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Billion closes $10.5b KITEC deal

A consortium led by Billion Development and Project Management plans to acquire Kowloon Bay International Trade & Exhibition Centre for about HK$10.5 billion from Hopewell, The Standard's sister newspaper Sing Tao Daily reported.

This is expected to be the largest property transaction year-to-date if the deal is confirmed. With a gross floor area of 1.77 million square feet, the per-sq-ft price will be about HK$5,900.

The consortium has arranged syndicated loans for the acquisition and has worked out two renewal plans.

The 14-story KITEC has a site area of about 239,800 sq ft. If it is redeveloped, the gross floor area can be 2.87 million sq ft, with a plot ratio of up to 12 times. The per-sq-ft rent at KITEC is around HK$20.

Apart from redeveloping the property into a Grade A commercial building, the consortium may also apply to the Town Planning Board to rezone the site for residential purposes, the sources said, adding that the new buyers value the large site area of the project and the sea view.

The consortium is said to include Sino Land (0083) and CSI Properties (0497), the report said.

Billion Development, Sino Land and CSI Properties won the tender for a commercial plot at the junction of Cheung Yip Street, Sheung Yee Road and Wai Yip Street in Kowloon Bay for HK$3.04 billion in 2015.

The plot has a site area of 40,849 sq ft and a maximum gross floor area of 490,188 sq ft.

Meanwhile, the Urban Renewal Authority said the contract for the development of the Oak Street / Ivy Street Development Project in Tai Kok Tsui has been awarded to K&K Property, with a tender amount of HK$618.1 million.

The URA earlier invited 39 property developers to submit tenders for the project following an expression of interest exercise. The URA received a total of 14 tenders from these 39 property developers when the submission of tender closed on May 20.

The project, which covers a site area of 6,662 sq ft, was commenced in March 2018. Upon completion, it will provide a maximum total gross floor area of 59,965 sq ft.

The URA will also invite interested developers to submit expressions of interest for the development of the Bailey Street / Wing Kwong Street Development Project in To Kwa Wan today.

(The Standard)

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Hong Kong’s co-working sector set to stabilise, recover as balance returns after years of unbridled expansion

Hong Kong’s co-working industry is recovering as many operators have folded following years of overexpansion, agent said

Hong Kong has the third largest number of co-working spaces in the world after London and New York, according to survey by UK firm CircleLoop

Hong Kong’s co-working sector is on track to stabilise and recover after a period of rapid expansion and will be well supported by the shift to remote working, industry observers say.

The co-working industry in Hong Kong is getting better now after adjustments made in the last few quarters, agent said.

“Previously many operators were in overexpansion mode, but then the market adjusted and many closed down and disappeared, creating a new balance point between supply and demand,” the agent said. “We think it will stabilise again towards year-end.”

The shared office space sector in Hong Kong saw high levels of growth between 2016 and 2018 when several operators announced expansion plans only to beat a hasty retreat after the economic downturn spurred by the social unrest in 2019 and the coronavirus pandemic sapped demand.

WeWork, the New York-based shared office provider, has reduced its Hong Kong footprint by half, after giving up 90,000 sq ft of space spread over eight floors in Tower 535 in Causeway Bay. The closure of the flex office was largely related to HSBC, which decided to relocate its business division from the WeWork space to their own building in Central, according to another property agent.

However, some flexible workplace operators, such as IWG, were expanding on the back of their global partnership with Standard Chartered. The bank’s 6,000 employees in Hong Kong can work at any of IWG’s offices after the lender implemented a flexible working arrangement last year.

This month, IWG opened its third centre in the city – a 50,000 sq ft flex office at The Quayside office tower in Kwun Tong, said Paul MacAndrew, country manager for IWG.

Another co-working operator, theDesk, said that all its seven locations in the city had high occupancy. Following a 65 per cent growth in membership last year, the company is “seeing a continuing growth trend” this year, said Paul Johnson, its chief commercial officer.

Separately, a survey by a UK-based company in May found that Hong Kong had the third most number of co-working spaces in the world after London and New York. Hong Kong had 166 co-working spaces, behind 313 in London and 229 in New York, according to the survey by CircleLoop, which operates a cloud-based business phone system.

“No one can deny that the 2020 pandemic has had a lasting impact on the way that companies work for good,” CircleLoop said. “As part of remote working, completing your workday from co-working spaces is a concept that businesses are taking advantage of more than ever before.”

The pandemic has been a game changer, creating instant disruption to the traditional workplace culture, while workers and companies adapt to the change, theDesk’s Johnson said.

With the remote working trend and decentralisation of workforce being implemented by multinational companies, the co-working industry is here to stay, he added.

(South China Morning Post)

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Developer China Vanke’s Hong Kong unit sets prices for Ho Man Tin project 3 per cent above secondary market

First batch of 50 units at Vau Residence will be offered at an average price of HK$24,519 per square foot after a discount of as much as 16 per cent

Vanke will also offer cash rewards to the first 50 fully vaccinated buyers

Vanke Holdings (Hong Kong), a unit of China Vanke, China’s third-largest developer, will launch a new residential project in Ho Man Tin at prices in line with those of the secondary market.

The price list for a first batch of 50 units measuring 209 sq ft to 388 sq ft at Vau Residence was launched on Thursday. The units will be offered at an average price of HK$24,519 (US$3,160) per square foot after factoring in a discount of as much as 16 per cent. Vanke has not announced a starting date for the sales yet. The development will have 165 units in total.

The prices announced on Thursday are 3 per cent higher than those of units at Seven Victory Avenue, a two-year-old development that is within walking distance of Vau Residence. The units at Seven Victory Avenue were selling for HK$23,820 per square foot, according to property agency.

“It is common practice for developers to offer their first batch of units at competitive prices, to draw buying interest. Builders will increase prices for the subsequent batches, once they have generated strong sales,” agent said.

The price list’s launch comes amid growing optimism that Hong Kong home prices will climb further this year as the city’s economy shows further signs of recovery. On Tuesday, US investment bank Goldman Sachs said it expected a 5 per cent rise in home prices this year, while property agent has forecast a 15 per cent increase.

“The launch prices have taken into reference the first and second-hand transaction market. We will not rule out the possibility of increasing prices for the following batches,” said Quincy Chow, Vanke Holdings (Hong Kong)’s executive director.

The strategy of raising prices for subsequent batches has been adopted by Hong Kong property company New World Development (NWD). After all 331 units at its Pavilia Farm III next to Tai Wai Station were sold on their first day of sales last weekend, NWD has raised prices for the second batch of 388 units to HK$22,600 per square foot, a 13 per cent increase over the launch price of HK$19,999 per square foot offered about a week ago. The second batch goes on sale this Saturday.

Vau Residence would attract both end users and investors, the agent said. “We have seen a sharp rise in home sales in the primary and secondary markets. It reflects buying confidence, which has been boosted by the gradual improvement in economic activity. The reopening of the border later is bound to enhance the sales momentum, when more mainland Chinese are free to visit Hong Kong,” the agent said.

Vanke will also offer a cash reward of HK$28,000 to each of the first 50 Vau Residence buyers who have had their Covid-19 vaccinations before August 31. Vanke said it expects the cash reward will cost it about HK$1.4 million in total.

(South China Morning Post)


億京等鯨吞九龍灣國際展貿中心 斥二百億建地標甲廈 余卓兒動亂期間「覓盤」 商談19個月終得手



億京佔七成 夥伴包括資策




















市建紅磡庇利街項目招意向 建灝6.18億奪橡樹街重建地盤

市區重建局 (下稱市建局) 近年啟動多個重建項目,陸續進入可推出招標的收成期。其中於上月接獲14份標書的大角咀橡樹街/埃華街重建項目 (下稱橡樹街項目),由首度奪得市建局項目的建灝地產以約6.18億元中標,作價符合市場預期。市建局隨即推出紅磡庇利街/榮光街大型重建項目(下稱庇利街項目)周五(11日)起招收意向書,可建樓面面積達71.75萬方呎,屬近7年最大規模的市建局項目,市場估值動輒高達107.6億元,6月25日截收意向。


上月收到14份標書的橡樹街項目,佔地約6663方呎,可建樓面面積約6萬方呎,獲長實 (01113)、其士國際 (00025)、遠東發展 (00035) 和信置 (00083) 等入標,最終由建灝地產旗下達創集團有限公司以約6.18億元投得,屬市場估值約5.4億至9億元的範圍之內,每方呎樓面地價 (下稱樓面呎價) 約10308元。



庇利街可建72萬呎 估值107

市建局近年啟動紅磡和土瓜灣一帶多個重建項目,並以小區形式作總體規劃。是次登場的庇利街項目早於2016年3月啟動重建,屬於首個成熟可推出市場的地盤。該項目佔地約7.97萬方呎,毗鄰私人住宅項目環海.東岸,與即將啟用的港鐵 (00066) 屯馬線土瓜灣站僅相距約5分鐘步程,可建樓面面積約71.75萬方呎。市建局2016年已預計該地盤的發展期長約10年時間,預計興建約1150伙,並設有約11.95萬方呎的商業及零售樓面面積。

近年市建局推出招標的重建項目,以樓面面積不足20萬方呎的中小型地盤為主,是次庇利街的可建樓面面積達71.75萬方呎,已是2014年觀塘市中心第二及第三發展區 (現已發展為凱滙) 提供逾100萬方呎樓面面積以來,近7年登場的市建局重建項目中規模最大的一個。








據土地註冊處資料,油塘草園街4號華順工業大廈高層B至D、G及H室,於上月以5200萬連車位售出,買家為Sunrise Success Limited,註冊董事為鷹君羅氏家族成員羅嘉瑞及羅俊謙等人士,前者為鷹君集團主席兼董事總經理,後者為該集團執行董事。






建灝6.2億 奪市建局大角咀項目

樓面呎價10308 擬建中小型優質商住宅


該項目位處橡樹街89至95號 (單數) 及埃華街1至5號,地盤面積6,663平方呎,可建樓面約59,966平方呎,當中包括約1萬平方呎的商業樓面,及約5萬平方呎的住宅樓面。以中標價計算,每呎樓面地價約10,308元。



若以每平方呎建築成本約5,000元計算,連地價及10%發水樓面,預計項目的總投資額約9.48億元。而若加上利潤及8成實用率推算後,估計日後項目推售實用呎價約21,558元。不過,參考目前區內新盤利‧晴灣23 (平均實用呎價2萬)、半新盤奧朗‧御峰 (平均呎價約1.77萬),略高於現時同區一、二手呎價水平。

土瓜灣庇利街項目 邀意向


另外,市建局昨日亦就土瓜灣庇利街/榮光街項目,邀請發展商提交意向書,截止日期為本月25日 (周五)。成功投得本項目的發展商需要按發展協議中列明有關九龍城土瓜灣小區發展項目的總體設計要求,以促進小區的連接及步行環境。項目地盤面積約79,718平方呎,可建樓面約71.7萬平方呎,大約可提供1,300伙。



九龍城住宅地盤 鄧成波家族6億沽



地盤面積約7,030平方呎,城市規劃為「住宅 (甲類) 2」用途,高度限制由主水平基準起計80米,最大可建樓面面積約63,270平方呎。



市場人士透露,新買家為內房遠洋集團 (03377) 或有關人士,而該集團近期亦有推售旺角住宅項目千望。本報就有關消息,向遠洋集團查詢,集團表示對消息不作回應。



IWG集團:靈活辦公室 疫後需求更大



香港共17據點 風格多元化

IWG香港區經理Paul MacAndrew指出,集團自1999年在港發展,旗下擁多個不同品牌包括REGUS、SPACES及Signature,合共17個據點,各品牌走不同風格,「REGUS屬商務中心,較為傳統企業類型,SPACES則時尚一點,Signature則為兩者之間,可讓租客選擇。」

集團租用希慎廣場樓面,會員入場費每月約2,380元起,可享辦公桌 (Hot Desk),另外亦有獨立房間計劃等,而所有會員均可享辨公室內的設施包括茶水間、會議室等。據悉,目前出租率已逾9成,「之前有租客遷出,好快便有新租客進駐。」


企業提供多個方案 讓員工選擇











黃竹坑甲廈呎價破頂 呎租升2%


代理指出,自活化工廈1.0政策推出,以及港鐵南港島綫通車後,黃竹坑逐漸轉發展成為新商圈,適逢近期該區有港鐵上蓋住宅項目推售,令該區重新成為焦點,而相對之下,寫字樓價格較為低水,因而吸引部分資金流入,例如區內指標甲廈One Island South,近期亦連錄2宗高價買賣。

代理指,近年黃竹坑逐漸轉型成新商業區,但受制於配套不足,尤其缺少零售樓面,限制該區過往租售價升幅,但隨着黃竹坑站項目陸續完工,包括預計2023年落成、樓面約50萬平方呎的黃竹坑站商場,以及港鐵南港島綫 (西段) 可望動工,將吸引更多人願意到黃竹坑落戶,為該區帶來根本性轉變。

One Island South呎售2.46

該報告指出,近月黃竹坑連錄多宗破頂成交,最為矚目的要數One Island South一個中層面向城市景的單位,以每呎約2.46萬元沽出,創下黃竹坑商廈新高紀錄。租務方面,4月份該大廈一個低層城市景單位,也以每呎約38元租出,同樣創該廈新高。此外,同區的乙級商廈W50,呎租也重上30元水平。




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