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Island South Grade-A project launched

Sino Group and Empire Group have commenced leasing their latest Grade-A commercial project in Wong Chuk Hang Landmark South, fetching an average monthly rent of about HK$30 per square foot.

Boasting a total area of 256,957 square feet, the 30-storey office-cum-retail complex will be officially opened in the third quarter. Bella Chhoa Peck-lim, director of asset management of Sino Group, revealed that some design and architecture firms, as well as galleries have shown keen interest in the project.

Despite the trend of hybrid working mode, Albert Yiu Chi-wai, executive director of Empire Group, expects the rent in the area to be stable unlike Central, which was once hard hit by the pandemic, due to its relatively low rent and the completion of more residential and commercial projects as well as the Fullerton Ocean Park Hotel Hong Kong that will draw more people to the district.   

The site was acquired for HK$2.53 billion, or HK$8,872 psf, based on a gross floor area of 284,945 square feet, and the developers are required to accommodate the Hong Kong Arts Development Council in the premises as a part of the government’s Invigorating Island South initiative.

(The Standard)

For more information of Office for Lease at Landmark South please visit: Office for Lease at Island South

For more information of Grade A Office for Lease in Wong Chuk Hang please visit: Grade A Office for Lease in Wong Chuk Hang


The Grand Mayfair I nearly sold out

The Grand Mayfair I in Yuen Long is nearly sold out within a week of its launch.

At least 322 of the 327 flats available in the second round of sales launched yesterday were purchased, with developers raking in over HK$3 billion in just one day.

The flats were nearly 22 times oversubscribed before the sales, with prices ranging from HK$6.45 million to HK$14.91 million after discounts.

Together with the sales last Friday, 710 of the 715 homes in the project have been sold over the past six days, with the developers cashing in more than HK$6.6 billion in contracted sales.

The project is phase 1A of a 2,200-flat mega development that is being jointly developed by Sino Land (0083), K Wah International (0173), and China Overseas Land and Investment (0688).

Prices of phase 1B, The Grand Mayfair II with 805 flats, will be announced soon.

In Tai Kok Tsui, 18 more homes at The Quinn Square Mile will be put on the market today, and another five on Saturday, said the Henderson Land Development (0012).

Several special units will also be tendered soon, and it has recorded a contracted sales of HK$368 million from the project after selling 57 flats, Henderson said.

In Ngau Tau Kok, sales of 40 units at The Aperture will be relaunched on Sunday, the developer Hang Lung Properties (0101) said.

(The Standard)


The Grand Mayfair I project in Yuen Long enjoys strong sales as discounts attract first-time buyers

The project, developed by Sino Land, K Wah International and China Overseas Land and Investment, found buyers for 322 of the 327 flats on offer on Wednesday

Analysts predict a surge in supply, as more cut-price projects are launched in the coming months, will suppress house prices

Almost all available units at The Grand Mayfair I in Yuen Long were sold on Wednesday as buyers continue to snap up projects launched after a three-month lull caused by the fifth wave of Covid-19.

The project, developed by Sino Land, K Wah International and China Overseas Land and Investment, found buyers for 322 of the 327 flats on offer, a company spokeswoman said. It was the second round of sales after the project at Kam Sheung Road Station sold all 388 units on offer last Friday.

“The pandemic has subsided significantly, and social distancing measures have been gradually relaxed, which is good for the property market,” a property agent said. “Developers are taking advantage of the situation to push forward developments at full speed.”

Sales are likely to have been boosted by the relatively cheap prices, as developers seek to make up for lost time by shifting as many units as possible.

Prices started at HK$6.45 million (US$821,784) for a 339 square-foot flat.

The average price this time worked out at HK$18,777 per square foot, after a discount of 16 per cent. That was about 1 per cent higher than the first round, but still 12 per cent lower than the prevailing secondary market price of HK$21,400 per sq ft seen at Ocean Pride in Tsuen Wan West, according to data from a property agency.

the agent said that the relatively low prices helped boost sales as “the unit prices are suitable for first-time buyers.”

The project fetched 7,393 registrations of intent, which meant about 23 people competed for each unit.

The first batch of 388 flats sold out in one day last Friday, pushing up the first-hand sales volume in April to about 1,030, which surpassed the total for the first quarter of the year, the agent said.

Another property agency expects the overall number of property transactions in May to climb to a five-month high of some 7,000.

Hong Kong developers have already launched hundreds of flats at knock-down prices in a bid to make up for lost time as the city began to emerge from months of strict social-distancing measures that made house sales all-but impossible.

Analysts predict a surge in supply, as more cut-price projects are launched in the coming months, will suppress house prices.

Another agency expects that this year’s mass home prices to drop by about 5 per cent, a downgrade of its previous forecast of a rise of up to 5 per cent.

“We expect a high concentration of launches in the second half of 2022, with potentially over 20,000 units to be issued with presale consent, similar to the previous peak in 2018,” another agent said. “Combined with increasing interest rates, housing prices will be under pressure.”

The agency said that developers had postponed launches originally slated for the first few months of the year. Four projects consisting of 1,211 units acquired presale consent but were held back during the first quarter as fifth wave of coronavirus struck.

“The high level of expected supply in the primary market is likely to prompt developers to take on competitive pricing strategies, which in turn will exert pressure on the secondary market,” a property agent said.

(South China Morning Post)


Heitman Buys Hong Kong Industrial Asset From New World Heir for Reported $57M

Heitman has acquired an industrial building in Hong Kong’s Fanling area from a grandson of New World founder Cheng Yu-tung for a reported HK$450 million ($57.33 million), with the US fund manager planning to transform the asset into a refrigerated storage facility.

The Chicago-based fund manager announced on Wednesday that it has purchased the New China Laundry building in Fanling, in the eastern New Territories, and will convert the 101,463 square foot (9,426 square metre) property into a cold chain facility within the next 12 months.

“We are pleased to add to our existing industrial and commercial portfolio in Hong Kong by acquiring this strategically located asset from a rare corporate divestiture and look forward to executing our business plan of transforming the property into a best-in-class cold chain logistics center,” Heitman head of acquisitions for Asia Pacific Brad Fu said in the statement.

While Heitman declined to comment on the price paid for the asset or the beneficial owner of the vendor, Hong Kong’s company registry shows that the seller is controlled by William Junior Guilherme Doo, son of New World non-executive vice chairman William Doo, with local media reports putting the sale consideration at HK$450 million.

Chilled Valuation

Fu said that with the laundry business, which primarily services hotels and airlines, having been hit hard by the pandemic Heitman was able to secure the 1990-vintage asset at a discounted price, with the purchase having already been completed.

The reported price tag for the six-storey building translates to around HK$4,435 per square foot of built area, with the building occupying a 22,163 square foot site.

Without specifying current tenants, Fu said the building at 6 Yip Cheong Street is now fully leased, and after its conversion will be used as a last-mile distribution hub primarily for storing wine as well as frozen and chilled food products.

“We expect demand for specialized en-bloc facilities to continue to grow on the back of close to full occupancy of cold-storage space currently across Hong Kong,” Fu said.

Heitman picked up the industrial property on behalf of its $750 million Heitman Global Real Estate Partners II which reached a final closing in July 2021. The fund manager has said that with this fresh cash it will invest around $1.5 billion in mispriced, maturing and defensive assets around the world.

“The Hong Kong logistics asset provides geographic and sector diversification while aligning with the smart diversification theme of our proprietary global portfolio construction process. Further, the acquisition is aligned with our global selection of well-positioned assets for re-use in order to benefit from changing consumer demands,” said Gordon Black, senior managing director and portfolio manager at Heitman.

New Fund on the Block

Heitman’s acquisition of 6 Yip Cheong Street is the latest in a series of Fanling deals by international investors over the last 16 months, and the third on the same block.

In September, Blackstone purchased Yip’s Chemical Building at 13 Yip Cheong Street for HK$283 million, with JP Morgan Asset Management following up one month later with its HK$231 million purchase of the Chung Tai Printing Group building at 11 Yip Cheong street – just a few doors down from Heitman’s latest prize.

Including SilkRoad Property Partners’ HK$321 million purchase of the Smile Centre in Fanling in January of last year, international funds have now spent nearly HK$1.3 billion acquiring logistics assets in Fanling, according to data from a property agency. Also during 2021, China Resources Logistics acquired the Mineron Centre in Fanling for HK$695 million.

In a briefing, the agency noted that en bloc industrial transactions hit a five-year high of HK$19.4 billion in Hong Kong last year, with Fanling accounting for more than a quarter of the buildings traded in the sector since the beginning of 2021.

Of the HK$30 billion in Hong Kong real estate investments by international funds since the beginning of last year, some 70 percent went to industrial assets, according to the agency’s figures.

Chengs on the Move

Local news accounts indicated that the seller of the Fanling asset, Success Ocean Ltd, had owned the property since 1999.

Now 48, Willam Doo Jr, who serves as a director of several businesses including New World’s NWS Holdings infrastructure division, The Bank of East Asia and property management firm FSE Lifestyle Services, has sold the New Territories property just a half year after his father’s purchase of a commercial project in London in November 2021.

The 77-year-old real estate tycoon bought the former House of Fraser department store at 68 King William Street in the City of London for around $175 million, making the 11-storey commercial block his first directly owned property in the city.

The Cheng family is one of the richest clans in Hong Kong with the fortune of Henry Cheng – New World’s chairman and the son of Cheng Yu-tung – combined with his family’s wealth ranking the Chengs third on Forbes’ 2021 rich list for the city.








另一方面,據本港一間代理行綜合土地註冊處資料顯示,工商鋪4月份註冊量錄374宗 (主要反映3月份市況),按月上升約4.5%,註冊金額則錄47.39億,按月升約4.9%。該行認為,隨着第二階段社交距離措施將於5月放寬,第五波疫情的陰霾逐漸消退,預料後市將平穩發展。






尖區銀座式商廈一籃子貨沽 投資者紀寶5億售出 12年升值1倍










此外,紀寶亦於2018年底以8650萬向海航集團購入銅鑼灣yoo Residence基座地下及1樓鋪位,面積約7351方呎,同年中,以8850萬沽同區新時代中心頂層全層,面積3454方呎,持貨逾14年,帳面獲利7700萬。







置地暗盤放售薄扶林百合苑 市場估值逾12億 財團「吼到實」





此外,項目由7幢3層高的洋房組成,其中A1至A3號洋房面積為4440方呎,而B1至B4號洋房面積則為4506方呎,目前該項目所在地皮,為「住宅 (丙類) 1」用途,若買家購入後作重建,樓高最多為三層(包括開敞式停車間),最高建築物高度不得超過10.67米,以及最大覆蓋面積25%。









興勝創建公布,售出沙田工業中心一籃子物業,作價約2.11億,包括該廈A座4樓1至23號工作間及2樓V49及V55號車位,以總樓面約28050方呎計,呎價約7533元,買家為加拿大基金公司Brookfield Asset Management Inc。







新世界沽非核心物業 屯門聯昌低層連地廠2.84億售











灣仔商廈Novo Jaffe開售 涉58伙

宏基資本 (02288) 旗下灣仔商廈新盤「Novo Jaffe」新盤即將開售,物業位於灣仔謝斐道218號,樓高27層,3至30樓為寫字樓用途,每層面積約2,243平方呎,據悉部分樓層將分間細單位,面積約469至550平方呎起,項目合共58伙。






















叫價共逾70億 蔚盈軒全幢減價一成




另外,近日市場有不少投資者入市工商物業,資料顯示,大角嘴必發道128號新式工廈宏創方地下停車場連1樓及2樓全層,上月初以7400萬元售出,買家以恩柏投資有限公司 (YAN PAK INVESTMENTS LIMITED),董事包括劉志華、劉凱恩等,其中劉志華為佳明 (1271) 執行董事及行政總裁,而恩柏投資註冊地址同為佳明位於尖沙嘴漆咸道南39號鐵路大廈總部。上述物業包括11個私家車位、5個輕型貨車位及兩個電單車位,另1樓及2樓建築面積共約10,627方呎,連1468方呎平台,呎價約6963元。