受疫情打击，甲厦市场沦为「重灾区」。有外资代理行代理表示，由于企业减省开支，加上预计今年新落成的450万方呎楼面，原本预期香港的甲级写字楼市场净租金将于今年全年微升约1%，受第五波疫情拖累，料下跌5%。

空置率创过去十年新高

此外，今年首季整体写字楼空置率升至10.9%，创过去十年新高，租金按季降1.3%，整体写字楼净吸纳量于今年第一季回升，达到15.7万方呎，主要受惠去年底洽谈并于今年第一季完成的租赁个案。

另外，另一本港代理昨日发表的商厦市场报告指出，上月五十大指标甲厦成交量继续下跌，3月份仅录得1宗买卖，是自2019年9月以来最低。而上月亦未有录得逾亿元成交，为2020年7月以来首次。该行代理表示，第五波疫情爆发令商厦活动减少，写字楼市场持续低迷。

另一外资代理行昨日亦发表今年首季香港写字楼租赁市场报告指出，因营商气氛受到打击，甲厦租金持续下滑，今年首季整体市场租金按季下跌2.0%，平均甲厦呎租约55元，较2019年第二季度高位跌27.2%。今年首季空置率达9.8%，涉约620万方呎楼面，由现时至2025年间，市场供应达1100万方呎，合共释出1720万方呎空置楼面。

(星岛日报)

港铁百胜角九财团入标 分红比例成夺标关键

港铁将军澳百胜角通风楼物业项目，于昨日截标，并共接获9份标书，除了吸引多家本地大型发展商竞投，亦有合组财团出击，项目设有限呎条款，补地价金额约11.01亿，每呎约3789元。

港铁公布，将军澳百胜角通风楼物业发展项目，共接获9份标书，包括长实、新地、会德丰地产、信和、嘉华、资本策略及建灝地产；新世界则伙拍招商局置地以合资形式入标竞投。

会德丰地产物业发展高级经理何伟锦表示，该项目邻近港铁站，交通方便，主力发展中小型单位，认为限呎条款对价格无影响。

建灝地产行政总监林綺华指出，是次以独资方式入标，认为限呎条款对是次发展影响不大，集团出价会考虑不同因素。

首个限呎项目

有测量师表示，是次入标数目属预期之内，反映在外围或加息因素不明朗时，发展商倾向投资港铁或市建局项目。估计项目实际楼面呎价约呎价6528元，相信以目前市况而言，料会以面积约500至700方呎的中型单位为主，预计落成后每呎可售约2万元。

料发展中小型单位

另一测量师指，项目入标数量符合市场预期，并以本地发展商为主。将军澳已发展成熟，每次将军澳有新项目推售，均成市场焦点，估计项目落成后市值达52至58亿，呎价约1.8万至2万元，料将主打1至3房户，面积约300至800呎。

据了解，该项目补地价金额约11.01亿，即每方呎补地价约3789元、每方呎补价创将军澳新高纪录，同时较同区最贵旧纪录2020年9月批出的日出康城13期、当时每方呎达3600元，高出约5.3%。此外，发展商须就分红比例向港铁提建议，且不设限制，料成决胜负关键，并须支付固定金额5000万。

(星岛日报)

MTRC's TKO project attracts nine bids

MTR Corporation (0066) said it has received nine tenders for its Pak Shing Kok Ventilation Building property development in Tseung Kwan O, with market valuations ranging from HK$1.5 billion to HK$2.3 billion, or about HK$5,000 to HK$8,000 per square foot.

Sino Land (0083), Wheelock Properties, K. Wah International (0173), and K&K Property are said to be among the ones bidding for the project.

The residential development will provide a maximum gross floor area of 27,006 square meters.

It is expected the land premium of the site to be above HK$1.1 billion, equivalent to about HK$3,789 per sq ft, which could become a new record in Tseung Kwan O.

A surveyor said that the overall investment amount is not large and medium-sized developers can afford the premium, adding that the pandemic and the economic downturn might not have much impact on the developers' bid.

Meanwhile, real estate consultancies said rents in the luxury home and office market softened in the first quarter.

The luxury residential leasing market has been very quiet as expats faced yet more disruption to their personal and professional lives due to strict measures imposed by the government to combat Covid, a property agency said in a report.

The overall office vacancy rate climbed slightly to 10.9 percent in the quarter, a new record high over the last decade, with overall rentals down 1.3 percent quarter-on-quarter, another agency said.

(The Standard)

Developers call for better transport links at Kai Tak

Major developers have urged government planners to come up with revamped ideas to resolve traffic and movement issues at Kai Tak, including looking again at a monorail system.

It takes about 30 minutes to walk from Kai Tak MTR station to the former runway area, so better transport links are needed, especially considering the developments in the area will be ready for occupation within a year or two, interested parties told The Standard's sister newspaper Sing Tao Daily.

Government planners had proposed a monorail system as an environmentally friendly linkage system between Kwun Tong's business and commercial area to Kai Tak back in 2011.

And Chief Executive Carrie Lam Cheng Yuet-ngor came up with a multi-faceted scheme in her 2020 policy address that was held to be "more effective and desirable than a standalone infrastructure."

Lam's proposal included new bus and green minibus routes in the area, a moving walkway network linking the former runway area with the Kowloon Bay Action Area and Ngau Tau Kok MTR Station, and establishing a water-taxi service in the area.

All but a couple of developers involved in the area responded by setting set up a concern group backed by a research team with the aim of offering advice to the Lam administration.

The result was the suggestion that authorities should increase the number of bus and minibus routes to help people access Sung Wong Toi Station and other points outside the Kai Tak area in the fastest way possible. It was also suggested water-taxis could become one of the key transport modes.

Real Estate Developers Association executive committee chairman Stewart Leung Chi-kin also told the newspaper that government plans were quite satisfactory when developers bid for the sites in the area, but a sudden U-turn by authorities made some feel as if they had been deceived. Although developers have now put forward a number of proposals, Leung added, their thinking in that going back to the monorail system could be best as it would be a most cost-effective solution.

(The Standard)

Luxury home rents ‘may fall by up to 15 per cent’ as Hong Kong’s strict zero-Covid policy sends expats packing

Luxury home rents may fall by as much as 15 per cent this year as unhappy expats continue to leave in droves, say analysts

The city is approaching ‘peak exodus’, with expats ‘moving either back to their own countries or to Singapore’, property consultancy said

Luxury home rents in Hong Kong may fall by as much as 15 per cent this year as expatriates keen to escape the city’s strict zero-Covid-19 policy continue to leave in droves, said analysts.

In the first quarter of 2022, rents for high-end houses and flats fell between 2.6 per cent and 4 per cent, with those in Kowloon and the New Territories seeing the biggest declines, according to a property consultancy.

The decline could have been far steeper, as many landlords held off from accepting lower offers. But this quarter, depending on how Hong Kong moves forward with its quarantine and travel regulations, is likely to provide a clearer picture of how the luxury market fares for the rest of the year.

“The luxury residential leasing market has been very quiet over the first quarter as expats were faced with yet more disruption to their personal and professional lives after a fifth wave of Covid-19 hit the city and the government responded with a range of exceptionally strict measures,” a report released by a property consultancy on Tuesday night said.

“We believe that March/April will probably see ‘peak exodus’, with expats moving either back to their own countries or to Singapore in a collective loss of patience at anti-pandemic measures.”

Luxury homes are defined as those with a gross floor area of at least 1,500 square feet and average rents of HK$37.5 (US$4.8) per sq ft per month – a total rent of about HK$56,250.

A property agent that mainly caters to expats, said a lot of tenants were leaving before their rental contracts had expired.

“We are seeing a record number of break leases in the market and expect rents to fall by up to 15 per cent,” the agent said. “I think [the market] will continue to soften until it’s easier to be relocated into Hong Kong.”

Recent reports suggest a growing number of expats are fleeing Hong Kong’s tough Covid-19 curbs.

A survey of 260 executives by the European Chamber of Commerce showed that nearly half of businesses were considering moving elsewhere next year.

French bank Societe Generale is temporarily moving about a dozen traders from Hong Kong to Singapore, according to a Bloomberg report last month.

“Most people who have to leave have left … given the timing of school terms among other factors,” another agentsaid.

On Hong Kong Island, rents in upscale neighbourhoods and expat favourites such as Mid-Levels, Pok Fu Lam, The Peak, Happy Valley and Jardine’s Lookout fell between 1.4 per cent and 2.7 per cent in the first three months of the year.

The declines were more pronounced elsewhere, with those in Ho Man Tin, Kowloon Tong, Discovery Bay, Sha Tin, Tai Po, Sai Kung, Tsim Sha Tsui and Hung Hom slumping between 3.4 per cent and 5.3 per cent, according to the consultancy.

The property consultancy is seeing more interest in expensive Hong Kong flats from one source, however: Japanese finance executives.

“More Japanese are looking to find flats in Hong Kong, according to anecdotal evidence from our agents,” the agent said. “[They] are looking for accommodation in Tsim Sha Tsui as their offices are mainly in that area.”

The agent though that they have not yet witnessed the trend, said Japanese professionals coming to Hong Kong may have been given higher housing allowances than usual by their companies.

“We are seeing increased housing packages again as Hong Kong is being viewed as a hardship posting,” the ageny said.

If Hong Kong is unwilling to change its requirement for a seven-day quarantines for all international arrivals, and mandatory isolation at a government facility for all positive Covid-19 cases by the end of the year, “it may be harder to recover,” the agent said.

“I expect more expats to leave if they don’t drop the quarantine and it will also depend on how they handle Covid-19 positive cases at the schools,” the agent said.

“If they quarantine the children and the parents, that will result in a lot of people leaving. A one-week quarantine doesn’t allow business travel, and the fear of testing positive on arrival and being sent to a government quarantine facility does not help business travel either.”

(South China Morning Post)