高银售啟德住宅地劲蚀25.7亿离场指楼市不明朗折让约21%
去年曾爆「挞订」风波的高银金融(530)再次「弃守」啟德地，高银昨早公布，因本港物业市场不明朗，以逾七十亿四千万元出售啟德4B区4号住宅地皮，较一年半前的入手价八十九亿元折让约两成一，高银预期将自出售事项录得亏损约二十五亿七千万元。去年六月高银曾以本港局势不稳为由「挞订」一百一十一亿元的啟德商业地王，是次又再蚀让离场，意味着高银已全面撤出啟德发展区。
此次交易的买家身影颇为神秘，公告仅披露为一海外註册公司TopFamily。同在啟德附近持有多幅地皮的会德丰(020)、新地(016)、恒地(012)昨均否认为买家。有份参与交易的测量师昨称，交易双方具敏感性(sensitive)，不便透露具体信息。
买家TopFamily颇神秘
高银称，出售事项所得净额将主要用于减少集团借贷，以提高整体财务灵活性。目前所出售物业项目的地基工程尚未展开，考虑到该物业处于初步发展阶段及项目所需资金庞大，且在本港整体经济低迷、物业市场前景不明朗的背景下，集团决定採取审慎方针为现有业务保留更多现金。全球经济疲软，本港亦现经济收缩迹象，集团相信本港物业发展市场长远仍存在不确定因素。
高银在二○一八年十一月，与大股东兼主席潘苏通以组成合资公司方式，投得啟德第4B区4号住宅用地，作价逾八十九亿元，双方分别各佔六成及四成权益。去年四月，高银再向潘苏通购入餘下四成权益。该啟德住宅发展项目总地盘面积约九千七百平方米，高银原计画于二○二四年九月底或之前把物业落成。
2018年以89亿买入
高银近年「跑马圈地」颇为进取，多次爆冷以高价夺得地皮，包括目前持有的九龙湾高银金融国际中心、何文田常盛街发展项目及何文田站第一期住宅地等，投资额达数百亿元。惟在去年则因社会局势不稳而闹出「挞订」风波。
去年五月，高银斥资逾一百一十一亿元投得啟德首幅跑道商业地第4C区4号地皮，创东九商业地呎价新高。该地块佔地面积逾一万平方米，原计画兴建地标式高级酒店和办公大楼，预计总投资额高达一百六十亿至一百八十亿元。但周年六月，因多名独立董事极力反对，认为本港社会冲突及经济不稳定，将对商业地产市场的增长产生负面影响，高银不得不宣布「挞订」，寧蚀二千五百万元订金离场。该地皮在同年九月再招标，但最终因各入标者作价未达政府要求而流标。
去年「挞订」啟德商业地王
与进取拿地形成对比的是高银颇为紧张的财务状况，高银二○一八年曾将旗下九龙湾高银金融国际中心，抵押给长实(1113)借取逾一百亿元的贷款，借款已于去年四月还清。据高银财报，截至去年十二月底止，其流动负债总额近一百一十九亿元，其中，一年内到期银行借贷及其他贷款逾八十八亿元，但手头现金仅不到二十四亿元。此次出售交易完成后，可减轻高银财务压力。
(经济日报)
湾仔乐基中心 人流旺合楼上铺用
湾仔乐基中心位于湾仔道，比邻湾仔商业地段，加上项目属银座式日常人流畅旺吸引不少用家进驻。
乐基中心楼龄有近40年，但内笼保养亦见不俗。物业大堂装潢新簇，感觉光猛，设有3部客运升降机，另设有1部载货升降机，方便租户使用。
该座为混合式商厦，楼高20层，物业地下及地库为商铺，分别提供6,000多平方呎的楼面，目前由超级市场及银行租用。而楼上部分作写字楼或食肆楼层。早前业主将4层前身为酒店之楼面收回，现时改作多用途办公室使用。而物业租户亦见多元化，如食肆、教育机构等。
每层4100至6700呎
另1楼至16楼面积由约4,100平方呎至6,700平方呎不等，其中1楼至4楼楼面较大。标準楼层设有约5个单位，间隔呈方形，甚为四正，单位主要望摩利臣山或湾仔一带楼景。
位置方面，乐基中心位于人流畅旺的湾仔道，距离湾仔港铁站约10分鐘步程，另亦有多种公共交通工具来往各地。另物业邻近多个大型商厦及住宅项目，如英皇集团中心、新落成的壹嘉等。
去年10月录成交 呎租30元
物业曾于2016年以全幢形式放售，当时开价约18亿元，呎价约1.68万元。由于物业由大业主持有，故成交主要以租赁为主，惟对上一宗成交亦要追溯至2019年10月，一个低层06室，面积613平方呎，以18,390元月租租出，呎租约30元。
而根据差估署《香港物业报告2020》显示，本港私人写字楼空置率由2018年的8.6%上升至2019年的9%，当中中西区甲级写字楼的空置率由3.9%，上升至4.6%。
报告指出，港岛私人写字楼整体空置率按年再轻微下跌，由6.8%降至6.7%。而九龙及新界写字楼的空置率则持续向上，分别上升至11.2%及12.7%。
其中，港岛区甲级写字楼的空置率由2018年的7%，2019年续降至6.2%，主要是东区及南区的甲级写字楼空置率下跌所致，相信与近年不少企业节省租将写字楼搬往港岛东区、南区有关。而中西区的甲级写字楼空置率相对由3.9%转升至4.6%；湾仔甲级写字楼空置率亦由4.8%上升至7.1%。
(经济日报)
甲厦租金按月跌4.2%重返2016年水平
在疫症流行下，环球经济几乎停摆，写字楼租售价继续寻底。有代理报告指出，上月份指标甲厦租金按月再下挫4.2%，连跌10个月，并重返2016年年中的水平，单计今年以来，甲厦租金已经下挫12.8%。
乙厦租金累跌约4.5%
该代理行认为，虽然本港疫情缓和，但中美贸易战及本地社会事件大有捲土重来之势，故对于后市抱持审慎态度。
该报告指出，甲厦售价按月也下跌1%，双双自去年7月份起连跌10个月。随着甲厦价格下跌，过去跌势较慢的乙厦，租售价跌幅也开始扩大。当中，湾仔新银集团中心及炮台山北角城中心分别录得10年新低及6年新低的租务成交个案，上月按月下跌1.3%，当中以湾仔按月下跌4.2%为跌幅最大。总计本年至今，乙厦租金累积下跌约4.5%。
虽然近日香港及内地疫情有缓和迹象，但写字楼后市仍难以乐观。该报告指出，近期有个别写字楼租客开始欠租，包括一家大型共享工作间营运商，其位于九龙及港岛区部分办公室已拖欠租金，若该营运商稍后迁出多个现有据点，势将加剧甲厦空置率，并令到整体写字楼租金下行压力加深。
恐贸战社运重来
代理表示，疫症缓和之下，预计商厦市场累积多时的购买力有望得到释放，第三季的成交量或回升，但由于市场前景不明朗，示威运动捲土重来、贸易战有升温之势，故租售价格走势预计难以同步大幅回升。
(星岛日报)
西环皇后酒店意向4.5亿
近期当旅游业大受打击，酒店空置率之高前所未有，有準买家于此时吼準低水酒店，有投资者则趁势放售，西环皇后大道西皇后酒店全幢放售，意向4.5亿，平均每呎1.68万，料回报逾2厘。
上址西环皇后大道西199号全幢，现址为皇后酒店，楼高23层，总建筑面积约26779方呎，以意向价4.5亿计算，平均呎价16804元，物业现为一幢酒店，设有40个房间，平均每个房间涉资1125万。
每个房间涉资1125万
代理表示，是次出售物业紧贴西营盘港铁站A1出口，业主于十五年前购入，并改装为酒店，至今经营十餘年，现时物业内装虽然较旧，但房间面积均宽敞实用，新买家购入后可将物业装修或改装重新定位。代理指出，目前该全幢酒店出租予酒店营运商，每月租金40万，由于现时为非常时期，若然市况回復正常，加上业主为酒店增值，料每月租金可提升至80万，回报逾2厘。
代理又说，由于物业落成时为一幢写字楼，买家可以把现有的酒店拆卸，并回復作写字楼用途，或将酒店房间装修，重新定位为服务式住宅/共享生活空间Co-livingSpace等，将回报进一步提高。
自从去年以来，反修例运动留下后遗症，加上肺炎肆虐，令投资市场急速降温，根据高力资料显示，铺位及酒店成为重灾区，自从去年以来，全幢酒店价格由高位回落约30%，由于价格下跌，成为财团吼準目标，希望在淡市捞底，而且酒店出路较多，可变身大增值。
可还原作写字楼
过去数月，市场不乏酒店及服务式住宅成交，价格较高位显著回落20%至30%，最差时刻正带来「捞底」良机。该行指出，环顾未来5年酒店供应相当稀少，以核心区为甚，况且，酒店用途多，可打造服务式住宅或者高质素的安老中心。
(星岛日报)
受疫情影响，市场观望气氛笼罩，惟核心区甲厦租赁需求仍具支持。消息指，金鐘力宝中心两伙优质海景户以每呎50元放租。
代理表示，金鐘力宝中心2座中层01室，面积约1565方呎；另高层05至06室，面积约7110方呎，以意向呎租约50元起。代理续表示，两个单位均面向电梯大堂，并坐享开扬海景，备有基本写字楼装修，租客可即租即用，属市场极矜罕指标商厦正对电梯大堂及正海写字楼优质单位。资料显示，前述放租的高层单位前呎租约73元，业主因应近期市况而扩大议价空间，相信可增加物业竞争力，吸引实力租客洽询。
(星岛日报)
空置率上升商厦频录减价续租幅度5%至10%
受疫情影响，营商环境恶化，代理指出，近期租户纷节省成本求存，市场势掀「迁徙潮」，令空置率上升，业主纷减租留客，近期商厦频录减价续租，幅度5%至10%，部分业主变阵以新条款吸客，包括延长免租期、短期续租及提供装修费用补贴等。
该代理指出，受新冠肺炎影响，令本港失业率持续飆升，随营商环境变得严峻，拖累商厦租户承租力锐减，随市场需求大幅度萎缩，企业逆市「大屋搬细屋、贵区搬平区」，节省成本以求存，「迁徙潮」之下，商户目标呎租以约25元为大方向。
减价续租「海啸」后首见
代理称，疫情下「迁徙潮」啟动，业主间竞价变激烈，逐步扭转业内环境，现时部分业主愿意减价续租，为市场过去10年来首见，对上一次市场低谷为零八年金融海啸，现时市场续租减幅介乎5%至10%，实际减幅因应业主议幅有别，同时业主在续租期上为商户提供弹性，以往一般续租3年，现时续租期缩减至半年，灵活性等同共享空间。
另外，代理亦指出，受疫情影响，部分业主为租客减租，租金折让为70%至90%，为期一至两个月，多集中于中小型发展商，于疫情下变阵，以求保存自身竞争力及留住租客。
料年中九龙空置率10%
此外，该代理指出，受疫情影响，料九龙区商厦租户将出现「洗牌」效应，加速企业迁出核心区外，现时九龙区内甲厦空置率约9%，并预测今年年中将达10%(双位数)，将创过去十年以来新高水平，当中以油尖旺为重灾区，市场自去年中起受多项不明朗因素困扰，企业营商取态变审慎。更因为近期受疫情影响，HOME OFFICE渐成市场大风气，令核心区地利优势进一步减弱，造成部分企业将迁出油尖旺，转战东及西九龙，故空置率攀升会以核心区为主。
代理指出，「疫市」下减租已成市场大气候，该行预期今年九龙区商厦首三季租金平均跌幅约10%，油尖旺区跌幅将较大市为高，料幅度将达12%，并料市况最快于第四季才有力反弹，需视乎疫情日后发展。
(星岛日报)
Hong Kong developer loses record US$331.5 million on resale of residential land at Kai Tak as coronavirus darkens market outlook
A Hong Kong developer has suffered the biggest loss on a land sale in the city’s history, offloading a residential plot at Kai Tak to raise cash to help it weather a market slump caused by the coronavirus pandemic.
Goldin Financial Holdings, controlled by billionaire Pan Sutong, has agreed to sell the plot at the site of the former international airport for an estimated loss of HK$2.57 billion (US$331.56 million). It cited the uncertain market outlook as the city’s economy suffers a massive blow from the Covid-19 outbreak.
The company’s pullback represents a damning verdict on the outlook for the market, with valuations pummelled by months of anti-government protests, before the outbreak of coronavirus this year darkened the gloom. The former airport strip has now been associated with several deals that burned developers seeking a slice of action the world’s most expensive real estate market.
A loss on this scale from reselling government land was unprecedented, surveyor said.
“Very few land parcels change hands,” the surveyor said. “The market has reversed, and Kai Tak really has a higher risk as the supply there is relatively high. Land value there will drop more than land in urban areas such as Kwun Tong and Sham Shui Po.”
Goldin is selling the plot, called Kai Tak 4B Site 4, for HK$7.04 billion, having paid HK$8.91 billion, or HK$15,497 per square foot, for it in November, 2018. When its initial investment and finance costs are taken into account, the loss amounted to about HK$2.57 billion, according to a company filing to the Hong Kong stock exchange on Monday.
The resale price translates to HK$12,250 per square foot, bringing it back to a level last seen at Kai Tak in March, 2017.
“Considering the preliminary stage of development of the property and the significant capital required for the project, the directors adopted a prudent approach to retain more cash for the group’s existing business, against the uncertain outlook in the property market and the overall economic downturn in Hong Kong,” said executive director Shirley Hui Wai-man in the company statement.
“The proceeds from the disposal would be primarily used to reduce the group’s borrowings, thereby enhancing its financial flexibility as a whole.”
Hong Kong’s economy shrank 8.9 per cent last quarter from a year earlier, the worst on record. Home prices in the world’s least affordable housing market have retreated by 5.4 per cent on average from the peak in May last year, with some consultants predicting as much as a 20 per cent slide.
“The value of commercial land now is different from before. The economy now is very different, with the pandemic, the intensified US-China trade war, the social [unrest] – a combination of several negative factors,” property agent said.
Goldin announced a loss of HK$482 million for the six months to December, 2019, due to lower revaluation gains on investment properties and higher finance costs. That compared to a profit of HK$1.14 billion a year ago.
The buyer of the Kai Tak plot is an investment holding firm, Top Family Group, according to the announcement.
Goldin’s shares opened 3.52 per cent higher on Monday at HK$1.47 in Hong Kong after the firm announced the loss-making deal, before slipping back to close 2.1 per cent lower, at HK$1.39.
The sale comes 11 months after Goldin rescinded its HK$11.1 billion (US$1.42 billion) winning bid for 4C Site 4 at Kai Tak, forfeiting a HK$25 million deposit on the site.
The company abandoned the site because of “social contradiction and economic instability”, according to an announcement in June when lawmakers were preparing to vote on the city’s contentious bill allowing extradition of criminal suspects to the mainland.
More than a million Hongkongers, according to organisers, then took to the streets to protest against the bill, a rally that kick-started months of civil unrest that dealt the city a massive economic blow.
Goldin’s chairman, Pan, is ranked No. 22 on the Forbes Hong Kong Rich List this year with a net worth of US$4.2 billion.
HNA is another developer to incur losses from reselling plots at Kai Tak to raise much-needed cash.
Last February, Hong Kong International Construction Investment Management Group, the listed unit of the Hainan-based HNA Group, sold Area 1L Site 2 to Wheelock Properties for HK$6.89 billion, representing a loss of HK$550 million, reflecting the slowdown of the residential property market in Hong Kong, according to a company filing.
HNA bought the plot in March 2017 for HK$7.44 billion, or HK$13,500 per square foot on the basis of gross floor area of 551,134 square.
(South China Morning Post)
Mysterious buyer helps Goldin out with $7b deal
Goldin Financial (0530) has offloaded a 9,708-square-meter residential site in Kai Tak at a loss of about HK$2.57 billion to retain more cash amid a sluggish local economy wrecked by the Covid-19 pandemic.
Goldin sold the plot, namely Kai Tak Area 4B Site 4 to Top Family Group for HK$7.04 billion, the developer said yesterday.
Goldin acquired the site for HK$8.9 billion or HK$15,500 per sq ft in November 2018.
It was the last plot that Goldin held on the former Kai Tak airport's runway.
The funds will be used to repay borrowings and for general working capital, Goldin said.
It said the property development market in Hong Kong remains uncertain in the long run, so the management adopted a prudent approach to retain more cash for the existing business.
Wheelock Properties managing director Ricky Wong Kwong-yiu said the selling price of the Kai Tak site is in line with the market price, expecting local home prices will slightly rise in 2020.
Goldin Financial recorded a net loss of HK$478 million for the second half last year.
The sale also came 11 months after Goldin Financial won the tender for a nearby commercial plot 4C Site 4 for HK$11.12 billion, or more than HK$12,800 per sq ft in May last year.
However, one month later, it forfeited a HK$25 million deposit by walking away from the commercial site, as the Sino-US trade war rattled the property market.
Later, in September, all five bids made for this site were rejected by the government, as they did not meet the reserve price.
Kai Tak, which had been left vacant after the SAR's airport relocated to Chek Lap Kok in 1998, has since been planned to be redeveloped into Hong Kong's second main business district.
Two residential plots on the runway of Hong Kong's former international airport in Kai Tak will be offered for sale in the current fiscal year, with one of them valued at up to HK$10.4 billion.
Kai Tak Area 4E Site 2 measures approximately 117,900 square feet. Market surveyors value the plot at between HK$9.1 billion and HK$10.4 billion, or between HK$14,000 and HK$16,000 per buildable sq ft.
The adjacent Kai Tak Area 4E Site 1, which measures approximately 59,700 sq ft, with a total floor area of 328,400 sq ft, has a market valuation of between HK$3.9 billion and HK$4.3 billion, or between HK$12,000 and HK$13,000 per buildable sq ft.
(The Standard)
Landlords in Central, Hong Kong slash rents by more than a third as vacancy climbs to six-year high amid economy crushed by coronavirus
Hong Kong’s major landlords of premium office space in Central are cutting rents by more than a third – returning them to 2017 levels – as the sharp economic contraction caused by the coronavirus forces corporate tenants either to downsize or move somewhere cheaper.
The vacancy rate in Central, the world’s costliest office market, climbed to a six-year high of 4.4 per cent in March, property agent said.
Taking advantage of the lower rent, mainland Chinese private equity investor Hony Capital has leased 10,000 square feet at the 88-storey Two International Finance Centre – the city’s second-tallest office tower – for HK$130 per sq ft, about 35 per cent lower than the building’s peak rate in 2017, according to market watchers.
The new lease will cost the Beijing-based firm, a unit of investment holding company Legend Holdings, a monthly rental of HK$1.3 million. The firm is downsizing by 23 per cent from its 13,000 square foot office at Exchange Square. The average asking rent at Exchange Square was HK$150 per sq ft at the end of April, according to property agent.
About a 15-minute walk from TWO IFC, another company took up 4,000 square feet of office space at The Center for HK$55 per sq ft per month, the lowest rate since April 2016 in the world’s most expensive building.
“Our figures show Central’s grade-A office rents have dropped 9.2 per cent in the first three months and we expect it will drop 25 to 30 per cent this year,” property agent said.
Decentralisation for more cost-effective options remains a key trend this year as tenants control real estate costs during uncertain times, agent said.
“The Covid-19 outbreak brought more uncertainties to business prospects, which inevitably cast a shadow on the real estate plans of corporates. We forecast a cycle of moderating leasing activity in Hong Kong with short-term cost rationalisation overtaking long-term planning,” the agent said.
“Leasing demand was moderate over the last few months as tenants have adopted a wait-and-see attitude.”
Hong Kong’s economy shrank 8.9 per cent last quarter from a year earlier, the worst on record, the government said last week. Unemployment rose to a near 10-year high of 4.2 per cent in March as most companies either asked staff to take unpaid leave or laid them off to save costs.
Rental decline in the office market continued to worsen in the first quarter of this year as a result of higher vacancy rates across all major office submarkets amid weakened leasing demand, the agent said.
“Previously, the office leasing market in Central was dominated by mainland banks and finance companies which pushed rents at IFC to above HK$200 per square foot. Now, companies actively looking for spaces are those local firms either planning to relocate to cheaper buildings or downsizing,” another agent said.
The agent believes the correction in office rents in Central is not yet over.
“Some landlords are even offering rent-free periods to retain existing tenants when their leases are due for renewal,” the agent said.
(South China Morning Post)
