Jessville Tower in Pok Fu Lam Sells 8 Units, Generating HK$210 Million
The Jessville project at 128 Pok Fu Lam Road sold eight units in Jessville Tower today (March 10), totalling approximately HK$210 million in transactions.The 8 units sold today are located on floors 1 to 13, with saleable areas ranging from 1,358 to 1,431 square feet. The units are designed as three-bedroom with a study or four-bedroom layouts, all including parking spaces. The transaction prices ranged from HK$23.98 million to HK$30.05 million, with per-square-foot prices between HK$17,000 and HK$21,000. Buyers are given transaction periods of 90 to 180 days.The Jessville project is divided into two sections: Jessville Manor, a two-story castle-like structure, and Jessville Tower, a modern residential building. Jessville Manor features two units per floor with two elevators, while Jessville Tower consists of parking and clubhouse facilities on the first six floors, and standard residential floors from the 1st to 14th floors, each containing two units with two elevators.The project offers a total of 32 units, including 28 in the Tower and 4 unique units in the Manor. The layouts range from three-bedroom to four-bedroom configurations, with saleable areas between 1,358 and 2,960 square feet. In the Tower, each floor is divided into two units: Unit A (1,431 square feet) and Unit B (1,358 square feet). The largest unit in the project is located in the Manor (1/F Unit B), featuring a saleable area of 2,960 square feet plus a 438-square-foot balcony.Additionally, the ground floor of the Manor includes two speciality units with private gardens and balconies. These units measure 2,262 and 2,335 square feet in saleable area, with garden spaces of 234 and 567 square feet, respectively.
荒廢十年洋房盤大翻身 偉達地產汀九別墅命名「嘉富海灣」
偉達地產有限公司旗下位於荃灣汀九麗都灣泳灘畔海景別墅今日（3日）命名為GRANDVIEW OCEANIA嘉富海灣。值得留意，該洋房項目前身為已荒廢超過10年的洋房項目「星悦海灣」，過往曾多次易手，上一手業主為廣東財團，於2024年蝕讓四成轉售整個項目。該項目位於青山公路汀九段368號。項目涉及13幢洋房，分為Beachfront及SeaFront。Beachfront涉及A、F、G及M洋房，實用面積2,965至3,150平方呎、平台面積788至880平方呎、花園面積987至1,652平方呎，以及天台面積74至142平方呎。3月底至4月初開放參觀 料招標形式推出前排別墅偉達地產董事蕭偉霖表示，項目部署3月底至4月初推售及開放參觀，將以現樓形式推出發售，將率先以招標形式推出前排別墅應市。價錢參考九龍塘、南區以及類近設計間隔的豪宅別墅。另外設3幢洋房開放參觀，涉及為I座洋房、G座洋房，以及H座洋房。當中I座洋房屬連裝修示範單位，其餘為交樓標準示範單位。由於項目地理優越交通方便，蕭偉霖表示，潛在客群包括經常離港公幹的商務客，以及本地客。
Have luxury Hong Kong estates made changes a year after Post exposed land grab?
Only a quarter of homeowners at three upmarket Hong Kong estates exposed by a Post investigation have ceased occupying public land a year after the findings were published, while about 10 per cent have demolished their unauthorised structures.Experts said owners could have reasonable excuses for the delays, as they might be in the appeals process, awaiting approval for plans or relocating tenants.But the specialists urged the government to further step up enforcement over the suspected illegal use of land and increase penalties, in addition to a proposed amendment to the Buildings Ordinance targeting unauthorised structures. A consultation period over the changes to the ordinance ended on Friday last week.Authorities told the Post they would issue warning letters, or consider prosecution, for cases involving homeowners who dragged their feet in carrying out rectifications to their properties at Block B of Flamingo Garden on Kowloon Peak, Seaview Villas in Tai Po and Villa Rosa in Tai Tam.In February last year, the Post found that nearly 90 per cent of the 50 houses – valued at between HK$50 million (US$6.39 million) and HK$119 million each – in the three estates were suspected of having unauthorised additions at or near their properties. Some of these additions were built on government-owned slopes.
Hong Kong Home prices drop to almost 8.5-year low
Hong Kong home prices retreated to their lowest level in nearly eight and a half years in January.Figures from the Rating and Valuation Department on Friday showed that the city's home price index dropped to 287.6, from 288.9 in December.That marked a 0.4 percent decline on a monthly basis and a 6.5 percent retreat from a year before.Prices had risen in October and November after cheaper borrowing costs attracted buyers to take the plunge.Commenting on the latest data, Eddie Kwok, executive director of valuation and advisory services at consultancy CBRE Hong Kong, said January was low season for the property market due to the Lunar New Year holiday.Kwok also partially attributed the declines to developers rolling out new residential projects while also pushing existing inventories.But he said he expects a rebound later this year, noting that home prices are highly correlated with the city's stock market performances."If the Hang Seng Index remains at its current level or continue to increase, we expect residential prices for the secondary market to stabilise and potentially pick up going forward," he said in a statement.Rental prices continued to edge up in January, with the official key gauge rising to its highest level in four months to stand at 192.9.
Hong Kong’s weekend property sales reach 4-month high after stamp duty cuts
Hong Kong on Saturday saw its best weekend for new property sales in four months, with a total of 352 units sold across three projects, after the government lowered the stamp duty for small flats following the budget address on Wednesday. Among the first-round offerings, Henderson Land Development’s Eight Southpark project in Kowloon City sold out all 181 available units by 6pm, while Wang On Properties sold 55 of the 60 units on offer at the Coasto project in Ap Lei Chau, according to property agents. Kerry Properties’ Hava project in Yuen Long also performed well, selling 116 out of 121 units in its second-round sales, following last weekend’s complete sell-out of 250 units. The strong demand came after Financial Secretary Paul Chan Mo-po, in his latest budget, adjusted the stamp duty on mass-market homes. The rate has been reduced to HK$100 ($12.90) from HK$60,000 for homes worth up to HK$4 million, instead of HK$3 million previously.
CK Asset raises prices for Blue Coast II flats amid Hong Kong market optimism
CK Asset Holdings has slightly raised the prices of flats on the south of Hong Kong Island amid improving sentiment in the city’s property and stock markets and in anticipation of more stimulus measures in the budget.The developer, controlled by the family of tycoon Li Ka-shing, on Monday priced 62 units at Blue Coast II, co-developed with MTR Corp in Wong Chuk Hang, at an average price of HK$22,781 (US$2,930) per square foot, 2 per cent higher than the previous batch in October. The flats are likely to go on sale this weekend.“In view of the recent positive performance of the property market and the stock market, as well as the expected good news from the coming budget speech, the pricing of the newly launched units has increased by approximately 2 per cent compared to the previous launch,” CK Asset said. Prices could go up for subsequent batches, it added.The batch includes 31 two-bedroom flats and the same number of three-bedroom units, ranging between 446 sq ft and 718 sq ft. The prices range from HK$9.22 million to HK$17.96 million, translating to between HK$20,679 and HK$25,013 per square foot.
$100 stamp duty extended to $4m and under property deals
Hong Kong is further lowering the stamp duty for buyers of residential and non-residential properties that cost HK$4 million or below to HK$100 in an attempt to further reinvigorate the weakened sector.The measure, which takes effect immediately, is expected to benefit about 15 percent of buyers and reduce government revenue by about HK$400 million annually, according to Financial Secretary Paul Chan Mo-po.The stamp duty for transactions, or property tax, varies by prices. Under the new rule, the threshold of homes that are entitled to HK$100 stamp duty has been raised from HK$3 million to HK$4 million, following the previous adjustment in February 2023.
據報美對沖基金租中環The Henderson逾5萬呎寫字樓
據本地傳媒引述消息指，恒地(00012)中環The Henderson錄得大手租務，合共約5.5萬平方呎，涉及物業高層單位27至30樓，每層面積約1.3萬至1.5萬平方呎，成交呎租約120元。據指新租客為為美國知名對沖基金公司Point72。 Point72 於2014年成立，現於全球多個地區包括倫敦、巴黎設辦事處，而亞太區亦於香港、東京及新加坡等有分行。該對沖基金目前租用中環遮打大廈作總部，涉3.5萬平方呎樓面，由於有擴充需要，故轉至同區最新超甲廈升級兼擴充。按是次成交計，屬近一年區內超甲廈錄得最大手租務成交個案。
元朗朗天峰首批250伙沽清 大手客斥1641萬元連掃4伙
嘉里 (00683) 旗下元朗朗天峰，今首輪推售250伙，準買家於早上9時半前陸續抵達，並排隊等候報到，場面熱鬧。嘉里發展董事及香港區總經理湯耀宗表示，截至約下午5時，朗天峰首批250伙已全數獲得認購，吸金達9.6億元。嘉里物業代理銷售及市場策劃高級總監盧永俊表示，已被認購的單位中，不乏大手客入市，不少買家選購2伙，亦有3組買家各選購3伙，3組買家各選購4伙。
Hong Kong banks face rising risks amid prolonged property slump, Moody’s warns
Hong Kong banks were likely to be more selective in extending credit to developers amid a prolonged property slump that could pose a “major risk” to lenders, according to Moody’s Ratings.Banks’ property development and investment loans accounted for 16 per cent of their total lending as of June, the credit-rating agency said in a report on Wednesday.“Hong Kong banks have large exposures to commercial property and may face heightened asset risks,” Moody’s said. “Prominent Hong Kong developers, such as New World Development [NWD], have historically enjoyed strong banking relationships and lending was usually on an unsecured basis.”
Enhance New Capital Investment Entrant scheme to boost luxury residential market
Enhancements in Hong Kong's New Capital Investment Entrant Scheme are expected to attract more high-net-worth individuals to the city, boosting luxury residential property market transactions.Under the updated measures, applicants now need to demonstrate a minimum net worth of $30m over the six months prior to their application, instead of the earlier requirement spanning two years.Additionally, investments made through family-owned investment holding vehicles (FIHVs) or a family-owned special purpose entity (FSPE) under a FIHV will now qualify towards meeting the scheme's investment criteria.“Despite a rate cut totalling 100 basis point for 2024, uncertainties persist with potential further cuts in 2025. Coupled with global economic uncertainties and cautious mortgage approvals, we anticipate residential property prices to remain stable in the first half of 2025 given the supply of first-hand residential units remains high, with over 100,000 units either completed or under construction," Kathy Lee, Head of Research and Retail Consultancy at Colliers Hong Kong said.
SHKP wins Tung Chung site for $602m
Sun Hung Kai Properties (0016) has been awarded a rendered residential site in Tung Chung for HK$602 million, or around HK$1,500 per buildable square foot, in line with market expectations.The developer's deputy managing director Victor Lui Ting said he was "very pleased" with the acquisition and revealed that the total investment is estimated to be around HK$3.5 billion.He noted that the site enjoys expansive sea views and is in proximity to the MTR station.The Standard ChannelMore>>Area 106B in Tung Chung, the sole plot in the government's land sale program for the quarter, covers a site area of 10,648 square meters.It is expected to provide 745 units with a total floor area of 37,268 sq m when completed. The lot had previously failed to be sold when it was first up for tender in September 2023.Its market valuation falls somewhere between HK$500 million and HK$1 billion, or HK$1,250 to HK$2,500 per sq ft.The other three bidders for the site included Able Best, Sino Land (0083) and K Wah International (0173), the Lands Department said.SHKP is one of the few developers that are still active in land acquisition amid a sluggish property market. Home prices in the city slumped by 7.1 percent in their third consecutive year of decline.The developer won two government sites in Sha Tin last July and last month, respectively, each for around HK$600 million.Together with this site, it has spent a total of HK$1.83 billion in a span of seven months to add approximately 750,000 sq ft to its land bank, with an average cost of around HK$2,400 per sq ft.Property services firm Cushman & Wakefield (HK) said the successful tender will have a positive impact on the market and expects the price of flats to be built on the plot to range from HK$9,000 to HK$10,000 per sq ft.
Hong Kong’s ‘minibus king’ sells The Center offices at 34% loss in market slump
Hong Kong investors continue to offload property assets at discounts amid high interest rates, and consultants expect more financially stressed owners will be forced into the same position in coming months.The family of minibus tycoon Ma Ah-muk is selling the 45th and 27th floors of The Center, a 73-storey skyscraper in Hong Kong’s Central business district that was once the most expensive in the world. The floors have been broken down into 13 smaller units to be sold individually, according to Centaline Commercial, the sole agent. The units range from 1,842 sq ft to 9,565 sq ft. The owner will first offer eight units with an intended price starting from HK$21,800 (US$2,800) per square foot – about 34 per cent below the HK$33,000 Ma paid in 2018.
Jade Beach Villa at Chung Hom Kok on sale for $1.5b
The property comprises 12 apartments and 18 houses.JLL announced the sale of Jade Beach Villa at 3-7 Horizon Drive at Chung Hom Kok for $1.5b.Completed in 1977, the property comprises 12 apartments and 18 houses on a site area of approximately 102,000 sq ft.Currently, eight out of 12 apartments and 14 out of 18 houses are tenanted, whilst four apartments and four houses are vacant.It has a maximum permissible gross floor area (gfa) of approximately 57,375 sq ft and a total saleable area of approximately 55,914 sq ft.Join Hong Kong Business community Zoned “Residential R (C)”, the property can be redeveloped into a three-storey detached house with one-storey open carport.The property is situated near the Dairy Farm Chung Hom Kok Shopping Mall, MTR Ocean Park Station, Happy Valley, Causeway Bay, and the Central Business District.
Soon-to-be $238m luxury home at Stanley Link Road up for sale
A coastal property at 30 Stanley Link Road, which will be developed into a $238m luxury residential home, is up for sale.The site is near Stanley Plaza and top international schools, including Hong Kong International School and International Montessori School.The would-be 4,359-square-foot three-level complex sits across two plots and has over 3,269 square feet (sq. ft.) of internal living space and a sea-facing swimming pool.It also has a spacious terrace of 2,420 sq. ft., a 357 sq. ft. roof terrace, and a 3,269 sq. ft. gross floor area with a five-vehicle car park.
Hong Kong developer NWD to launch second State Pavilia offering after weekend sell-out
New World Development (NWD) is launching a second offering of flats at its State Pavilia project in North Point on Wednesday after selling all the units it offered at the weekend. The developer on Sunday said it would put an additional 88 units up for sale “in response to the market’s needs”. On Saturday, NWD sold all 168 units that were offered in the initial phase of the firm’s redevelopment project on the site of the former State Theatre. NWD said the weekend sale attracted more than 7,800 orders and was oversubscribed 45 times. The latest price list was about 2.4 per cent higher than the previous one, with an average discounted price per square foot of HK$19,747.
Mainland Chinese demand to help drive up home prices in 2025
Hong Kong’s home prices are expected to rise by 3% whilst transactions will rise by 6% in 2025, partly due to demand from mainland Chinese, according to a sector note by securities firm CGS International.Authorities’ relaxation of all tightening measures on residential transactions, and positive cost of carry suggest that it is better to purchase than to rent, will help drive up prices and transactions.CGS International also expects strong demand from mainland Chinese who live in Hong Kong.“We estimate their total housing demand in the next 5-10 years could be [five times] Hong Kong’s annual primary sales volumes in 2024F,” said CGS International analysts Raymond Cheng, Will Chu, and Steven Mak in a sector note published on 30 December 2024.Join Hong Kong Business community Cheng, Chu, and Mak expect primary home sales to rise by 38% YoY to 15,600+ units sold in 2024F and further increase by 6% YoY to 16,600 units sold in 2025F.The recovery of retail sales will help drum up activity in the retail property market.
