疫情下甲厦租务新需求弱，成交多来自搬迁或收缩规模个案。观塘海滨汇录两宗租务，其中英国超市租用2万平方呎楼面，属缩减业务，呎租约26元，亦较高峰回调两成。

市场消息指，观塘海滨汇录两宗租务成交，其中9楼一单位，面积约2万平方呎，以每平方呎约26元租出。该厦于2019年落成，属全海景办公室，亦获多个跨国企业租用，高峰期呎租达35元以上，现已回调约两成。据悉，新租客为英国超市Sainsbury's，该品牌原租用同区国际贸易中心低层全层，涉及约3.6万平方呎，是次同区搬迁属缩减业务，可节省租金开支。

新传媒集团 租同层3.6万呎

该厦另一宗租务来自同层，涉及约3.6万平方呎楼面，以每平方呎约26元租出，租客为新传媒集团。据悉，该集团原使用观塘鸿图道82号新传媒集团中心，物业由英皇持有。今年4月英皇以以5.08亿元沽出物业，总楼面面积约8.95万平方呎，呎价约5,676元，由外资黑石基金购入，并打算把物业转作迷你仓业务，故集团需寻找新办公室，现租用海滨汇楼面。

疫情下各国仍採入境限制措施，跨国企业暂缓扩充，加上有需要控制成本，故甲厦新租务成交甚少，绝大部分来自同区搬迁，或缩减业务。消息指，观塘国际贸易中心低层全层，面积约3.6万平方呎，以每平方呎约30元租出。据悉，新租客为Farfetch网购平台，包括女士名牌服装、首饰等，而公司原租用黄竹坑物业，如今整合业务加上提升写字楼级数，搬至观塘区。

香港钻石会大厦 呎价30215

商厦买卖方面，消息指，香港钻石会大厦低层，面积约4,137平方呎，以约1,250万元成交，呎价约30,215元。另代理表示，有业主放租观塘鸿图道83号东瀛游广场极高层全层连三个车位，面积约10,875平方呎，意向租金约25万元，每平方呎租约23元。

港岛区甲厦租务上，中环中环中心极高层01室，面积约2,161平方呎，以每月约16.8万元租出，呎租约78元，属近期该厦较理想租金水平。另金鐘统一中心中层01室，面积约2,576平方呎，以每呎约35元租出。

(经济日报)

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许荣茂减17%租出中环中心

市场人士指，世茂集团董事局主席许荣茂旗下中环中心1个单位，以每方呎78元租出，较旧租金减17%，上述租赁涉及中环中心5601室，建筑面积2161方呎，丢空3个月后获新租客垂青，月租16.8万，平均呎租约78元，旧租客为资产管理公司，约满迁出，旧租金每月21.18万，平均呎租约98元。

有代理指，近期商厦市况有所改善，中环中心呎租较去年中谷底反弹逾20%，去年8月，1个低层单位呎租低见40元，惟许氏最新租出单位位处中层，景观开扬，去年中同类型单位市值呎租60多元。

(星岛日报)

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观塘东瀛游广场全层放租 平均每呎意向23元

政府锐意将九龙东打造为CBD2，加上观塘千亿重建项目正进行得如火如荼，区内商机无限。代理表示，观塘鸿图道83号东瀛游广场极高层全层连3个车位放租，面积约10875方呎，意向租金约25万，平均呎租约23元。

代理表示，单位间隔四正实用，实用率高达约80%，外望开扬海景，独立全层私隐度极高。单位楼底极高，达约3.85米，适合上市公司及跨国企业作为集团总部用途。大厦设有5部客梯及1部货梯，用户上落极方便，加上设有4层停车场，提供123个私家车位及8个货车位，方便驾驶人士出入。

意向月租25万

根据该代理资料显示，今年首5个月工厦整体售价走势累升3.3%，跑赢租金的累跌2.5%。该行预期，本港疫情暂见稳定，相信工厦租售价将可继续造好，若稍后落实通关，租售价可望重回正轨。

首5个月工厦呎价共有七区录累积升幅，其中以荃湾区升幅最显著，今年1至5月累升4.8%，最新报4161元，按月升2.2%。其次为累升4.4%的屯门，最新报3263元，按月升2.4%。另有两区录累积跌幅，当中红磡及土瓜湾跌幅最明显，累跌3.8%，最新报4970元，按月跌2.4%。长沙湾首5个月持平，最新报5980元，按月跌0.1%。

(星岛日报)

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Pavilia Farm III rakes in $2.7b amid buying frenzy

Hong Kong's residential property market remained robust over the weekend as homebuyers snapped up nearly all flats put on sale at The Pavilia Farm phase three in Tai Wai yesterday.

New World Development (0017) collected about HK$2.7 billion after selling 169 out of 173 flats on offer at the third phase of The Pavilia Farm above Tai Wai Station, with one buyer forking out HK$54 million for three flats.

NWD had received about 30,500 registrations of intent from potential buyers for the 173 flats, making them 175 times oversubscribed, and the highest number of registrations since 1997.

The 173 flats include 170 flats in the fourth price list and three flats that were given up by previous buyers.

The 170 flats in the fourth price list were offered at an average price of HK$24,858 per sq ft after a maximum 20 percent discount is applied, 24 percent higher than the first price list.

NWD had recorded three cases of forfeited deposits totaling around HK$1.38 million over three flats at the third phase. The three flats were offered at between HK$7.91 million and HK$11.84 million. The preliminary deposits are equivalent to 5 percent of the purchase prices.

In the secondary market, an property agency reported 16 secondary deals at 10 blue-chip housing estates over the past weekend, down by 20 percent week-on-week.

Among the deals, a 717-sq-ft flat at Mei Foo Sun Chuen in Lai Chi Kok changed hands for HK$10.53 million, or HK$14,686 per sq ft.

The seller will gain HK$4.98 million after holding the property for 11 years.

Meanwhile, the full opening of the Tuen Ma Line on June 27 is propping up transactions in Kowloon City District.

A 478-sq-ft flat at 18 Farm Road in To Kwa Wan fetched HK$9.8 million, or HK$20,502 per sq ft, about 10 percent higher than the bank valuation. The seller bought the flat for HK$4.25 million in 2010 and will gain HK$5.55 million. The seller decided to sell the flat as the Tuen Ma Line is to launch in full at the end of June, according to the property agency.

(The Standard)

Hong Kong property stocks enjoy value revival as they hitch ride on economic rebound with foreign funds on the prowl

The Hang Seng property index has returned 12.8 per cent this year, outperforming the local market’s blue-chip benchmark

Analysts are bullish on the prospects of developers with shopping malls in their portfolio as latest e-voucher scheme seen propelling retail sales

Hong Kong property stocks are enjoying a value revival as investors pay the highest price for their underlying assets in more than a decade. Strong response to new residential projects, more spending vouchers, and a return of foreign funds could fuel that momentum.

The price-to-book ratio of Hang Seng Property Index members has risen to 1.8 times this year, according to data compiled by Bloomberg, a level not seen since they averaged two times in 2009. In pandemic-stricken 2020, they slumped to a four-year low of 0.7 times.

Analysts at DBS Bank and Goldman Sachs are upbeat about the market outlook, saying efforts to revive consumption will translate into higher stock prices. The Blackstone Group’s HK$23.7 billion (US$3.05 billion) bid for Soho China also signalled cash-laden funds are on the prowl for bargains.

“The property market remains strong with large amounts of liquidity chasing assets like real estate,” said Raymond Cheng, head of Hong Kong and China research at CGS-CIMB Securities. “There is still room for Hong Kong property stocks [to appreciate], particularly for developers with a large presence in the residential sector.”

Hong Kong’s economy is on the mend, recovering from several quarters of recession brought on by the social unrest and the pandemic. The city’s economy expanded by 7.9 per cent in the first quarter, the most in 11 years, while new home sales are rising at the fastest pace in two years.

Measures to support domestic consumption, such as the latest round of e-voucher scheme, has brightened the outlook for retail sales, which rebounded 12.1 per cent year on year in April. This bodes well for share prices of developers with shopping malls in their portfolio, DBS said.

“The upside has not been completely priced in,” said Jeff Yau Cheuk-man, property sector analyst at DBS Bank (Hong Kong). The situation in Hong Kong continues to improve and investors are showing a renewed interest in this sector, he added.

The Hang Seng Property Index has returned 12.8 per cent this year, outperforming the broader Hang Seng Index, which has gained 7.4 per cent. If annualised, the gauge could record its best year since 2017, according to Bloomberg data. In the US, the real-estate services subsector of the S&P 500 Index has risen 37.7 per cent this year, compared to a 11.7 per cent increase in the main gauge.

Hong Kong’s e-voucher scheme, designed to boost local spending and accelerate the recovery, will offer every adult Hong Kong resident HK$5,000 in spending vouchers, benefiting 7.2 million people. The registration for the scheme is set to begin in July.

Hysan Development, the biggest landlord in Causeway Bay and operator of the Hysan Place and Lee Theatre shopping centres, would particularly benefit from the consumption boost, Yau said. Retail properties made up 30 per cent of its 4.5 million sq ft of portfolio at end-2020.

The stock has risen 5.3 per cent this year to HK$29.95. DBS Bank has a buy rating with a target price of HK$35.80, representing a 19.5 per cent upside. Yau said that the worst is probably over for the retail sector, which means leasing incomes are due for a rebound.

Sun Hung Kai Properties has risen 19.7 per cent this year to HK$119.70. The developer has 12 million sq ft of retail space across Hong Kong, including IFC Mall in Central and New Town Plaza in Sha Tin. Goldman has a buy rating and a target price of HK$151.

The strong performance of Hong Kong developers this year has been driven by a notable pickup in property sales and prices, and low interest rates, Goldman analysts led by Gurpreet Singh Sahi wrote in a report earlier this month.

“We expect this outperformance to continue as they are in the early stages of a positive inflection, with improving earnings driven by rising transactions in the Hong Kong residential market, improving property price outlook, and retail sales recovering,” the US bank said.

New residential project launches by the city’s biggest developers this year have received strong response from investors. New World Development has been a stand-out, selling all batches at

The Pavilia Farm project atop the Tai Wai MTR station.

New World Development, which also operates the K11 Mall in Tsim Sha Tsui, has soared 11.5 per cent this year to HK$40.25. Goldman Sachs and CGS-CIMB Securities are bullish on the stock, giving the stock a 31 to 39 per cent upside based on their price targets.

(South China Morning Post)

MTR Corp says Central harbourfront site bid did not involve government board members to avoid conflict of interest

MTR joined Wharf REIC and Chinachem Group consortium to bid for the prime Central harbourfront site

Board members with conflict of interest were excused from the part of the meeting at which the project was discussed and the decision to submit a bid was taken

Government board members were absent from meetings related to the discussion and decision to bid for a prime site in Central, the MTR Corp said to allay public concerns about conflict of interest.

The rail operator and property developer, in which the Hong Kong government holds a 75 per cent stake, issued a statement in response to media queries over potential conflict of interest after it said it had taken part in the government land tender for the New Central Harbourfront Commercial Site 3. The decision to bid was based on purely commercial consideration, it added.

It was the first time since the MTR’s formation in 1975 that the company had taken part in a government land bid. It formed a consortium with Wharf Real Estate Investment Company, a unit of the Woo family’s Wheelock and Company, and Chinachem Group, to submit a bid for the plot.

“When the decision to submit a bid for the project was deliberated by the MTR’s board of directors, those board members who had an actual or potential conflict of interest in the project (including all government board members) did not receive the relevant board papers and were excused from the part of the meeting at which the project was discussed and the decision to submit a bid was taken,” the MTR said on Saturday.

The site, which can yield 1.61 million sq ft of gross floor area, has been valued at between HK$37 billion and HK$55 billion (US$7.1 billion). It is likely to set a record as the most expensive in the city’s history, according to property consultants.

MTR said that as this was a landmark project located in Central, next to Two International Finance Centre (IFC2) which was developed and managed by the company, “it will bring synergies to the company’s existing business and further reflect the MTR’s community development experience in Hong Kong.”

MTR, which owns the land, jointly developed the IFC2 as part of a consortium led by Sun Hung Kai Properties and Henderson Land Development.

MTR said that its bid partners Wharf REIC and Chinachem Group have their own strengths and bring synergies to the project’s development and management.

MTR’s board members include Secretary for Financial Services and the Treasury Christopher Hui Ching-yu, Secretary for Transport and Housing Frank Chan Fan, Commissioner for Transport Rosanna Law Shuk-pui and Permanent Secretary for Development (Works) Lam Sai-hung.

Under the government’s “two envelope” approach for the sale of the Central harbourfront site, submitted bids will be weighed equally for design and price.

The 516,316 sq ft plot that includes the General Post Office has attracted six bids from some of Hong Kong developers owned by the city’s wealthiest families.

Other bidders include Sun Hung Kai Properties, Hong Kong’s largest developer by market value and controlled by Kwok families. CK Asset (Holdings), one of the two flagship companies owned by Hong Kong’s richest tycoon Li Ka-shing. Henderson Land, founded by the second-richest tycoon Lee Shau-kee is also taking part. Sino Land, controlled by the family of Robert Ng Chee Siong, submitted a joint bid with Great Eagle Holdings of the Lo family, as well as the Chinese state-owned enterprise China Merchants Group.

(South China Morning Post)

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