, a senior analyst at Euromonitor International in Hong Kong.

Some Chinese tourists who would previously come to Hong Kong to shop, particularly for luxury goods, might have already discovered online channels for those products during the pandemic, she said.

“In the coming three to four years, the share of local spending in Hong Kong’s retail industry will continue to be higher than before,” Leung said. “Tourist spending will recover, but it would be quite difficult for it to return to the 2018 levels after the past two years.” -- Bloomberg

(The Standard)

 

Yuen Long plot offered 3,565-flat upgrade

The Town Planning Board has received an application to turn a plot of land in Tung Shing Lei in Nam Sang Wai, Yuen Long into a comprehensive development area that could offer 3,565 flats upon completion.

The lot was applied for development at a plot ratio of approximately 3.182 times in 2019, but the application was later withdrawn. It was expected to provide 3,848 units with a total floor area of approximately 1.84 million square feet before the withdrawal.

Meanwhile, many new projects are ready for action.

Wheelock Properties' Koko Hills in Lam Tin will launch sales on Saturday, providing 101 units, including 87 units in the form of price lists and 14 flats via tenders.

Centralcon Properties' The Arles in Fo Tan has revealed its fourth price list, offering 134 units with an average price of HK$19,662 per sq ft after discounts.

Kowloon Development (0034) said it will upload the sales brochure and open the showrooms of Manor Hill in Tseung Kwan O as soon as this week.

Wing Tai Properties' (0369) Oma Oma in Tuen Mun will launch the remaining 50 units this week at the earliest.

Swire Properties (1972) will put up nine detached houses for sale with areas ranging from approximately 1,500 sq ft to 1,700 sq ft - each featuring three bedrooms and a 3,700 sq ft to 5,700 sq ft garden.

CK Asset's (1113) #Lyos in Yuen Long's Hung Shui Kiu - the first residential project in Hung Shui Kiu after the government announced the Northern Metropolis Development Strategy - will also post the sales brochure this week.

Sino Land (0083) expects to launch four brand new residential projects from the end of this year to next year, involving a total of about 5,000 units.

(The Standard)

 

寫字樓租金調整放緩 按季微跌0.3%

有外資代理行昨日發布2021年第三季度的報告。報告資料顯示,寫字樓市場的租金調整放緩,整體租金按季微跌0.3%,而第二季度的按季跌幅則為1.6%。有些市場甚至開始出現反彈,中環/金鐘租金按季微升0.3%,這是自2019年第二季度以來首季錄得正數。

此外,受來自香港島的共享辦公室營運商及用戶需求帶動,加上九龍區內搬遷需要,尖沙咀亦錄得按季1.4%的租金反彈。

淨吸納量反彈至7.1萬呎

該行代理表示,隨着商業活動陸續恢復,寫字樓租賃需求在2021年第三季度續見復甦。整體淨吸納量反彈至約7.1萬平方呎,是自2019年第三季度以來,首次錄得正數的季度,而整體空置率則為10.4%。另外,市場對核心商業區的需求亦有回升,中環空置率連續兩季下跌,由本年第一季度的7.6%,下跌至第三季度的7.2%。

至於投資市場的前景,該代理補充,鑑於經濟好轉,料會增加投資者對各個物業類別的信心,並預計投資活動將在本年底前進一步增加,尤其是某些房地產基金,因相關基金需要在年底前按投資指示部署資本。

該行亦預料,隨着「跨境理財通」計劃及「來港易」計劃已於9月推出,應會進一步推動長遠租賃需求,並為跨境商務旅遊鋪路。

(經濟日報)

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

更多金鐘區甲級寫字樓出租樓盤資訊請參閱:金鐘區甲級寫字樓出租

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嘉里3.5億 沽西營盤縉城峰基座舖

每月租金收入逾70萬 回報約2.4厘

民生區商舖回報較穩健,消息指,嘉里 (00683) 以約3.5億元,沽出西營盤縉城峰基座商舖,由本地投資者承接,回報率約2.4厘。

消息指,西營盤第一街8號縉城峰基座易手,涉及物業地下至2樓,以及6個車位,總面積約15,891平方呎,涉及10個舖位。由於附近均為住宅區,商舖全為民生商舖,地下租客包括麵包店、餐廳、美容及教學中心等,而2樓由超市等租用,僅一舖位交吉待租。據悉,項目每月租金收入約70.4萬元,由本地投資者以3.5億元承接,呎價約2.2萬元,回報率約2.4厘。

銅鑼灣怡東商場舖 餐飲50萬租

項目由嘉里持有,為縉城峰的發展商,2009年項目落成,而發展商一直持有基座作收租。事實上,嘉里近兩年先後推售非核心物業,特別住宅新盤基座部分,去年先後售出土瓜灣港圖灣、荃灣縉庭山商舖套現。

另消息指,西營盤第二街141至149號地下C6號舖,面積約1,203平方呎,以約1,330萬元成交,舖位每月租金收入約3.2萬元,回報率近2.9厘。據悉,原業主於2012年以2,005萬元購入,持貨9年轉手,蝕675萬離場,蝕幅達34%。

此外,核心區餐飲租舖個案上升,消息指,銅鑼灣東角道26號怡東商場地下連1樓,面積逾6,000平方呎,獲餐飲以每月50萬元租用,為區內近期較大手餐飲租舖個案。該舖早年曾由百老滙電器租用,高峰期月租高見220萬元,現租金較高峰期跌近8成。

(經濟日報)

 

北部都會區概念 帶動天水圍商住發展

本月初公布的最新一份《施政報告》提出「北部都會區」願景,當中提及將在洪水橋/厦村新發展區興建港深西部鐵路連接前海,料可帶動比鄰天水圍的商業及住宅發展。

根據最新一份《施政報告》提及的「北部都會區」概念,佔地約3萬公頃,預計將成為香港未來20年城市建設及人口增長最活躍的地區;而政府亦會落實於洪水橋/厦村新發展區興建港深西部鐵路,以連接前海,故長遠而言,比鄰的天水圍商業將會受惠。

橋頭圍項目補地價逾19

天水圍原為大片魚塘,繼政府早90年代將該區發展為新市鎮後,吸引不少發展商進駐發展住宅,故現時區內以住宅社區為主。不過,目前該區合共有3個商業及商住項目,共可提供約147萬平方呎商業樓面。

有發展商早前憧憬洪水橋將建成為新發展區,增加居住人口,從而帶動區內的商業需求。當中較矚目為新地 (00016) 持有的天水圍橋頭圍項目,地皮位於洪天路與屏廈路交界,鄰近西鐵天水圍站,擬建成1幢31層高的商廈。上述地皮佔地約10.71萬平方呎,總樓面面積約85.65萬平方呎,其中零售商場樓面佔約50.05萬平方呎,辦公室則佔約35.59萬平方呎的樓面,落成後有機會變成「天水圍版」的觀塘創紀之城5期apm項目。

值得一提的是,新地就以約19.74億元為上述項目補地價,料為新界區最大宗農地轉商業發展的補地價個案。事實上,上述地皮屬於「未決定用途」發展地帶,新地原計劃將地皮發展為住宅,其後於2016年向城規會改作辦公室、商店及服務行業、食肆等綜合商業用途。

酒店重建 增51萬呎商業樓面

同時,在疫情影響下,不少發展商變陣,就旗下酒店申請重建,其中由長實 (01113) 持有的天水圍嘉湖海逸酒店,去年亦獲城規會批准在有附帶條件下重建為兩幢樓高53層高分層的大型住宅項目,總樓面涉逾200萬平方呎,提供約5,000個單位。屋苑基座1至3層亦會提供大型商場,商業面積約51.6萬平方呎,料成為區內最大型商場之一。

另外,億京持有的橋頭圍1幢混凝土廠的地盤及比鄰的橋旺街13號,預計兩地盤亦有潛力一併重建。

(經濟日報)

 

投資者伺機沽貨 帶動商舖成交

天水圍區以住宅發展為主,人流密集,同時帶動零售需求,而區內有部分商場近期的成交轉旺,而屬指標屋苑嘉湖山莊旁邊的商場,新北江商場本年至今累積錄得約40宗成交,較去年同期的13宗,大幅升值逾2倍,可見區內的商舖市場交投氣氛好轉。

俊宏軒舖 接連大額交易

於本年年初,有投資者趁機拆售天水圍新天地廣場 (新北江商場) 的地下10間舖位,所有舖位屬中細銀碼成交,其面積介乎119至378平方呎。另外,位於天水圍天瑞路88號俊宏軒於年初接連錄大額成交,當中L19及L20地舖,面積約710平方呎,年初亦以約5,500萬元成交,平均呎價約7.7萬元。同時,位於1樓101至102號舖,面積約9,296平方呎,年初亦以1.05億元沽出,呎價約1.1萬元。

據悉,原業主為佳寶食品超級市場老闆林曉毅,他以公司名義於2013年以9,200萬元向宏安買入上址,持貨8年沽貨,帳面獲利約1,300萬元,舖位升值約14%。而新登記買家為樓上燕窩莊的董事。

(經濟日報)

 

告士打道巨鋪意向5.5億

近期工商鋪交投活躍,有業主趁勢放售,灣仔告士打道1個巨鋪,連8個車位,意向價5.5億。

上址為灣仔告士打道151號資本中心地下A至D、E、G、H及J鋪,以及車位311至316、434至435號,合共有8個車位。物業位處灣仔商業區,總建築面積約16606方呎,實用面積約10794方呎,截標日期為2021年12月15日,可作公司股份交易,意向價5.5億。

連八車位出售

代理表示,該物業所包括地鋪,面向告士打道,一直延伸至杜老誌道、謝斐道,闊度逾251呎,車位位於3樓及4樓,目前整幢物業除了地鋪A號,全部租予保時捷。另一代理指,資本中心鄰近未來落成的港鐵會展站,可通過行人天橋前往。項目鄰近灣仔北三幢政府大樓,將拆卸重建,屆時景觀煥然一新。

(星島日報)

更多資本中心寫字樓出售樓盤資訊請參閱:資本中心寫字樓出售

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東角道巨鋪每呎80元租出

核心區鋪頻錄食肆承租,銅鑼灣東角道1個面積6000方呎巨鋪,以每月50萬租出,新租戶為食肆,平均呎租約80元。

東角道26號怡東商場地下13至16號鋪,連1樓,屬複式鋪位,由「賭王」何鴻燊 (已故) 四太梁安琪旗下尚嘉控股持有,建築面積約6000方呎,以每月50萬租出,新租戶為食肆,租金較該鋪高峰期月租約220萬,低約77%。

較高峰期跌77%

市場消息透露,上述巨鋪早於7月份放租,意向月租88萬,終獲飲食業以逾50萬承租,較意向價低約43%。該鋪位地鋪約3173方呎,1樓面積約3050方呎,合共6223方呎,以最新租金逾50萬計算,平均呎租約80元。

油麻地彌敦道鋪12.8萬承租

由著名甜品店義順牛奶羅氏家族成員持有,並自用多年的油麻地彌敦道513地鋪,剛租予食肆,地鋪面積約1200方呎,另有入則閣,市場消息透露,以每月12.8萬租出,平均呎租約106元,租客為食肆,並以權發酒家呼聲高。

義順羅東文:淡出市場

義順牛奶東主羅東文回應本報,證實鋪位已租出,惟未有透露租金。

他說,義順於今年1月撤出該自用多年的鋪位,強調部署退休,與疫情無關,指香港本地消費不俗,尤其食肆生意好。

(星島日報)

 

大角嘴周勝記商廈1.53億易手 老牌建築商沽貨 投資者吳天偉承接

老牌建築商周勝記置業家族接連沽貨,繼早前沽售銅鑼灣波斯富街巨鋪,最新沽出大角嘴的周勝記商業大廈,作價1.53億,較放盤叫價減價逾20%。該家族於短短1個月套現6.8億。買家為投資者吳天偉。

土地註冊處資料顯示,大角嘴周勝記商業大廈於上月中易手,作價約1.53億,原業主為周勝記置業有限公司,董事周炳權,有「大坑鋪王」之稱。新買家為堡誼有限公司,董事吳天偉,吳氏為俊業集團執行董事,亦是錦綉花園發展商,料回報率接近3厘。

有代理指,該廈放盤價2億,最終減價約4700萬或20%易手,該廈總樓面約2萬方呎,平均呎價約7359元。周勝記屬於老牌建築商,由周勝妹所創辦,上述塘尾道25號的周勝記商業大廈,為周勝妹於1971年8月以30萬購入,之後在1993年重建成周勝記商業大廈,樓高15層,一直作為收租之用。

一個月套現6.8

周勝記亦於上月沽售銅鑼灣波斯富街巨鋪,涉及為波斯富街21至27號本德大廈地下A、B、C及D鋪,連1樓及2樓,建築面積約1.38萬方呎,原開價6億,以5.25億易手,買家為耀才證券主席葉茂林,回報率僅1.5厘。該物業在高峰期2014年由豐澤電器承租,月租約92萬。近年隨着市況不濟,於2018年由連鎖服裝店包浩斯以每月約30萬短租。2019年9月,由夾公仔店「娃娃星球」取代,月租48萬,是全港最大型的夾公仔店。

有代理表示,周勝記家族連環沽貨,儘管最終減價易手,惟造價相當理想,周勝記商業大廈回報率接近3厘,銅鑼灣波斯富街巨鋪回報率只有1.5厘。

傳縉城峰基座3.5億易手

嘉里持有西環第一街8號縉城峰基座包括地下至2樓商場及6個車位,商鋪總建築面積15891方呎,市傳以3.5億易手,現月收租70.4萬。現尚有一地鋪待租,建築面積1069方呎。

代理表示,葵涌梨木道73號海暉中心高層03室,面積約1355方呎,成交價約624.6萬,呎價約4610元,刷下海暉中心呎價新高記錄。

(星島日報)