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WeWork will shut eight floors of co-working space in Causeway Bay, shrinking its Hong Kong footprint by half as social distancing, work-from-home arrangements crimp demand


WeWork will give up 90,000 square feet of space over eight floors at Tower 535 at Jaffe Road in Causeway Bay, according to people familiar with the matter.

The company may incur a penalty for breaking its lease, which ends in 2025, people said.

WeWork, the US real estate company that spearheaded the popularity of co-working space, will shrink its property footprint in Hong Kong by more than half, as more people are working from home under social-distancing restrictions during the Covid-19 pandemic.

The company will abandon 90,000 square feet (8,361 square metres) of space across eight floors at Tower 535 in Causeway Bay, reducing its portfolio in Hong Kong by 56 per cent to 360,000 square feet, according to people familiar with the matter. WeWork, which chose Tower 535 as its very first Hong Kong location in 2016, may incur a penalty as its termination is a breach of its tenancy agreement until 2025 with its landlord Phoenix Property Investors, the people said.

A person who answered the phone at WeWork’s office space in Kwun Tong confirmed that the Tower 535 office will close effective April 1, declining to elaborate. The company and Phoenix Property did not immediately respond to queries by South China Morning Post.

WeWork operated co-working space from the 11th to the 20th floor at Tower 535 on Jaffe Road in Causeway Bay, a short walk from Hong Kong’s Victoria Park. During a visit to the 11th and 20th floors, workers were seen clearing cables, removing furniture and the coffee machine from the space.

At its peak in 2019, WeWork operated 830,000 square feet of co-working space in Hong Kong. The city’s market for flexible space was booming between 2016 and 2018, when scores of landlords refurbished and converted their commercial buildings into open working space with amenities to serve demand in the world’s most expensive city.

That boom reached its crest in 2019, and plunged by nearly 20 per cent over the next year, as a combination of anti-government protests and the coronavirus pandemic crimped demand. WeWork itself had to abandon a US$10 billion initial public offering in New York in 2019. At present, WeWork still retains space around Hong Kong, including one floor at Lee Garden One at 33 Hysan Avenue in Causeway Bay, according to its website.

“A drop in the need for flexible space operations such as events, conferences and meeting room subscriptions have put tremendous pressure on co-working operators’ income across the region,” agent said.

Other industry consultants are more upbeat. WeWork’s scale-down is partly due to its difficulties in raising capital and its overexpansion, they said. IWG, the multinational operator of leased offices formerly known as Regus, leased an office floor with 50,300 square feet of gross floor area at The Quayside in Kwun Tong in the past six months, its third facility in Hong Kong.

“Through a flex strategy, occupiers could achieve the flexibility they need to make longer-term decisions at a later date, or continue on with flex in a more formal context,” agent said. “As a result of this growth in flex requirements, some co-working operators continue to expand and seek further opportunities.”

(South China Morning Post)

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Sai Ying Pun flats priced from $6.8m

Regal Hotels International (0078) opened the price list for the first batch of The Queens in Sai Ying Pun, involving 50 units with an average price of HK$30,299 per square foot.

That is nearly 10 percent more expensive than Henderson Land Development's (0012) Two Artlane in the same district, which was launched in September.

The 50 units ranged from 242 sq ft to 431 sq ft. The cheapest flat costs HK$6.88 million.

Meanwhile, mainland developer Centralcon named its Fo Tan residential project The Arles, set to launch soon. It provides 1,335 units ranging from 330 sq ft to 1,500 sq ft.

In in Sha Tin, Sun Hung Kai Properties (0016) will launch St Michel Phase 1 next month.

And in Tai Kok Tsui , CetusSquare Mile will open sales of 20 units on Sunday with minimum price of HK$28,537 per sq ft.

Hong Kong Property said the new flats sales in the first quarter so far jumped about 60 percent from a year ago.

Meanwhile, secondary deals at 10 major estates in March rose 20.3 percent month-on-month to 397, an eight-year high, property agent said. In the first quarter, transactions was up 33.9 percent.

In secondary deals 3,750-sq-ft house in Residence Bel-Air changed hands for HK$240 million, or HK$64,000 per sq ft.

And at Ultima in Ho Man Tin, the owner of a 1,320-sq-ft flat lost HK$1.4 million after selling it for HK$37.8 million.

(The Standard)

 

首季50甲廈錄36宗買賣 代理:按季升44%

疫苗啟動接種,市場憧憬後市有力回穩,甲廈交投錄回升。據代理資料顯示,今年首季50大指標甲廈共錄得36宗買賣,按季上升44%,按年升幅擴闊至2.6倍。

綜合代理數據顯示,今年首季五十大指標甲廈共錄得36宗買賣,較去年第4季的25宗上升44%,較去年同期的10宗大增2.6倍,計今年首季,五十大甲廈成交面積合共錄得約16.9萬方呎,按年同期大增2.6倍。

代理表示,雖然疫情仍然持續,惟隨着政府去年底「撤辣」,加上疫苗接種計畫已經展開,市場憧憬經濟復甦,令到甲廈交投較去年同期大增回升,料市場最差時刻已經過去。

九龍區錄24宗成交居首

該代理續指,寫字樓交投按年大幅反彈,亦與去年上半年的低基數有關,若與2017至18年市況暢旺時比較,現時成交量仍然較當時為低。代理預期,短期內寫字樓交投仍然會於現水平徘徊,並要待中港恢復通關出現新進展後,才會再度上升。

若按區域劃分,首季九龍區成交量佔最多,期內錄得24宗,至於新界及港島區分別錄得7宗及5宗,第1季50大甲廈錄得成交量最多的大廈為沙田京瑞廣場,期內共錄得7宗買賣,涉及面積約9314方呎;而尖沙嘴新文華中心期內也錄得5宗,涉及樓面4322方呎。

不過,港島核心區表現較為淡靜,例如一向交投較活躍的上環信德中心,第一季未有錄得買賣成交,另一指標甲廈金鐘力寶中心,首季也僅錄得1宗買賣,涉及約1085方呎,其餘中區甲廈如皇后大道中九號環球大廈等均未錄買賣個案。

(星島日報)

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新世界沽屯門天生樓巨鋪宏安夥投資者趙朗三億承接

受疫情打擊,鋪位市場陰霾密布,惟民生區鋪位仍備受追捧。宏安地產與宏安集團、夥拍資深投資者趙朗,斥資3億向新世界購入屯門天生樓一籃子鋪位,總樓面約1.38萬方呎,呎價約2.16萬,作長綫收租用途。

宏安地產與宏安集團昨聯合公布,與物業投資者Chiu Lon Ronald持有的合資企業,以3億購入屯門鄉事會路88號天生樓地下及1樓11個鋪位、以及若干升降機大堂及樓梯等,並指該部分鋪位已租出,以總樓面13858方呎計,平均呎價約21648元。

雙方各佔一半權益

同時,該公布亦指出,是次買賣中,宏安地產與合資企業夥伴各佔50%權益。

宏安:購入作長綫收租

本報昨日向宏安地產作出查詢,證實是該集團夥拍趙朗購入,其為長實執行董事趙國雄兒子,是資深物業投資者。該公司指,購入該一籃子鋪位作長綫收租用途。

據代理資料顯示,屯門鄉事會路近期頻錄鋪位成交,其中,該街道112至140號地下07A室,於去年12月以700萬售出,面積250方呎,呎價約2.8萬;另一成交為鄉事會路117至157號地下14B室,面積1520方呎,於去年10月以4100萬售出,呎價約26974元。

森信1.82億沽九龍灣工廈

另一方面,工廈亦錄大手成交,據土地註冊處資料顯示,九龍灣三湘九龍灣貨運中心低層B室,於本月中以1.82億成交,面積5216方呎,呎價約34893元,買家以公司名義登記,為TAI YIP INVESTMENTS NO.1 LIMITED,註冊董事為李姓等人氏,原業主於為森信洋紙有限公司 (SAMSON PAPER COMPANY LIMITED),註冊董事包括岑綺蘭等人,於1990年以4132.8萬購入,持貨31年帳面獲利逾1.4億,期間升值約3.4倍。

(星島日報)

 

京瑞廣場二期5單位 降價逾1成放售

馬鐵石門站,自京瑞廣場1、2期入伙後,引入不少商舖、公司進駐,成功打造成區內全新的商、辦地標,同時亦帶動區內商廈交投,從而令業主們放盤意慾大增,而新近放售為京瑞廣場二期中層一籃子單位,業主更因應市況,下調叫價逾1成,現以意向價約5,100餘萬元放售。

BC室已交吉 D至F室連約售

代理指,放售為石門安群街1號京瑞廣場二期中層B至F室,單位總面積約4,436平方呎,意向呎價約11,500元,涉及總叫價約5,100餘萬元,上址可以一併或以個別形式出售,而項目中的B、C室現已交吉,單位面積約2,163平方呎,以約2,487餘萬元放售。至於參考市場最新買賣成交,其中高層F室,面積約710平方呎,以約808萬元沽出,平均呎價達11,380元。

可一併或分拆沽

另外,D、E及F室以連租約形式放盤,面積約2,273平方呎,現時每月租金收入約5萬元,平均呎租約20元,租期至今年4月,按意向呎價計,意向價約2,613餘萬元,而租金回報可達2.2厘。據資料顯示,京瑞廣場二期中與放售物業相若的樓層,近期亦錄得數宗租賃成交,平均呎租介乎27至30元,當中包括放售項目同層L室,面積約729平方呎,於今年初以每平方呎30元租出,代理指,若新買家購入項目作長綫收租之用,預料租金回報仍有上升的空間。

代理續指,京瑞廣場為區內地標甲廈,與港鐵石門站零距離,而隨着新興商貿區概念成形,石門寫字樓租務需求漸見穩定,而上述放售的項目有交吉或連租約,並可分拆出售,靈活配合買家需用,投資、自用兩均宜,加上業主為求增加物業吸引力,在叫價上亦作出調整,由去年底意向呎價約13,500元,下調至今約11,500元,減幅達15%,料可吸引買家青睞。

分作兩期發展的京瑞廣場,為區內首個大型商場及寫字樓綜合項目,該廈位處商貿區內,周邊亦多個屋邨、多所小、中學及國際學校,因而區內對教育行業如補習社、幼兒班等需求顯著,吸引不少教育行業承租。而目前不論寫字樓及商舖部份,亦不乏優質或特色單位放售、放租,以應市場不同客源所需。

(經濟日報)

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