儘管在疫情持续下，商厦市场一潭死水，空置率屡创新高，惟实力买家却趁势吸纳。本报获悉，太古地产旗下太古城中心一期全幢甲厦，获基金公司基汇资本 (GAWCapital) 洽购至尾声，平均呎价约一万六千元，涉资约一百亿元，物业将于短期内易手。
消息人士透露，近期基汇资本趁淡市物色项目，积极洽购该甲厦，太古则有意出售此非核心物业，双方磋商后一拍即合，现时正待细节处理，物业即以约一百亿元易手，平均呎价约一万六千元。上址为太古城中心一期全幢，总楼面近六十三万方呎。
每呎作价1.6万将易手
据知情人士指，儘管现时商厦市况差，但港岛东属核心区表现相对好，该全幢目前出租率逾八成，平均呎租逾四十元，基汇资本料回报约三厘水平，日后若市况恢復，有加租空间。现时，市场上整体甲厦空置率逾一成一，惟港岛东租金低水，空置率只有约百分之三。此外，太古近日亦将持有逾四十年的太古城车位拆售。
基汇资本目前持有太古城中心三座及四座一批楼面收租，接近三十八万方呎，物业为二○一八年十月向恒力集团购入，作价七十六亿，平均呎价二万餘元，以此计算，最新将购入的第一座呎价一万六千元，较当时跌约两成。恒力集团则于二○一八年六月向太古地产购入第三座部分楼面及第四座全幢，合共七十九万方呎，作价一百五十亿元，然后于同年十月将持有四成八业权，售予基汇资本。此外，太古于二○一一年出售九龙塘又一城最为瞩目，买家为新加坡丰树产业以天价一百八十八亿购入。
(星岛日报)
更多太古城中心出租楼盘资讯请参阅：太古城中心出租
更多鰂鱼涌区甲级写字楼出租楼盘资讯请参阅：鰂鱼涌区甲级写字楼出租
观塘德信改酒店用途
随政府重啟工厦活化政策，令工厦物业备受关注。城规会新获改建申请，为观塘德信工业大厦，全幢改建为酒店及艺术工作室等用途。
据城规会资料显示，上述改建申请为观塘鸿图道28A号德信工业大厦，该全幢工厦申请改装为酒店、艺术工作室及影音录制室等其他用途。该项目地盘面积约5565方呎，全幢改建涉及13层楼面，可建楼面面积约60710方呎，可提供89间客房。
油塘货仓改住宅
另外，已故「船王」包玉刚家族所持有的油塘四山街8号世运货仓，亦申请改建为住宅，项目地盘面积38610方呎，现被规划为住宅 (戊类) 用途，申请人计画以地积比近6.4倍发展，拟发展成一幢23层高商住物业 (在3层平台及1层地库之上)，可建楼面面积约247104方呎，住宅部分佔约19.3万方呎，提供约445伙，住宅部分料主打1房及2房单位，另有约3.86万方呎非住宅楼面等。
万兆丰中心每呎1.13万
代理表示，观塘海滨道133号万兆丰中心近日有两个单位推出市场放售，为该厦低层F室，面积约4065方呎，每呎约1.13万，意向价约4593万，物业以连租约形式出售，呎租约22元，租期至2022年初，适合投资者购入作长綫投资。
资料显示，业主于今年中曾以呎价约1.2万元放售，最新调整幅度约5.8%，以增加物业竞争力。代理补充，业主亦持有一个车位可供出售，售价商议。
(星岛日报)
更多万兆丰中心出售楼盘资讯请参阅：万兆丰中心出售
更多观塘区甲级写字楼出售楼盘资讯请参阅：观塘区甲级写字楼出售
骆驼漆低20%易手平均每呎5300元
观塘骆驼漆大厦3座高层单位，获资深投资者1184万连租约承接，平均呎价约5300元，低市价约20%，原业主持货22年，帐面劲赚逾千万。
代理表示，观塘骆驼漆大厦3座高层单位，面积约2235方呎，以1184万连租约成交，平均呎价约5300元，低市价约20%，买家为区内资深投资者。月租约3.85万，平呎租约17.5元，租约期至2022年初，回报约3.9厘。
22年升值逾6.5倍
原业主于1998年以156.45万购入，以联名形式持有，持货约22年，帐面获利1027.55万，物业期间升值约6.57倍。
据区内代理指出，上址买家为一名杨姓资深投资者，活跃于观塘区内，现时于区内持有多个工厦放租，当中包括丰利中心、开联中心及成业工业中心等。
据代理资料显示，工厦3期B室，面积1039方呎，上月以780万售出，呎价约7507元，折让近30%，另一成交为3期中层U室，面积3413方呎，于上月以1830万成交，每呎造价约5362元。
摩利臣山铺2350万沽
市场消息指出，湾仔摩理臣山道41至47号裕景楼地下单号铺，面积约1700方呎，以约2350万成交，每呎造价约13824元，该铺由画廊以每月6.2万租用，租约期至2022年6月，回报约3.2厘。
原业主于2007年5月以1796万购入，持货13年帐面获利约554万，期间升值约31%。
(星岛日报)
尖区栢丽大道地铺2.1亿沽八年劲蚀52%投资者林子峰承接
受疫情重击，铺位市场观望气氛瀰漫。由资深投资者李耀华持有的尖沙嘴栢丽大道铺位，获另一投资者林子峰承接，以约2.1亿易手，原业主持货8年帐面劲蚀2.3亿，期间贬值约52%，创九龙区铺位历来最大宗蚀让个案。
市场消息透露，由资深投资者李耀华持有的尖沙嘴栢丽大道铺D段地下G29号及G30号地铺及1楼15号铺，合共面积约3470方呎，以买卖公司形式易手，作价约2.1亿，平均呎价约60519元。
本报昨日就上述消息向李耀华及林子峰作出查询，两人均表明该买卖消息属实，惟不愿透露成交价，其中，买家林子峰指出，购入铺位后将作「两手準备」，包括自用及投资用途，惟年尾将至，会将该铺面先向放租，意向租金约40万。
原业主李耀华蚀2.3亿
据土地註册处资料显示，上述铺位原业主于2012年以约4.39亿购入，以公司名义永倡置业有限公司 (EVERCHAMP PROPERTIES LIMITED) 持有，註册董事为李彦华及叶苒苒；若上述成交价属实，原业主持货8年帐面劲蚀2.3亿，贬值约52%。
平均呎价6.05万
事实上，受市场淡风吹袭，尖沙嘴区内地标栢丽购物大道早已今非昔比，该地段现时吉铺处处，早前亦录大幅蚀让沽货，资料显示，栢丽购物大道地下64号铺早前以4260万易手，以铺位建筑面积766方呎计，每呎造价约55613元。该铺位原业主于2010年以6800万购入，持货10年帐面蚀约2540万，幅度37%。
资料显示，本港历来最大宗蚀让个案，为由内地投资者刘军持有、位于铜锣湾波斯富街宝荣大楼巨铺，于2017年初以约4.68亿易手，买家为冠华镜厂，回报约3.8厘。原业主于2012年斥11.42亿元购入上址多层巨铺，部分地铺已于早年沽出，连同今次售出的物业，整笔交易合计帐面劲蚀4.64亿元，为历来最大宗单一铺位蚀让个案。
(星岛日报)
太古城中心1座 百亿洽购快易手
呎价近1.6万 基汇资本夺得呼声高
太古积极沽非核心物业。消息指，太古地产 (01972) 旗下太古城中心第1座商厦，获财团以近100亿元洽购，料短期内易手，呎价近1.6万元。以基汇资本夺得呼声最高，该财团两年以曾向太古购入项目3及4座。
疫情冲击投资市场，大额商用物业买卖急挫，个别财团却淡市出手。市场消息称，太古地产近月暗盘放售太古城中心第1座写字楼全幢，市值约100亿元，获数个财团洽购，有望短期内易手。本报就有关消息向太古地产查询，集团指对此市场传闻不作评论。
物业为太古城中心三座写字楼中位置最理想，因连接港铁出口，以及太古城中心商场，配套上较同系第3及第4座写字楼为佳。物业提供21层写字楼，租户包括保险业如三井住友保险、泰禾人寿保险、中银集团等，另三菱电机、惠普 (hp) 等亦租用物业，项目出租率逾95%，呎租约40至45元。
回报约3厘 获数财团洽购
消息指，项目获数个财团洽购，其中一基金出价较高，估计近100亿元，贴近业主意向价，料快将易手，按物业总楼面约62.9万平方呎计，呎价约1.6万元，回报率约3厘。
据了解，以基汇资本夺得呼声最高。翻查资料，内企恒力集团曾于2018年以150亿元，向太古地产收购太古城中心第3座部分楼层 (包括10层高层办公室及商业用途面积) 及太古城中心第4座，总面积约77.5万平方呎，呎价约1.9万元，其后恒力集团引入基汇资本，后者最后成项目大股东。
另外，去年基汇资本以47.5亿元，向太古地产及中华汽车 (00026)，购入鰂鱼涌英皇道625号全幢商厦，物业楼高26层，总楼面约30万平方呎，呎价约15,833元。相信是次基汇资本洽购太古城中心商厦，拓展港岛东商厦版图。
炮台山全幢商厦 18亿沽出
疫情持续近一年，对商业市道冲击甚大，在封关状态下，本港甲厦、商铺等需求急挫，导致投资相关物业市场非常淡静。据代理资料显示，今年第三季大额物业 (7.8亿元以上) 涉44亿元，而首三季亦仅录180亿元，仅佔去年全年688亿元成交金额的26%。
近日投资气氛稍好，消息指，炮台山英皇道101号商厦全幢，以约18亿元沽出，项目地盘面积约11,664平方呎，总楼面约171,867平方呎，呎价约10,473元。
据悉，买家为旭辉控股 (00884) 及宏安地产 (01243)。事实上，日前该财团以1.8亿元，购入比邻英皇道111号商业楼面连停车场，估计是次合共以近20亿购入项目，可合併发展，日后重建成住宅或商厦。
(经济日报)
「船王」包玉刚家族货仓 申建住宅
油塘一带陆续转型，已故「船王」包玉刚家族旗下的康世集团，申请将旗下油塘四山街8号世运货仓改建住宅，提供445伙，并以细单位为主。
拟商住发展 总楼面24.6万呎
物业地盘面积38,610平方呎，地带现划为住宅 (戊类)，申请人拟以商住发展，以近6.4倍地积比率发展，重建成一幢23层高住宅大厦 (在3层高平台之上)，总楼面达246,157平方呎，其中住宅部分佔193,052平方呎，并提供445个单位，主力提供1、2房。
申请人并指于崇耀街交还1.5米阔的土地在申请地点旁作将来的铺设行人路、道路扩阔工程。申请地点内将提供一条5.5米阔的有盖行人通道连结崇耀街及四山街，以促进两街之间行人流动及视觉连结。
另外，观塘鸿图道28A号德信工业大厦，亦计划改整幢工厦作酒店及其他用途，地盘面积5,565平方呎，总楼面60,709平方呎，提供89间酒店房间。申请人指，现址为一幢1987年以前建成的空置工业楼宇，希望活化为一幢楼高13层的酒店，地盘位处九龙东核心商业区，拟议的酒店用途将为造访观塘商业区的商务旅客及游客提供必要住宿服务。
(经济日报)
下葵涌工业区 申改骨灰龕大厦
属于下葵涌的永基路一带工业区，因为邻近华人永远坟场，近年有新的发展方向，部分工厦业主申请将工厦改装成骨灰龕大厦，当中首个位于永立街的项目早前完成约近15亿元补地价，将提供2.3万个骨灰龕位。
龕场补地价 贵过商业地
该项目位于永立街2至6号，前身为工业大厦，早在数年前已经由经营屯门龕场「善缘」的财团提出重建，拟将现时已拆卸的工业地上，兴建12层高工厦模式的骨灰龕场，提供多达2.3万龕位。该项目补地价金额近15亿元，如果按照总楼面9.7万平方呎，以补地价金额计算，每平方呎楼面地价高达逾1.53万元，相较目前全港最贵的商业地补地价，每平方呎约5,334元高1.9倍。不过，按照项目将提供约2.3万个骨灰龕位，每个龕位补地价约6.5万元。
除了上述的工厦项目，早前善缘在屯门青山村邻近一幅地皮亦补地价约5.7亿元兴建骨灰龕场，每平方呎楼面地价达3.8万元，贵过豪宅地价。
事实上，区内近年亦有其他工厦业主申请发展成为「灵灰安置所」及骨灰龕大厦等，随着全港工厦骨灰龕完成补地价之后，相信会吸引其他财团进驻兴建骨灰龕项目。当中包括永立街24至28号，过去曾经申请兴建一幢2万个龕位的工厦，不过业主资深投资者苏子钧，后来决定恢復发展工厦，并成功重建成16层高工厦，总面积约94,840平方呎，标準楼层每层高达约4.8至4.85米，可作数据中心、物流中心、货仓或维修工场用途。
华利工中发展绿色殯仪业
除了骨灰龕场外，亦带动周边有工厦发展绿色殯仪行业，当中永立街20至22号华利工业中心亦正申请改作殯仪馆及绿色殯仪设施用途，涉及一幢16层高大厦，提供约5.32万平方呎楼面。
不过，由于骨灰龕在春秋二祭期间带来较多的人流及车流，对于区内交通造成沉重压力，加上潜在的火警危险，令不少工厦改建成骨灰龕的申请亦未能成功，例如区内永建路佳宝食品中心，以及业成街江南纺织厂，亦曾遭城规会否决或撤走方案。
(经济日报)
全新活化写字楼LT Tower意向呎租19元起
「灯芯绒大王」江达可斥资近3亿元，于观塘打造全新活化写字楼LT Tower即将入伙，现正推出招租，租金将参考区内写字楼租金，意向呎租19元起。
LT Tower为全新活化项目，楼高14层，地下及1楼为商铺，其餘为写字楼楼层。位于观塘创业街31号，距离牛头角港铁站仅数分鐘步程，交通网络完善，往来香港各区均非常便捷。
标準写字楼楼层基本为一层14伙，单位面积563至1098方呎。物业间隔灵活，租户可按需要洽租，由数百方呎至全层逾万方呎，适合各行业进驻。全层楼面逾万方呎，中型企业相当合适；而初创企业及小型企业如补习社、美容中心或红酒窖等半零售行业则可因应需要灵活安排。
此外，为增加私隐度，每个单位均配置独立洗手间，设计贴心。交楼标準方面，写字楼单位墙身铺设高级墙纸，并装妥假天花，地台亦铺设地毯，租户可节省装修费用及时间，即租即用。
代理表示，区内与LT Tower只一街之隔的新地巴士厂重建项目，将提供逾100万方呎商业楼面，势成瞩目新地标。另凯滙亦会于明年入伙，将为区内带来全新景象，以及带动商用物业租赁需求。
江达可于2015年购入该物业，耗费近3亿元进行活化，精心打造全玻璃幕墙写字楼。
(信报)
Swire in talks to sell Cityplaza One office tower as it picks up the pace on asset sales after first interim loss in half a century
Cityplaza One, completed in 1997, has about 629,000 square feet (58,400 square metres) in gross floor area
The
21-storey office tower is said to have received a purchase offer of
HK$10 billion (US$1.3 billion), according to industry sources
Swire
Properties Limited, one of Hong Kong’s largest owners of offices and
shopping centres, said it is in discussions to sell a 21-storey office
building on the eastern side of Hong Kong Island, as it picks up the
pace on an asset-disposal programme after its parent posted the first
interim loss in half a century.
The company said it’s in talks to sell Cityplaza One
at the Taikoo Shing project in Quarry Bay, although “no agreement for
the disposal has been reached,” according to its statement to the Hong
Kong stock exchange. Trading in the shares of Swire Properties and its
parent Swire Pacific Limited were halted for the announcement.
Swire
Properties’ interim core profit plunged 80 per cent to HK$3.75 billion
(US$484 million), as rental income from offices, retail stores and
restaurants at shopping centres, as well as hotel occupancy at its Pacific Place
mixed-use complex in Admiralty plunged amid dwindling business and
leisure visitor numbers. The developer offered 227 car parking space and
62 motorcycle lots for sale two weeks ago, the first time it put the
“noncore assets” at its 43-year old Taikoo Shing housing project on the
market, aiming to generate at least HK$690 million from the entire
disposal at HK$3 million for each car space.
Swire
Pacific, one of Hong Kong’s largest and oldest conglomerates and the 82
per cent owner of Swire Properties, swung to its first interim loss
since 1974, as its Cathay Pacific Airways unit was weighed down by the
unprecedented travel slump from the coronavirus pandemic.
The
conglomerate, which owns Cathay Pacific, earned HK$15.85 billion in
first-half profit last year. Cathay Pacific, Hong Kong’s flagship
carrier, received a HK$39 billion financial bailout from the government
in June to survive the slump in the global aviation industry.
Still, it had to axe 8,000 jobs worldwide – two-thirds of them in Hong
Kong – and shut down its Cathay Dragon regional carrier, to downsize
amid a shrinking aviation market.
“It is better to sell it now, [to] help the company shore up its cash flow in the meantime as the Cityplaza One
is old and it will cost the company more to renovate it,” a consultant
said. “It also reflects the diminishing possibility for office rent to
recover [anytime] soon back to its peak level.”
Cityplaza One,
with a gross floor area of about 629,000 square feet (58,400 square
metres), is home to companies like Marriott International, MSIG
Insurance and AT&T. The Taikoo Shing project was built on the site
of the former Taikoo Dockyards, which traces its history to the late
19th century during British colonial days under the ownership of John
Swire and Sons, the ultimate owner of the Swire Group.
The
Grade A office tower, completed in 1997, is said to have received an
offer of HK$10 billion (US$1.3 billion), or HK$15,900 per square foot,
according to industry sources.
“At HK$15,900 per sq ft, that’s cheaper than Cityplaza Three and Cityplaza Four towers”
sold in 2018, the consultant said. “The time has changed, and it is a
reasonable price at this moment. You may not even get this price, if you
don’t cash out now.”
Swire
Properties sold the two office towers for HK$15 billion two years ago,
or about HK$19,000 per sq ft, to Hengli Investments Holding (Group) and
the real estate private equity firm Gaw Capital Partners.
“The
potential disposal, if realised, may not result in a substantial gain
on disposal as we believe the transaction value would be close to its
mark-to-market book value,” a surveyor said, who values the building at
between HK$9 billion and HK$11 billion. “We believe a special dividend
for the potential disposal is unlikely, as Swire prefers recycling
capital obtained from asset disposal to new projects.”
Swire Properties said it remained committed to Hong Kong, and would continue to invest and grow in it.
“Our
long-term strategy for our home market has not changed. The decision to
dispose of certain non-core assets in recent years is in line with our
business strategy to further fuel growth,” it said in a statement.
“It
provides opportunities for us to recycle capital and channel it into
new projects which are under construction; explore new investments; and
further develop core assets including Taikoo Place and the Pacific Place neighbourhood.”
Swire
Properties is building a solid pipeline of new residential projects in
Hong Kong, with the recent launch of Eight Star Street in the Starstreet
Precinct in Admiralty as well as two upcoming developments in Wong Chuk
Hang station and Chai Wan.
Swire
Properties’ shares continued their declines after the lunch trading
pause and after the company’s statement, falling 0.2 per cent to
HK$20.55, while Swire Pacific’s stock fell 0.3 per cent to HK$36.75 on
the Hong Kong exchange.
(South China Morning Post)
For more information of Office for Lease in Cityplaza please visit: Cityplaza for Lease
For more information of Office for Lease in Pacific Place please visit: Pacific Place for Lease
For more information of Grade A Office for Lease in Quarry Bay please visit: Grade A Office for Lease in Quarry Bay
For more information of Grade A Office for Lease in Admiralty please visit: Grade A Office for Lease in Admiralty
Swire Properties in talks to dispose of interests in Cityplaza One
Swire Properties (1972) said it is in discussions which may lead to a disposal of its interests in Cityplaza One, the 21-story Grade A office tower at No 1111, King’s Road, Taikoo Shing.
An agreement has not been reached, Swire Properties said.
The office tower is integrated with Cityplaza, one of the largest shopping malls on Hong Kong Island.
In the first half, Cityplaza One occupancy was 94 percent.
Gross
rental income from the Hong Kong office portfolio increased by 2
percent on-year in the first half to HK$3.1 billion, mainly due to
positive rental reversions and increased rental income at One Taikoo Place, Swire Properties reported in August.
Swire
Properties reported first half underlying profit sank by 80 percent on
year to HK$3.75 billion. This adjusts for changes in the valuation of
investment properties.
The
drop in underlying profit also reflects the absence in the first half
of the significant profits on the sale of investment properties in Hong Kong,
which were made in the first half of 2019, Swire Properties said.
In
July this year, Swire Properties completed the sale of two office
buildings (Two and Three Brickell City Centre) in Miami, in the United
States.
In April 2019, Swire Properties disposed of two office buildings in Taikoo Shing.
(The Standard)
For more information of Office for Lease in Cityplaza please visit: Cityplaza for Lease
For more information of Grade A Office for Lease in Quarry Bay please visit: Grade A Office for Lease in Quarry Bay
Kai Tak flats hit market
K Wah International (0173) will launch 168 units of K Summit in Kai Tak as soon as Saturday, at an average price of HK$24,722 per square foot after discount.
The 168 flats, which range from 289 sq ft to 778 sq ft, cost between HK$6.93 million to HK$231.29 million each.
The project sold 468 units, fetching nearly HK$5 billion.
Meanwhile, New World Development (0017) will launch sales of the second batch of the Pavilia Farm atop Tai Wai Station as soon as next week, offering 1,415 apartments.
The batch offers flats ranging from studios to four-bedrooms ranging between 264 sq ft to 1,322 sq ft. The price list will be released on Wednesday.
CK Asset (1113) released the third price list of El Futuro in Sha Tin, involving 27 units with an average price of HK$17,686 per sq ft after discount.
Prices range from HK$7.85 million to HK$23.71 million after discount.
The developer plans to put 98 flats in the project for sale on Saturday with average price is HK$17,839 per sq ft after discount.
Separately, Henderson Land Development (0012) released the fifth price list for Two Artlane in Sai Ying Pun, offering 28 units with prices ranging from HK$26,091 to HK$35,278 per sq ft.
(The Standard)
Hong Kong’s government may have to step up on land sales as two failed auctions starve the coffers of much-needed revenue
Two withdrawn tenders in October and May deprived the government of an estimated HK$12 billion in revenue, about 10 per cent of the government’s land-sales receipt from the last fiscal year
The government still has nine land parcels to sell out of 15 plots earmarked for the fiscal year ending in March 2021
Hong Kong’s government, which depends on land sales for up to a fifth of its annual fiscal revenue, may have to put more plots on the market to fill its coffers amid the city’s worst recession, after two failed auctions in October and May.
A site in Tung Chung near Hong Kong’s airport and Disney’s resort was withdrawn from tender after the biggest commercial plot to go on the market garnered lukewarm response, depriving the government of HK$5.68 billion. In May, the government lost out on HK$7.1 billion after three pieces of land at the former Kai Tak airfield received the market’s collective cold shoulder.
The two withdrawals meant about HK$12 billion in foregone revenue, about 10 per cent of the HK$120.2 billion (US$15.5 billion) that the Hong Kong government received from land sales in the 2019 fiscal year that ended on March 31.
“It was the biggest loss so far we recalled,” agent said. “The government has to come up with some kind of ways to stop the bleeding.”
Hong Kong’s economy has contracted for four consecutive quarters, in the city’s worst contraction on record, propelling the unemployment rate to a 16-year high of 6.4 per cent in the fiscal second quarter. Dwindling businesses and loss of corporate as well as personal income are weighing on fiscal reserves, projected to drop to a 17-year low of about HK$800 billion, close to the level last seen during the city’s previous brush with a deadly pandemic in 2003.
Adding pressure on the government’s finances is the coronavirus pandemic, which has closed Hong Kong’s services-dependent economy, forcing Financial Secretary Paul Chan Mo-po to spend more than HK$300 billion from his budget on three rounds of anti-pandemic funds, and a relief package.
Hong Kong’s government, which raised HK$18.54 billion from selling six residential sites and one industrial plot thus far, still has nine parcels to dispose of for building homes, out of the 15 pieces announced by the Lands Department, according to its fiscal 2021 disposal programme for the 12 months ending in March 2021.
“The usual practice is that the government won’t sell all the land announced at the beginning of the year and will always save some for next year,” the agent said. “Sometimes, only half will actually be sold. It may need to sell more this year to compensate whatever it has lost from the commercial sites.”
Only seven of the 15 residential plots earmarked for sale in the last fiscal year actually went on the market, as Hong Kong’s housing prices were depressed by months of anti-government protests and a bruising US-China trade war.
The government put two residential sites, including a plot on The Peak and a parcel at Tai Tak, for tender between October and December. Seven residential plots are still available for the government to choose from during the last fiscal quarter between January and March 2021, to generate more revenue and prepare for the city’s worsening economy.
“I do not see the government finding more residential parcels in the short term, but it can choose to boost the residential land sale launch for those already on the list to improve the income of the public reserve,” another agent said.
The government still got four commercial sites to sell on the list, including a plot in Central, one in Causeway Bay and two in Kai Tak, yet market observers see “very unlikely” the government will continue to push more commercial lands.
“In the current business environment, the commercial property market is under pressure, so it is not reasonable to put any commercial site, except for the one in Central, which is in rare good location and is sold in way that takes design into consideration,” agent said. “Commercial sites in new areas require developers to invest [for infrastructure and amenities] with a long payback period. Now is definitely not a good time.”
(South China Morning Post)
