新一波疫情为市场蒙上阴影，资深投资者亦趁势沽货。由外号「慕诗陈」、慕诗国际主席及行政总裁陈钦杰持有的上环中远大厦全层以意向价5.52亿放售，呎价约2.8万。

平均呎价2.8万

有代理表示，上环皇后大道中183号中远大厦23楼全层，面积约19746方呎，将以部分交吉及部分连约放售，以公司股权转让交易，意向呎价约2.8万，涉资约5.52亿，物业可享海景及山景；当中06至12室，面积约9005方呎，现租客为大型贵金属投资公司，月租约46万，租期至2022年6月，截标日期为2022年1月12日。

慕诗国际主席及行政总裁陈钦杰，早于2009年9月以1.99亿购入上址。而慕诗国际有关人士早前沽出鰂鱼涌柯达大厦二期多个单位，涉资约8500万。

屯门护老院铺月租逾18万

本报昨日报道，屯门青山公路新墟段250号彩暉花园地下1A号铺，建筑面积6000方呎，意向价6800万，平均呎价约11333元，上址由护老院承租，月租并非约1.81万，而是约18.1万，租期至2023年2月，特此订正。

(星岛日报)

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中环中心低层细户 呎租40 十个月最平

商厦租金低位徘徊，中环皇后大道中99号中环中心一个低层细单位，近日以每方呎40元租出，属今年1月后该厦呎租新低。市场消息指出，中环中心22楼10室，建筑面积约1810方呎，以每月约7.24万元租出，呎租约40元。

每月7.24万元 回报1.4厘

上述全层单位由资深投资者蔡志忠在2018年起拆售，是次租出的单位在2019年初以6335万元售出，呎价为3.5万元，以最新月租计算，租金回报低见1.4厘。中环中心近期成交呎租由58至80元。今年1月同层7室，建筑面积约1908方呎，以每月约7.44万元租出，呎租约39元；最新租出的单位的呎租仅较之略高。

此外，同厦55楼3、5至7室，建筑面积约8671方呎，现由基金公司自2019年起以每月82.4万元租用，呎租约95元。据了解，单位刚以65.9万元续租多3年，呎租下跌20%至76元。中环中心55楼全层由世茂集团 (00813) 主席许荣茂持有。

(信报)

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恒基统一土瓜湾旧楼业权 底价9.6亿购入 併毗邻物业扩规模

市区土地供应罕有，不少发展商透过强拍旧楼以增加土储，由恒基併购长达6年的土瓜湾落山道、美华街及下乡道旧楼，昨天举行强制拍卖，由恒基在无对手下，成功以底价9.62亿摘下该旧楼业权。

上述项目位于土瓜湾落山道58至70号、美华街1至9号及下乡道18至20号，上月中旬获土地审裁处颁下强制售卖令，底价9.62亿；昨天在举行公开拍卖，结果由手持「8号」牌的恒基执行董事黄浩明，在无对手下以底价投得，成功统一业权发展。

该旧楼现为楼龄约61年的商住物业，地下为商铺，楼上则为住宅楼层，地盘面积约10196方呎，现为「住宅 (甲类)」用途，如重建成商住发展，预计可建总楼面约91764方呎。

发展中小型单位

资料显示，恒基已就土瓜湾道68A至70C号申请强拍，而据恒基年报显示，计画将上述地盘土瓜湾道，连同是次获批强拍令的项目合併发展，总地盘面积增至4.2万方呎，料重建后自佔商住总楼面约37.4万方呎。

总地盘面积4.2万呎

黄浩明指出，上述落山道旧楼项目併购时间长达约6年，未来发展中小型单位为主，详细设计未落实，由于邻近仍有併购项目，故未能透露投资总额。

黄浩明：倡降强拍门槛

对于政府拟研究降低强拍门槛，黄浩明认为，降低强拍门槛对市区重建有帮助，唯要在发展与私有产权之间取得平衡，认为可以适度进行调整，建议降至七成最有实际作用，而某些特定区域或特殊情况可考虑进一步降低强拍门槛百分比。

而本月初市建局同区截意向书的鸿福街、啟明街及荣光街的4个重建项目的合併发展，集团亦有兴趣入意向书。另外，油塘湾项目补地价仍进行上诉当中。

对市建同区项目具兴趣

代理表示，屯马綫通车释放土瓜湾的重建潜力，并带动区内的住屋需求。未来市区土地供应短缺的问题将持续加剧，相信市区旧楼住宅物业将备受市场追捧。

资料显示，连同昨以底价投得的项目，恒基今年迄今循强拍途径已成功统一6个旧楼项目，涉及金额约67.88亿，若计及本月中旬举行强拍的西半山罗便臣道94、94A及96号旧楼项目，即合计共7个项目，涉及总金额约73.101亿。

(星岛日报)

元朗全幢物业减租28% 每呎85元重返五年前

受疫情等因素打击，铺市阴霾密布，铺租持续调整。消息指，元朗大马路全幢物业，于交吉约一年后，以约25万获美容中心承租，呎租约85元，租金急挫约28%，并重返约五年前水平。

市场消息指出，青山公路－元朗段、(简称大马路) 83号全幢，为地下、一楼及二楼，总楼面约2940方呎，于交吉约一年后，新约25万获美容中心承租，呎租约85元，该铺早前由卓悦化妆品以约35万承租，故租金急挫约28%，租金亦重回约五年前水平。

资料显示，该街道近期瞩目成交为毗邻、即元朗大马路81号全幢，于去年中以9500万易手，平均呎价3.23万，原业主为卓悦化妆品创办人叶俊亨，持货6年惨蚀4000万，物业贬值约29%。

全幢三层高涉2940方呎

另一方面，代理表示，观塘道370号创纪之城3期高层01室，单位面积约4092方呎，佔约半层楼面，意向呎价约1.25万，涉及总额约5115万，可以买卖公司形式交易。

代理称，前述单位位于大厦高层，可望开扬山景，景色怡人，物业配备基本写字楼装潢及间隔，可即买即用。代理称，创纪之城3期由新鸿基地产发展，设施配套齐全，为质素信心保证，为今番物业增值。代理补充，是次单位亦作出租，意向月租约8.6万元，折合平均呎租约21元。

(星岛日报)

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沙田小沥源转型住宅 区内将变天

住宅供应紧张，政府积极就工业用地进行检讨，而近日规划署建议就沙田小沥源、涉约80.5万平方呎的工业地改划为住宅。同时，近年沙田石门积极转型为新兴商贸区，区内数个商厦及酒店已经相继落成及提供服务。

政府在70年代发展沙田新市镇时，将石门一带打造成工业区，增加区内的就业机会。不过，随着工业向北移，该区工厦用途渐渐改变，多座已经转型作工业外的用途。此外，社会对房屋需求殷切，工厦重建渐成新增房屋供应的出路。

而根据规划署最新《全港工业用地检讨》文件显示，署方建议将位于沙田小沥源、邻近港铁第一城站的工业用地，改划为「住宅 (戊类)」用途。

7工厦建议改划住宅

是次建议改划的用地，邻近第一城站及愉翠苑，佔地约80.5万平方呎，以发展货仓及制造业为主。改划地点现涉及7座工厦，包括由捷和集团持有的捷和中心、金利来集团 (00533) 旗下的金利来集团中心、新地 (00016) 旗下载通 (00062) 的九巴巴士厂、太古可口可乐厂、冠华镜厂旗下冠华大厦、及业权较分散的沙田工业中心A及B座等。

值得留意的是，上址的中央位置为载通旗下巴士厂，捷和实业大厦及捷和中心正申请改装成为写字楼及零售用途，另亦有一宗正申请重建商业发展，预计两项申请佔小沥源工业面积约26%。至于位于小沥源源康街及源顺围交界、由新地持有，并已发展为帝逸酒店的用地，则属商业用途。

石门成新兴商贸区

事实上，近年政府批出多幅石门的商业地，而该一带亦相继有多个商业项目推出，成为新兴商贸区，吸引不少商店进驻。当中同由新地发展的W LUXE，早前再度重推餘货单位。发展商于2015年10月以6.7亿元投得的安耀街商贸地，当时每平方呎楼面地价3,886元，现时已发展为1幢26层的商厦。

至于石门站旁边的商业地皮，亦已发展为京瑞广场1期及2期。项目均由亿京发展，总楼面约100万平方呎，并已经分拆业权。受惠于屯马綫开通，自第2季起，该项目的商铺交投转旺。

(经济日报)

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Luxury home deals soar 131pc to record high

Hong Kong saw a record 199 transactions for luxury residential homes worth over HK$100 million in the first three quarters of 2021, up 131.4 percent from a year ago and 23.6 percent higher than 2018 when the market was also buoyant, real estate consultancy said.

The market value of luxury homes dropped 12.6 percent over 18 months between mid-2019 and end-2020 but on entering 2021, as prices were perceived to have sufficiently corrected, buying sentiment began to return and the number of transactions rose, according to the consultancy’s research.

Consequently, prices of luxury homes have rebounded 5.7 percent in the nine months since the beginning of this year, though they are still 7.6 percent below their peak.

the consultancy expects that a total of 478 residential homes with areas of more than 160 square meters will be completed this year, an increase of 83.8 percent over last year.

It said the supply of these residences will remain comparatively high in the years to come with 429 expected in 2022 and 332 expected in 2023.

Despite a somewhat higher supply of large-size homes in the near term, truly luxury units in desirable locations will continue to be acquisition targets by wealthy buyers, it added.

Meanwhile, Henderson Land Development (0012) has acquired a residential site in To Kwa Wan through a compulsory sale with a reserve price of HK$962 million.

The developer controlled 96.24 percent of the ownership of the site, which is a 61-year-old building at the junction of 58 to 70 Lok Shan Road, 1 to 9 Lai Wa Street, and 18 to 20 Ha Heung Road.

The site may be included in a nearby redevelopment project in Lai Wa Street and To Kwa Wan Road, which covers about 42,500 square feet and a buildable area of over 374,300 square feet, according to the developer's interim report.

Separately, 13 homes at Grand Victoria II in West Kowloon will be put on sale on Saturday.

In other news, Sino Land (0083) said it will launch four major residential projects next year, providing a total of 5,000 units. The developer has cashed in HK$24 billion by selling 1,873 homes, or 94 percent of the total units at its Grand Central project in Kwun Tong.

And Sun Hung Kai Properties (0016) said that its new project, the Yoho Hub atop Yuen Long Station with a total of 1,030 units, is expected to receive pre-sale consent this week.

(The Standard)

Demand driving prices up, says Far East boss

Far East Consortium International's (0035) managing director Chris Hoong Cheong-thard expects Hong Kong's property prices will keep rising, driven by the strong demand, and the company will continue to sell its non-core assets including small parking lots and hotels not directly managed under its own brand.

Despite the government's proposals to increase land and residential supply, Hoong believes no substantial changes will be seen in the next three to four years. And as for the medium term, he thinks that the inflation-led increase in construction material prices will be reflected in property prices.

Analysts had said the HK$7.96 billion Kai Tai property that the company bought in partnership with New World Development (0017) from Kaisa Group (1638) was too expensive, but Hoong said some of the work on the project had already been completed, which would save them lot in terms of cost and time.

The residential project is expected to be completed in 2024 or in 2025, he added.

The developer's interim net profit more than tripled to HK$1.07 billion from a year ago while the interim dividend declared remained unchanged at 4 HK cents. The profit surge was mainly due to the 115 million (HK$1.2 billion) disposal of the Dorsett City London and revaluation gains attributable to Hong Kong and Singapore properties. Revenue for the six months ended September slightly rose to HK$3.12 billion, of which hotel operations income increased by 81.2 percent year-on-year to HK$658.56 million.

(The Standard)

Henderson continues to build up its land bank in Hong Kong, invests over US$1.1 billion in redevelopment projects

Land Tribunal approves application from Henderson to buy out a building in To Kwa Wan earmarked for development for HK$962 million

In September, Hong Kong’s third largest developer won another redevelopment project offered by the Urban Renewal Authority in the same area for HK$8.2 billion

Henderson Land Development, which earlier this month bid a record HK$50.8 billion (US$6.5 billion) for a harbourfront commercial plot in Hong Kong, is gradually boosting its land bank in other parts of the city.

Hong Kong’s third largest developer by market capitalisation has invested more than HK$9 billion in Kowloon’s To Kwa Wan area since the MTR station opened in June.

Henderson on Tuesday completed the acquisition of a 100 per cent stake in a 61-year-old eight-storey residential building under the Land (Compulsory Sale for Redevelopment) Ordinance through its wholly owned subsidiary Asia Bright Enterprises. The Land Tribunal approved an application from Henderson to force a compulsory sale for the building at a reserve valuation of HK$962 million.

“We will redevelop the building with a focus on small to medium-sized flats,” said Augustine Wong Ho-ming, executive director of Henderson Land.

Developers are increasingly seeking redevelopment opportunities in urban areas in view of limited land supply from the government. Fifty-eight applications for compulsory sale orders were under process as of September. These applications have been increasing over the past couple of years, rising from 22 in 2019 to 27 in 2020, government data shows.

The upcoming project on the site, located at the intersection of Lok Shan Road, Mei Wa Street and Ha Heung Road, will have a total gross floor area of 91,764 sq ft, with the valuation working out to HK$10,438 per square feet, according to property consultancy, the auctioneer for the compulsory sale.

Two months earlier, Henderson won another redevelopment project offered by the Urban Renewal Authority in the same area for HK$8.2 billion.

“The opening of the Tuen Ma Line has unlocked the redevelopment potential of To Kwa Wan and will lead to an increase in housing demand in the area,” property consultant said. “Given the lack of land supply in urban areas is expected to worsen, we believe that old buildings in urban residential areas will continue to be well sought-after.”

To Kwa Wan MTR station is on the Tuen Ma line, the city’s longest rail corridor at 56km with 27 stations. It links the east and west of the New Territories and includes interchange stations on the existing railway network.

The Tuen Ma line’s first phase, connecting Wu Kai Sha and Kai Tak by way of Tai Wai, Hin Keng and Diamond Hill, opened in February last year. The rest of the line running from Kai Tak to Hung Hom through Sung Wong Toi, To Kwa Wan and Ho Man Tin opened in June this year.

The opening of the To Kwa Wan MTR station is expected to have a big impact on residential developments in the area, another property consultant said, who estimated the construction cost for Henderson’s latest acquisition would be around HK$6,500 per sq ft.

“The landscape in To Kwa Wan is expected undergo a dramatic change. There are about 20 redevelopment projects under construction or in the process of compulsory sale,” the consultant said.

“It will take about 15 years to complete all the potential redevelopments that are under way,” the consultant said.

(South China Morning Post)

Hong Kong property firms pick up assets on the cheap from stricken mainland Chinese developers

A joint venture between Far East Consortium and New World snapped up land at Kai Tak from Kaisa Group for just over US$1 billion

Sharpview Investment recently took a majority stake in a project at Mid-Levels from China Aoyuan Group for HK$900 million

Mid-sized Hong Kong property firms are picking up residential plots at heavily discounted prices from cash-strapped mainland Chinese developers who are speeding up asset sales to repay debt.

Far East Consortium International recently snapped up two land parcels, one of which was from the heavily indebted Kaisa Group Holdings.

“We may allocate more resources to increase our land bank in Hong Kong after we cashed in on our overseas property investments,” Chris Hoong Cheong Thard, managing director of Far East Consortium.

Since 2015 the developer has diversified its property investments in various markets like Singapore, Malaysia, Australia and Britain, maximising its investment opportunities by taking advantage of different property cycles.

Highly indebted Chinese developers, from China Evergrande Group to Kaisa, have been trying to buy time with partial repayments and debt restructurings in recent months as they have faced a liquidity crunch after Beijing instituted new rules design to stem speculative bubbles in the residential property sector.

Last week River Riches, a 50:50 joint venture between Far East and New World Development affiliate Modern Culture acquired a plot in Kai Tak, the site of city’s former airport, from Kaisa. The duo paid HK$7.9 billion for the land, much lower than the plot’s audited value of HK$9.8 billion.

“We struck the Kai Tak deal very fast,” he said, adding that the price works out to HK$13,829 per square foot.

It was about 5 per cent lower than the HK$14,497 per square foot for a neighbouring site that was sold to a consortium of Wheelock Properties, New World, Henderson Land Development and Empire Group in November 2018.

The joint venture between Far East, controlled by the family of David Chiu, and New World, which is majority owned by the family of the Cheng Kar-shun, is not new.

The pair jointly developed the Artra residential project in Singapore, selling all 400 units when it was launched in October last year.

In Australia, Far East and the Cheng family’s private investment arm, Chow Tai Fook Enterprises, were part of a consortium that won a contract to develop a multipurpose resort development in Brisbane, Queensland, in 2015. The A$3.6 billion (US$2.6 billion) Queen’s Wharf Brisbane will be fully operational in 2024.

On Monday, Far East announced its net profit jumped 206 per cent to HK$1.07 billion for the six months to September. The hefty increase in earnings was partly due to the sale of its four-star hotel Dorsett City London for £115 million (US$153.2 million) and improvement in hotel operations after shifting of focus to quarantine stays.

Far East also bought another residential parcel in Lam Tei, Tuen Mun, from the family of “shop king” Tang Shing-bor who died in May, Hoong said, without disclosing the price.

The Tang family has been selling down its portfolio at deep discounts, after its hospitality business collapsed because of the social unrest in 2019 followed by the coronavirus outbreak.

Far East’s previous land acquisition came three years earlier in August 2019 when it won a hotel site in Kai Tak for a lower-than-expected HK$2.45 billion. Located next to the proposed Kai Tak Sports Park, the firm said it planned to develop a four-star hotel with 300 to 400 rooms and an office tower at a total investment of HK$4.5 billion, including the land cost.

The Kai Tak plot acquired from Kaisa will yield a total gross floor area of 574,733 sq ft, with flats likely to go on sale as early as 2023, Hoong said.

A surveyor said that mainland developers have built up a strong presence in Hong Kong’s property market, either by taking part in government tenders or acquiring old buildings for redevelopment, in the past five to seven years.

Acquiring land from struggling mainland Chinese developers “will become an alternative for land replenishment among Hong Kong developers who have strong balance sheets”, the surveyor said.

China Aoyuan Group said it sold a 86 per cent stake in the 54-year-old Yin Yee Mansion at Robinson Road, Mid-Levels, for HK$900 million through its wholly owned subsidiary Aoyuan Property (Hong Kong) to Sharpview Investment Development, according to a filing to the Hong Kong stock exchange on November 14.

The mainland developer said the group expect to recognise an estimated loss of HK$176.6 million from the deal.

“Offloading assets will be one of the fastest ways for cash-strapped developers to raise cash flow,” another surveyor said.

(South China Morning Post)