Untitled Document

	Lippo Centre space flipped for HK$22.6m In a confirmor sale, or flip deal, a property trader has sold a 1,650-sq ft unit (Unit 1708) in Tower 2 of Lippo Centre in Admiralty for HK$22.6 million, equating to HK$13,700 per sq ft. The seller, made an easy 6% profit in a month’s time. The subject property was sold with vacant possession, of which the sale price reflects 3.1% pa initial yield based on current rental levels. (Sing Tao Daily, 18.11.2009)
	TST harbourfront office space fetches HK$16,200 psf An agent said two adjunct units located on a high floor at Concordia Plaza in Tsim Sha Tsui had been sold for HK$32 million, or HK$16,200 psf, surpassing the highest level of HK$12,800 psf last seen in 1997. The subject property was sold with existing tenancies. (Ming Pao, 11.11.2009)
	Wanchai Convention Plaza office floor fetches HK$220m Set on 32/F at Convention Plaza Office Tower, an office floor with circ 16,518 sq ft of floorspace was sold last month for HK$220 million, or HK$13,319 psf, according to the Land Registry records. (Sing Tao Daily, 4.11.2009)
	Lippo Ctr space on way back to HK$10,000-psf level Prime office in Admiralty Lippo Centre recorded a total of six transactions in April alone, the highest volume ever seen after October last year. Average unit price has risen to HK$9,300 per sq ft from HK$7,000 per sq ft. Estate agents are confident that the momentum will be sustained this month and that average price is likely to return to HK$10,000 per sq ft. (Hong Kong Economic Times)
	Convention Plaza Office Tower whole floor fetches HK$198m A whole floor of Convention Plaza Office Tower Floor at 1 Harbour Road in Wan Chai has been sold for HK$98 million or on average HK$12,000 psf. The subject has GFA of 16,518 sq. ft.. (Sing Tao)
	Property sales up 42.6% in April In April to 28th, sales and purchase agreements filed (for all types of properties) with the Land’s Registry totalled 9,751, or amounted to HK$35.6 billion in consideration value. An estate agency believes that a total of about 11,500 S&P agreements will be recorded in April, fetching HK$38.0 billion in sales value, up 42.6% and 32.9% respectively on the March figures. (Sing Pao)
	Thomson Road shop fetches HK$31,400 psf A retail space set at 72 Thomson Road, Wanchai has been sold for HK$21 million, or on average HK$31,429 a square foot. The shop comprises a 700-sq ft ground floor and a 700-sq ft upper floor. The seller, a machinery business, will continue occupying the space at a monthly rental of HK$80,000 after selling it to the new landlord. The seller was said to have bought the shop in 1998 for HK$3.5 million, making a profit of HK$18.55 million after ten years of possession. (Sing Tao Daily)
	D'Aguilar Street whole block goes up for sale at HK$180M A commercial block at 54 and 56 D'Aguilar Street, Central has been put up for sale at an asking price of HK$180 million, or a unit price of HK$30,000 per sq ft. The five-storey building comprises 6,000 sq ft of floorspace and is set on a 1,000-sq ft site. (Sing Tao Daily)
	Bank of America Tower space fetches HK$9,000psf BOA Unit 07B set on a lower floor with 1,800 sq ft in size had been sold for HK$16.2 million, equating to a unit price of HK$9,000 psf. Apart from this deal yet another 1,517-sq ft space on an upper floor had been sold for HK$16.3 million, or HK$10,800 psf, a month ago. (Hong Kong Economic Times)
	Mercer Street block fetches HK$42m A building at 7-11 Mercer Street, Sheung Wan has been sold for HK$42 million, or an average of HK$6,000 a square foot. Expecting a monthly rental income of HK$200,000 (HK$28.6/sq m/month), the rental yield is forecast at 5.7% p.a. The five-storey property comprises 7,000 sq ft of floorspace and is built on a 1,042-sq ft site. (Singtao Daily)
	Lippo Centre in Admiralty recently. A mid-floor 1,143-sq ft unit in Tower 1, Lippo Centre, has reportedly been sold for HK$10.17 million, averaging HK$8,900 per sq ft. Another unit on a lower floor with 795 sq ft in size was also sold for HK$6.91 million, equating to HK$8,700 per sq ft. (Hong Kong Economic Times)
	V Heun Building portfolio changes hand for HK$106M Mingo Tang, chairman of Prince Jewellery & Watch, has reportedly sold a portfolio for HK$106 million in V Heun Building, which is located at 138 Queen's Road Central. The properties are arranged on a high floor, G/F, 1/F and 2/F, totalling 14,788 sq ft in floorspace. The average unit price is HK$7,168 per sq ft. (Ming Pao)
	Kowloon Bay office fetches HK$58.5M A top-floor office, sized 12,600 sq ft (G) with full-floor occupancy in a new office tower at 1 Wang Kwong Road has just been sold for HK$58.5 million, or an average of HK$4,643 psf. The unit is set on the 35th floor in Block A, the highest price ever fetched for this office building.
	US fund slashes asking prices by 20% TPG-Axon, US fund based company, is rumoured to have cut the asking prices by as much as 20 per cent of three of its flats located in The Long Beach atop Olympic Station, which the fund bought from the developer in October in the previous year. Upon the full closing of the deal in August and September this year, the fund decided to sell three out of a total of 42 flats it owns in the development as the market weakens.
	Land sales plummet 97% in 2008 The government has recorded the worst land sales performance since 2005 as a result of Hong Kong‘s faltering economy and weak demand for housing, market watchers said. The use of the application list system to sell developable land should also bear some responsibility for the sharp year-on-year decline in auction sales of land in the first nine months of the financial year.
	Sai Yee Street sold to URA for HK$33.18M Fearing property values will further decline and worsening sales, property owners of Sai Yee Street are more willing than before to sell their retail properties to Urban Renewal Authority (URA), which in turn helps quicken the pace in redeveloping the older part of Mongkok. For example, URA has successfully bought a retail property with a GFA of 800 sq ft located at 67 Sai Yee Street, Mongkok for HK$33.18 million.
	Hunghom shop changed hand for HK$17M A retail property located at 4 - 6B, Dock Street, Hunghom has just been sold for HK$17 million. The shop has a total GFA of 800 sq ft, or on average 21,250 psf. It is currently leased out with a monthly rental income of HK$85,000. According to the sales agent the transaction price is 20 per cent below the original asking price set in September.
	Mega Tower project downscaled Hopewell Holdings is hoping to go ahead with its long-proposed Wan Chai Mega Tower despite being cut down significantly. The tower's height has been cut by a third and the capacity of the planned hotel has been reduced by half in its proposal. Along with the cuts comes a name change: it will now be called "Hopewell Centre II". Hopewell said it plans to spend at least HK$5 billion on the project, which along with office space and a total 1,024 rooms hotel includes a public park. The company will also spend HK$400 million on a road improvement plan.
	TST prime office rents see HK$14 psf An estate agent told HKET that in a recent leasing transaction the monthly rental rate of an office space in Silvercord in TST had been set at HK$14.4 psf, the lowest ever since 2004. The unit is located on the 7th floor in Phase 1 with a GFA of 2,444 sf and on lease for three years.
	Hau Wong Road shop fetched HK$14,000 psf A retail shop at No. 40 Hau Wong Road in Kowloon City fetched HK$14 M, HK$14,000 psf. The shop has GFA of 1,000 sq ft and is leased at a monthly rental of HK$70,000.
	Property lull drags down Vanke profit Vanke, China's largest listed real estate firm, saw its third-quarter profit drop 13.4 percent due to shrinking sales in a sluggish housing market. The company's net income from July to September fell to 215 million yuan on a yearly basis, Vanke said in a statement to the Shenzhen bourse yesterday. And its property sales dropped 32 percent to 11.5 billion yuan in the third quarter.
	Hong Kong lenders not expected to follow any US rate reduction Hong Kong lenders are unlikely to follow a widely expected 25 to 50 basis point cut in United States interest rate this week and will keep prime lending rates un change at 5.25 percent, say bankers.
	Yu Ming bides time in expanding portfolio of serviced apartments Yu Ming Property Management is looking for acquisitions to expand its serviced apartment portfolio, but is waiting for prices to reach a more attractive level. Director Fanny Lam said asking prices for en-bloc buildings remained high although many properties had been put on the market for sale amid the downturn. The firm is seeking acquisition opportunities in SoHo, near Central. Many cash rich investors are just interested in picking up bargains. They told us they were in no hurry to buy unless steep discounts were offered.
	Crisis slows property transactions in secondary market Sentiment in the residential property sector remains weak and transactions in the secondary market are expected to fall by as much as 10 percent in the wake of the financial crisis. Hong Kong Property Services said that as of October 16, monthly transactions in the secondary market had fallen 16 percent from the previous month to 2,339 deals. There were 23 deals in 10 of the largest housing estates over the weekend, up from 19 over the previous weekend, according to Midland Realty.
	Government propping up property market The government is determined to prevent a slump in one of the key pillars of the territory's economy by tightening its land supply as the impact of the financial tsunami spreads. Sources said the government hopes to support the property market by tightening supply and has made its plan to tighten land supply clear, even though the property sector was not one of the main components of the policy address.
	Office rental slump reported in Admiralty Rents for top-grade offices in some parts of Hong Kong have been cut by up to 20 per cent as the global financial crisis hits landlords in the city's commercial heartland. Admiralty has been particularly affected by the downturn, as most office floors are owned by individuals, who have less bargaining power than developers. Analyst said that following the collapse of Lehman Brothers in the US last month many individual owners in Admiralty had cut rents on vacant offices by 10 to 20 per cent. The average rent being sought for vacant offices in the Lippo Centre, a grade A office building in Admiralty, last month was HK$50 per sq ft but it had since dropped to HK$45. Despite the lower asking prices, potential tenants remained cautious amid the global uncertainty. A 1,700 sq ft office space at Lippo Centre 2 was going for HK$50 per sq ft in April. But the owner could not find a tenant and had cut the rent several times to HK$38 per sq ft. In Central, property agents said landlords had not cut rents by the same margin since the vacancy rate remained low.
	Star House unit sold for HK$3.5M An office unit in Star Hosue at No. 3 Salisbury Road in Tsim Sha Tsui has been sold for HK$3.5 million or averagely HK$4,417 per sq. ft.. The subject, Unit 24A on mid-floor, has GFA of 720 sq. ft.. The original owner bought the property at HK$3.58 million in March 2008, making a loss of HK$400 thousand.
	Tak Ku Ling Road shop fetched HK$3,667 psf Retail shop at No. 26 - 28 Tak Ku Ling Road in Kowloon City has been sold for HK$11 million or on average HK$3,667 psf. The subject has GFA of 3,000sq ft.
	Concordia Plaza fetched HK$8,249 psf An office unit in Concordia Plaza at 1 Science Museum Road in Tsim Sha Tsui has been sold for HK$9 million or averagely HK$8,249 psf. The subject, unit 2013, has GFA of 1,091 sq. ft.. The subject is leased at a monthly rental of HK$28,366 with a yield of 3.8 percent.
	CRE Centre priced at HK$30.98M An industrial floor of CRE Centre at No. 889 Cheung Sha Wan Road in Cheung Sha Wan, priced at HK$30.98 million, has been put up for sale. The subject, 23/F, has GFA of 8,854 sq ft.
	China United Centre sod HK$58.88M An office floor in China United Centre at No. 28 Marble Road in North Point has been sold for HK$58.88 million or HK$5,263 psf. The subject, set on 29/F, has GFA of 11,187 sq ft. The original landlord bought the property at HK$78 million in 1997, making a loss of HK$19.12 million.
	SoHo portfolio put up for tender A portfolio of properties in SoHo in Central, priced at HK$371 million, has been put up for tender. The properties are located at No. 67 Wellington Street G/F, No. 27 D& E Hollywood Road, No. 5 Staunton Street G/F, No. 57 Wyndham Street G/F, No. 17 - 19 D’Aguilar Street G/F. The tender will be closed on 5th November, 2008.
	International Industrial Building floor fetched HK$25M An industrial floor of International Industrial Building at No. 501 - 503 Castle Peak Road in Cheung Sha Wan has been sold for HK$25 million or averagely HKD$2,272 psf. The subject has GFA of 11,000 sq. ft. and the yield is 5 percent.
	Financial firms change leasing plans as business outlook dims The global financial crisis is striking up a game of musical chairs in Hong Kong's office leasing market, with several financial institutions rearranging their leasing plans in tune with the changing market outlook. Property agents said Australia-based Macquarie, which is due to begin relocating some departments from Citic Tower in Admiralty to One International Finance Centre in the next few months, had leased about 100,000 square feet or five floors at One IFC earlier this year with an option to take up a further 70,000 sq ft. But agents said although Macquarie remained committed to taking up the five floors and would begin moving in the next few months, it had chosen not to take up the option for additional space recently. The additional office space it plans to take over is now occupied by Dutch financial group ING, which was the first major tenant to sign up for space at One IFC but has been forced to look for office space in Exchange Square. Agents said ING had negotiated with Exchange Square landlord Hongkong Land and would take up space occupied by US investment bank Morgan Stanley, which itself is due to relocate to International Commerce Centre (ICC) at Kowloon Station. But elements of the plan are now in doubt. Property agents said Macquarie decided not to execute the option of leasing a further 70,000 sq ft area at One IFC, which meant that ING could stay there and had now given up on its plans to move to Exchange Square. Financial services companies have been the most active in the office leasing market in the last few years but are now being hit by the global financial crisis. Property agents said some departments of Ernst & Young would move into ICC in February next year and about three office floors with 66,000 sq ft at Two IFC would be vacant.
	Transactions post largest drop in over two years Sentiment in the Hong Kong property market was badly hurt by last week's global financial turmoil with housing prices in the secondary market suffering the largest weekly drop in more than two years. As more homeowners were willing to sell their units at a lower price fearing the city's economy will get worse amid the financial tsunami, average transaction prices in the 50 key housing estates monitored by property agency.This is the biggest weekly drop in more than two years. It also led to an accumulated decline of 9.5 per cent compared with the peak at the end of March. However, transactions continued to languish at a low level with only 216 deals concluded, down 8.5 per cent from the previous week. Property agents said price cuts were yet to stimulate property transactions because of the strong wait-and-see attitude adopted by prospective buyers who believe owners will lower their asking prices further. Demand for housing is still strong, and sector outlook is positive in light of tight supply and low interest rates. Meanwhile, the primary market remains quiet with about six deals done over the last weekend. Developers have adopted different strategies. Market sources said Sino Land had already obtained pre-sale consent for the Dynasty in Tsuen Wan - a 256-unit project jointly developed with the Urban Renewal Authority - and will kick off its marketing campaign after opening show flats to property agents this week. Next up will probably be the joint venture between Nan Fung Development and the URA in Tai Kok Tsui, which comprises three blocks with 522 units in total.
	Sandoz Centre floor fetched HK$16M A full-floor industrial space in Sandoz Centre at No. 178-182 Texacor Road in Tsuen Wan has been sold for HK$16 million or HK$1,066 psf. The subject, 12/F, has GFA of 15,000 sq ft.
	Hak Po Street shop priced at HK$18,750 psf A retail shop at No. 96 - 102 Hak Po Street in Mong Kok has been sold for HK$15 million or on average HK$18,750 psf. The subject, Unit A on G/F, has GFA of 700 sq ft. The projected yield is 4.7 per cent p.a. The original landlord bought the property at HK$12.5 million, making a profit of HK$2.5 million.
	Global turmoil may take 15pc off flat prices Local residential property prices are expected to fall by 10 to 15 per cent over the next 12 months amid the volatile global stock markets and dimmer economic prospects. There were only 20 deals over the weekend in the 10 largest housing estates, a decrease of 38 per cent from the previous weekend. Some buyers are cautious amid the global market volatility, slowing weekend property transactions. The market is still dominated by end-users and some owners are more willing to negotiate prices with buyers. The New Territories recorded 11 secondary transactions over the weekend, while the Kowloon side had five. Until September 17, there were 13,158 home deals in the secondary market in the third quarter amounting to a total of HK$40.4 billion, according to property agency. Analyst expects secondary transactions in the third quarter to decrease 28.3 per cent to 15,240 from the previous quarter, and consideration to drop 31.2 percent to HK$47.6 billion. Until September 17, third-quarter transactions stood at 920 in the primary housing market, amounting to HK$8.39 billion.
	Lockhart Road shop sold for HK$35M A retail shop at No. 464 Lockhart Road in Causeway Bay has been sold for HK$35 million or on average HK$19,444 psf. The subject has GFA of 1,800 sq ft. The shop is leased at a monthly rental of HK$120,000 with a yield of 4.1 per cent p.a.
	Office rents could dive 15pc as part of fallout Troubles at US financial firms, Lehman Brothers, Merrill Lynch and American International Group will affect Hong Kong's prime office market, with property consultants predicting a 10 to 15 per cent decline in rents in Central over the next six months. As financial businesses played a key role in Hong Kong's economy, the consolidation of US investment banks would have an impact on the city's office market and economy."Nobody knows how much pain there will be at the moment. But the immediate impact is that more space will be available, putting pressure on rents.According to property agents, Lehman Brothers leases more than 100,000 square feet at Two International Finance Centre and about 40,000 sqft at Man Yee Building in Central. The lease with Sun Hung Kai Properties at Two IFC will expire in 2012, while the lease with Man Yee Building will expire next year. Merrill Lynch, which has agreed to be sold to Bank of America, rents about 100,000 sqft at Citibank Tower, owned by Champion Real Estate Investment Trust. American International Assurance, an AIG unit, owns a 90 per cent stake in AIG Tower in Central. The office building provides a total lettable area of 364,000 sqft. About half of the floor area is occupied by the group. It was expected that Lehman Brothers, which has filed a for bankruptcy protection in the US, would give up a large portion of its space in Hong Kong, but the extent remained unclear, analysts said. Merrill Lynch may also consolidate its office space in the city after being sold, they added. However, the company's lease in Citibank Plaza would not expire until late 2011.
	World Trade Center unit sold for HK$94.9M An office unit with harbour views in World Trade Center at No. 28 Gloucester Road in Causeway Bay has been sold for HK$94.9 million or averagely HK$13,000 per sq. ft. according to market sources. The subject is set on 33/F has GFA of 7,300 sq. ft..
	Fanling industrial building fetched HK$36M An industrial building at No. 1 Lok Tin Street in Fanling has been sold for HK$36 million or on average HK$2,278 per sq. ft. The subject has GFA of 15,800 sq. ft. and site area of 10,228 sq. ft.
	Emperor Group Centre units sold HK$23.46m Office unit of Emperor Group Centre at No. 274 - 288 Hennessy Road in Wan Chai has been fetched for HK$23.46 million or on average HK$7,820 per sq. ft. The subject are Units 6 and 7 on 17/F have GFA of 1,850 sq. ft. and 1,150 sq. ft. respectively.
	Lock Road shop fetched HK$104M A retail shop at No. 13 - 19A Lock Road in Tsim Sha Tsui has been sold for HK$104 million or on average HK$50,000 per sq. ft. The subject has GFA of 2,000 sq. ft.
	Bank of America Tower unit put up for sale An office space in Bank Of America Tower at No. 12 Harcourt Road in Admiralty has been put up for sale. The subject, Unit 3506, has GFA of 2,125 sq. ft.
	Whole-floor unit in Hong Kong Manufacturing Building put up for tender A full-floor industrial space in Hong Kong Manufacturing Building located at No. 128 Wai Yip Street in Kwun Tong, priced at HK$39 million, has been put up for tender. The subject, which has GFA of 9,000 sq. ft., is set on the ground floor and has rental yield of 6 - 8% p.a. The tender will close on Sept 26, 2008.
	Junction Road block sold for HK$17.33M An entire block at No. 48 Junction Road in Kowloon City has been sold for HK$17.33 million. The three-storey block has GFA of 1,290 sq. ft. on G/F.
	Cannon Street shop sold HK$260M A retail shop at No. 2 Cannon Street in Causeway Bay as been sold for HK$260 million or on averagely HK$130,000 per sq. ft. according to market sources. The subject, Unit A-E on G/F and 1/F, has GFA of 1,228 sq. ft. and 800 sq. ft. respectively.
	Kau Yuk Road shop sold HK$48,000 per sq. ft. A retail shop at No. 2 - 6 Kau Yuk Road in Yuen Long has been sold for HK$31.4 million or HK$48,000 per sq ft. The subject, Unit B, has GFA of 650 sq ft. The shop is leased at a monthly rent of HK$102,000 with a yield of 4% p.a.
	Lippo Centre Tower 1 has been sold for HK$170 million An office floor of Lippo Centre Tower 1 has been sold for HK$170 million or averagely HK$14,000 per sq. ft.. The subject, 41/F, has GFA of 12,108 sq. ft..
	Electric Road block put up for tender A commercial-residential block at No. 133 - 139 Electric Road in Causeway Bay, priced at HK$700 million has been put up for tender. The 12-storey block has site area of 7,784 sq. ft. and GFA of 80,000 sq. ft.. The tender will close be on 29th October, 2008.
	Golden Hill Commercial Building put up for tender A basket of properties of Golden Hill Commercial Building at No. 39 - 41 Argyle Street in Mong Kok, priced at HK$66 million, has been put up for tender. The subject has GFA of 14,165 sq. ft.. The tender will be closed on 9th October, 2008．
	Bank pays HK$1.39b for tower in Central Shanghai Commercial Bank stunned the market by paying HK$19,833 per square foot, the highest since 2005, for its new Central headquarters at a time when speculators have withdrawn from the office market. The bank won the tender for the CNAC Building at 10 Queen's Road Central for HK$1.39 billion from CNAC Group, according to Vigers Hong Kong, the property agent of the building. The bank's current headquarters are at 12 Queen's Road Central. The office investment market entered a consolidation stage in the second quarter after prices in core business areas doubled between October last year and February this year.
	Lippo Centre sold HK$13,000 per sq. ft. An office unit of Lippo Center at No. 89 Queensway in Admiralty has bee sold for HK$14.08 million or averagely HK$13,000 per sq. ft.. The subject, Room 1311, has GFA of 1,083 sq. ft.. The original owner bought the property at HK$9.89 million in 1997, making a profit of HK$4.19 million. The subject is leased at a monthly rental of HK$41,000 with a yield of 3.5 percent.
	Commercial stalls at indoor public space prompt government to seek legal advice The government will seek legal advice to see whether a residential management company has breached the land lease by turning an indoor public place into a commercial plaza. After a site check at Ma On Shan's Bayshore Towers yesterday, the Sha Tin District Lands Office confirmed that commercial activities were taking place in the public place and that it would look into a possible breach of lease terms. The lease state stipulates that the public place - a 1,300 square metre atrium on a second-floor podium - could be used for the "exhibition of aesthetic objects or short-term display of merchandise or objects of public interest only". Instead, the public place has been occupied by several stalls and a booth selling jewellery, watches, handbags, books and daily necessities. Solicitor Wong Hok-ming said that the phrase "display of merchandise" clearly does not mean "commercial transactions" or "sales". "Interpreting in the context of the whole clause, the government was asking the developer to do something for public interest," he said. "The atrium should not be used as a commercial space."
	Convention Plaza Office Tower sold HK$170M An office unit of Convention Plaza Office Tower at No. 1 Harbour Road in Wan Chai has been sold for HK$170 million or averagely HK$17,715 per sq. ft.. The subject, Room 4502, has GFA of 9,935 sq. ft..
	HK market forecast to drop further Falling Hong Kong home prices will not recover soon as buyer demand continues to retreat in line with a slowing economy and weakening affordability, warn analysts. Coupled with poor investment sentiment owing to the current credit crisis and slowing world economies, this could mean prices may continue to retreat for a further 15 months until they have fallen by up to 30 per cent from peak levels reached in March, say some bearish forecasters. The comments follow data showing that Hong Kong's gross domestic product growth decelerated to 4.2 per cent in the second quarter, the slowest growth rate since the third quarter of 2003. Investment bankers, who are major buyers or tenants of luxury residential units, would tighten their purses in fear of being sacked or having their salaries cut.. Home prices could tumble by 20 to 30 per cent from the peak early this year, he said. The US credit problems spread quickly to Europe and then the rest of the world. Hong Kong will no doubt be affected and an even worse time is coming.On the back of global uncertainties, Merrill Lynch has cut the city's GDP growth forecast to 4.7 per cent for this year, from a previous 6 per cent, and 4.8 per cent for next year from 5.5 per cent.
	Lock Road shop sold HK$120M A retail shop at No. 13 - 19A Lock Road in Tsim Sha Tsui has been sold for HK$120 million or averagely HK$8,390 per sq. ft.. The subject, Unit 19, has GFA of 1,430 sq. ft..
	Wah Lai Industrial Centre floor put up for sale An industrial floor of Wah Lai Industrial Center at No. 10 - 14 Kwei Tei Street in Fo Tan, priced at HK$13.76 has been put up for sale. The subject has GFA of 15,639 sq. ft.. The yield is 6 percent.
	Hoi Luen Industrial Centre put up for sale An industrial floor of Hoi Luen Industrial Centre at No. 55 Hoi Yuen Road in Kwun Tong, priced at HK$109 million, has been put up for sale. The subject, half-floor of 4/F and entire floor of 6/F in Tower B, has total GFA of 58,000 sq. ft..
	Yeung Long shop fetched HK$33M A retail shop at No .2-6 Kau Yuk Road in Yeung Long has been sold for HK$33 million or averagely HK$50,769. The subject has GFA of 650 sq. ft.. The subject is leased for HK$102,000 per month with a yield of 3.7 percent.
	Mody Road shop fetched HK$45M A retail shop of 1A - 1H and 1J Mody Road in Tsim Sha Tsui has been sold for HK$45 million or averagely HK$45,000. The subject has GFA of 1,000 sq. ft.. The subject is leased with a monthly rental of HK$110,000 with a yield of 2.9 percent.
	Convention Plaza Office Tower received offer An offer has been received for a total of 6 office floors of Convention Plaza Office Tower in Wan Chai. The subject (19/F, 21/F-25/F) has total GFA of 99,000 sq. ft..
	Southeast Industrial Building floor sold HK$26M An industrial floor of Southeast Industrial Building at No. 611 - 619 Castle Peak Road has been sold for HK$26 million or averagely HK$9850 per sq. ft.. The subject is on low-floor with GFA of 26,500 sq. ft..
	Po Shan Centre put up for tender An industrial block of Po Shan Centre at No. 115 How Ming Street in Kwun Tong has been put up for tender. This 25-storey block has site area of 9,393 sq. ft. and G.F.A. of 112,643 sq. ft. was built in 1997. The tender will be closed on 9th September, 2008.
	Shin Hing Street shop fetched HK$12,900 per sq. ft. A retail shop at No. 7 - 9 Shin Hing Street in Central has been sold for HK$15.5 million or averagely HK$12,900 per sq. ft.. The subject, Unit B and D, has total GFA of 1,200 sq. ft.. The original owner bought the property at HK$3 million in 2005, making a profit of HK$12.5 million in 3 years. The shop is leased at a monthly rental of HK$33,000 and the yield is 2.6 percent.
	Kai Tin Road shop sold for HK$57.8M A portfolio of properties at No. 49 Kai Tin Road in Lam Tin has been sold for HK$57.8 million or on average HK$26,273 psf. The properties, Units 1, 3, 5, 6, 7 and 8, have a total GFA of 2,200 sf. The shops are leased at a monthly rental of HK$319,000 with a yield of 6.5% p.a.
	Bridal Tea House Hotel put up for sale A whole block of Bridal Tea House Hotel at No. 61 Winslow Street in Hung Hom, priced at HK$150 million, has been put up for sale. This 22-storey block including 75 hotel rooms with GFA of 20,890 sq. ft. was built in 2000. The current occupancy rate is 100 percent.
	Hankow Road shop put up for tender A retail shop at No. 25 - 29 Hankow Road in Tsim Sha Tsui, priced at HK$70 million, has been put up for tender. The subject, A1 on G/F, has GFA of 750 sq. ft. and the yield is 4.2 percent. The tender will be closed on 12th September, 2008.
	Angel Tower received offer An offer of HK$310 million or averagely HK$3,400 sq. ft. to purchase the industrial block of Angel Tower has been received. This 11-storey block with site area of 9,600 sq. ft. was built in 1983. With a plot ratio of 9.5, the site can provide a total GFA of 91,151 sq. ft. after redevelopment.
	No. 1 Hung To Road priced at HK$3,399 per sq. ft. An industrial unit of No. 1 Hung To Road in Kwun Tong has been sold for HK$11.69 million or averagely HK$3,399 per sq. ft.. The subject, Unit 17-19 on 20/F, has GFA of 3,439 sq. ft..
	Gordon House put up for sale A whole block of Gordon House at No. 84 Hing Fat Street in Causeway Bay, priced at HK$700 million, has bee put up for sale. The 15-storey block includes 75 units has was build for 50 years. The subject has GFA of 75,975 sq. ft. and site are of 5,065 sq. ft..
	Morrison Plaza shops put up for sale A basket of properties of Morrison Plaza at No. 5 - 9 Morrison Hill Road in Wan Chai, priced at HK$180 million, has been put up for sale. The subjects include 2 shop floors and 7 office floors.
	Kwai Chung Centre floor put up for tender An industrial floor of Kwai Chung Centre at No. 100 - 102 Kwai Hing Road in Kwai Chung has been put up for tender. The subject is Unit 1 on 1/F in Tower A.
	Tesbury Centre floor fetched HK$46.43M An office floor at No. 24 - 32 Queen’s Road East in Wan Chai has been sold for HK$46.43 million or averagely HK$11,300 per sq. ft.. The subject, 23/F, has GFA of 4,109 sq. ft.. The original owner bought the property at around HK$40.89 million in January 2008, making a profit of HK$5.54 million.
	Market stall shuffle at Central site The Urban Renewal Authority plans to spend an extra HK$200 million to build a two-story wet market in the Graham street redevelopment project in Central. The idea is to retain characteristics of the original market. But it will mean sacrificing a 100-space car park and the revenue it would generate in addition to trimming the value of the property. It will also extend the development period by up to two years, taking the completion date to 2014 at the earliest. The arrangement will increase the budget of the project from HK$3.8 billion to HK$4 billion. Authority chairman Barry Cheung Chun- yuen said yesterday the market is actually outside the boundary of the project but the authority hoped to save the market from further shrinkage. He said adjustments to the original plan were made after discussions with the conservation advisory panel, which is made up of district councilors, hawkers and residents. The two-story building could accommodate 16 shops, he added, and the existing 14 wet- provision street stalls would have priority. He said there would be 300 square meters of storage space, but stall operators would need to rent additional space.
	Lam Tin shop fetched HK$40M A shop at No. 51 - 67 Kai Tin Road in Lam Tin has been fetched for HK$40 million. The subject, Unit 1 - 4 and 6 on G/F, has GFA of 3,800 sq. ft.. The subject is leased at a monthly rental of HK$230,000 and the yield is 6.9 per cent. The recent tenant is ICAC.
	No. 9 Des Voeux Road West floor put up for sale An office floor at No. 9 Des Voeux Road in Sheung Wan, priced at HK$42.4 million, has been put up for sale. The subject, 25/F, has GFA of 7,192 sq. ft.. The subject can be leased at a monthly of HK$25 per sq. ft. and the expected yield is 5 per cent.
	To Kwa Wan retail shop fetched $41.5M A retail shop at To Kwa Wan has been sold for HK$41.5 million or averagely HK$7,545 per sq. ft.. The subject has GFA of 5,500 sq. ft.. The shop is leased at a monthly rental of HK$132,000 with a yield of 3.8 per cent. The tenant is Watsons.
	$1.5b Pacific Place refurbish Swire Pacific plans to spend about HK$1.5 billion on refurbishing Pacific Place in Admiralty. The mall will be remained open for business throughout the project period. Values of Pacific Place will be increased after renovation and rentals have room to rise further, said Swire Properties director and general manager Jolyon Culbertson. In the first half of 2008, the retail market has remained strong with double-digit growth. Swire Pacific rental income reported similar growth. Culbertson predicts that rental growth will continue, although at a slower pace. The refurbishing of Pacific Place is expected to be completed in 2 years. "The impact on tenants will be moderate. There will be an impact on one or two tenants who will need to relocate, but we are working out how to build in a way that imposes the least amount of impact on people," Culbertson said. The complex has already seen the addition of Three Pacific Place and its link to the MTR station, and the redesign and reconfiguration of Pacific Place Apartments. "This improvement project together with the opening of a 117-room hotel from the conversion of Atrium serviced apartments is scheduled to open in fall 2009," he said. Although office and retail spaces are 100 percent occupied, and residential spaces 90 percent occupied, Swire Pacific said it intends to invest further.
	HK property transactions remain subdued on lack of buying interest Buyers in Hong Kong's property market remained in short supply last week against a troubled background of poor investor sentiment on the stock market. Reflecting the uncertain mood, home seekers were adopting a wait-and-see attitude and deferring their buying decisions until they got a clearer picture of the market outlook, said agents. About 15 new units were sold during the weekend. One Pacific Heights, a 155-unit project by Pacific Century Premium Developments in Sheung Wan, topped the sales chart with six units sold, while York Place, a mid-tier residential project in Wan Chai, secured two buyers for three units after it opened its show flat for public viewing on Friday. Adding to the caution of buyers is a great divergence of opinion among analysts and agents, with some predicting a decline in prices of up to 10 per cent in the third quarter while others feel housing price will remain relatively stable. The mixed forecasts together with lots of uncertainty globally made potential home buyers hold a conservative view, agents said. Separately, transactions in the secondary market continue to stay at a low level.
	Hong Kong office rental market slows down Hong Kong's office leasing market activity is running out of steam and the weakening trend will continue amid the global slowdown and unstable stock markets, according to property consultant. Rental growth on Hong Kong island slowed to 1.7 per cent last month, down from 2.9 per cent in May and the slowdown was even more noticeable in Kowloon where rental growth in Tsim Sha Tsui, Cheung Sha Wan and Hung Hom ground to a halt. "Looking forward, with the world economy slowing and major stock markets around the globe entrenched in a `bear' environment, demand for Grade A office space is likely to weaken. How the credit crisis in the US will unfold and where oil prices will head, are the key uncertainties." Over the past two years, Grade A offices in Hong Kong's core Central have been sought after by financial sector tenants such as hedge funds and private equity firms, which expanded aggressively amid the stock market bull run. However, with investors losing their appetite for risk, and financial institutions tightening lending, liquidity for private equity and hedge fund start-ups may dry up. Despite this a big fall in rents is not expected as the supply-side factor will help support office rentals. Vacancy rates of Grade A offices in Central and Admiralty stood at 1.1 per cent and 2.5 per cent, respectively.
	Fuk Hi Street two blocks fetched HK$59.9M Two industrial blocks at No. 62 Fuk Hi Street in Yuen Long have been sold for HK$59.9 million or averagely HK$363 per sq. ft.. The subject has GFA of 165,000 sq. ft. and site area of 116,500 sq. ft..
	Angel Tower put up for tender An industrial floor of Angel Tower at No. 918 Cheung Sha Wan Road in Cheung Sha Wan, priced at HK$310 million, has been put up for tender. This 11-storey block has GFA of 91,151 sq. ft.. The expected yield is 5 percent. The tender will be closed on 18th August, 2008.
	Hong Kong Industrial Centre floor put up for sale An industrial floor of Hong Kong Industrial Centre at No. 489 - 491 Castle Peak Road in Cheung Sha Wan, priced at HK$37.2 million, has been put up for sale. The subject, No. 2 to 4 & 6 on 2/F Tower A with GFA of 12,392 sq. ft..
	Lamex Warehouse fetched HK$73M A whole block of Lamex Warehouse at No. 28 On Chuen Street in Fanling has been sold for HK$73 million or averagely HK$660 per sq. ft.. The 6-storey block has GFA of 110,000 sq. ft.. The original owner bought the property at around HK$81 million in 2004, making a loss of over HK$9.7million.
	Chuang’s Hunghom Plaza put up for tender A whole block of Chuang’s Hunghom Plaza at No. 83 Wuhu Street in Hung Hom, priced at HK$1.1 billion, has been put up for tender. The 25-storey block has GFA of 150,000 sq. ft.. The subject can be changed to a hotel, provide around 400 hotel rooms. The tender will close on 25th July, 2008.
	Reclamation Street site put up for tender A site at No. 423 and 425 Reclamation Street in Mong Kok, priced at HK$88 million, has been put up for tender. The subject has site area of 1,946 sq. ft.. It can be developed into a 16-storey boutique hotel. The tender will close on 22nd August, 2008.
	United Centre floor priced at HK$13,000 per sq. ft. An office floor of United Centre at No. 95 Queensway in Admiralty, priced at HK$261million, has been put up for sale. The subject, high floor, has GFA of 21,649 sq. ft..
	Hong Kong Spinners Industrial Building unit sold HK$31M An industrial unit of Hong Kong Spinner Industrial Building at No. 481 - 483 Castle Peak Road in Cheung Sha Wan has been sold for HK$31 million or averagely HK$1,748 per sq. ft.. The subject, Unit A on 5/F, has GFA of 17,778 sq. ft.. The subject is leased at a monthly rental of HK$129,000 with a yield of 4.5 percent.
	Honour Industrial Center sold HK$20M An industrial block of Honour Industrial Center at No. 6 Sun Yip Street in Chai Wan has been sold for HK$20 million or averagely HK$1,785 per sq. ft.. The subject on 10/F has GFA of 11,200 sq. ft.. The original owner bought the property at around HK$11.76 million last year, making a profit of over HK$8.24million in 1 year.
	Lantau Island land put up for tender A site of D.D. 738 Lot 2 in Mui Wo, priced at HK$60 million, has been put up for tender. The subject has site area of 38,800 sq. ft. and can provide GFA of 24,700 sq. ft..
	Angel Tower put up for tender An industrial block of Angel Tower at No. 918 Cheung Sha Wan Road in Cheung Sha Wan, priced at HK$310 million, has been put up for tender. The 11-storey building, with plot ratio of 9.5, has GFA of 91,151 sq. ft. and site area of 9,600 sq. ft.. It was built in 1983. The expected yield is 5 percent. The tender will be closed on 18th August, 2008.
	Lion Rock Road block put up for tender A residential block at No. 29 and 31 Lion Rock Road in Kowloon City, priced at HK$55 million, has been put up for tender. The subject has site area of 2,128 sq. ft. and plot ration of 9. The tender will be closed on 8th August, 2008.
	Cosco Tower fetched HK$440M Two office floors (22/F and 23/F) of Cosco Tower at No. 183 Queen’s Road Central in Sheung Wan has been sold for HK$446 million or averagely HK$11,300 per sq. ft.. The subjects have GFA of 39,492 sq. ft.. The office floor is leased at a rental of HK$50 per sq. ft. with a yield of 5.3 percent.
	V Huen Building floor put up for tender A total of 3 office floors (G/F - 2/F) of V Huen Building at No. 138 Queen’s Road Central in Central, priced at HK$130 million, have been put up for tender. The subjects have GFA of 14,788 sq. ft. and the expected yield is 4 percent. The tender will be closed on 25th July, 2008.
	Queen’s Road West shop sold HK$11.8M A retail shop at No. 484 - 496 Queen’s Road West in Sai Wan has been sold for HK$11.8 million or averagely HK$ 21,455 per sq. ft.. The subject, No. A1, has GFA of 450 sq. ft.. The shop is leased at a monthly rental of HK$38,000 with a yield of 3.9 percent. The tenant is a jewelry shop.
	North Point Asia-Pac Centre fetched HK$310M A whole block of Asia-Pac Centre in North Point, with GFA of 60,800 sq. ft., at No. 10 North Point Road in North Point has been sold for HK$310 million or averagely HK$5,099 per sq. ft.. The subject has been completed in 1999.
	Enterprise Square Phase One floor put up for tender An office floor of Enterprise Square - Phase One at No. 9 Sheung Yuet Road in Kowloon Bay, priced at HK$230 million, has been put up for tender. The subject includes 20/F of Tower 1 - 3 and 14 parking spaces on 1P/F with GFA of 41,843 sq. ft.. The tender will be closed on 6th August, 2008.
	Hang Cheong Factory Building floor sold HK$24.5M An industrial floor of Hang Cheong Factory Building at No. 1 Wing Ming Street in Cheung Sha Wan has been sold for HK$24.5 million or averagely HK$ 10,231 per sq. ft.. The subject, 11/F, has GFA of 19,900 sq. ft.. The yield is about 5 per cent.
	Top grade offices may see slower rent rises Hong Kong's top-grade office rents recorded strong growth in the first half, but property analysts warned the gains might run out of steam in the second half. A research report shows overall grade A office rents rose 13.2 per cent in the first quarter of this year. But there was a slowdown in the second quarter with rents rising only 5.5 per cent. Property agents said the office leasing market was active in the first half because of tightening supply in the core business district and new office buildings at Kowloon Station and Quarry Bay released this year. Vacancy rates in Central dropped to a low of 1.1 per cent by the end of the second quarter, according to a consultant. "Multinational financial institutions were active in the office leasing market and were looking for offices for expansion in the first half, despite the United States subprime crisis," a property agent said. • Sources said Australian-based Macquarie Group was an example of the confident expansion. It upgraded its office in the core business district by leasing about 100,000 square feet at One IFC in Central in the first half. It would keep some space in its existing office at Citic Tower in Admiralty, said agents. Hedge funds and other financial institutions that planned to set up offices in Hong Kong might now become active in the office leasing market, but would be seeking space of just 7,000 to 8,000 sq ft in Central. A researcher predicted that grade A office rents would be flat in the second half because of the increasing office supply in Kowloon East and believed the outlook for rents might now depend on the performance of the stock market, the affordability for tenants as well as the local and global economic outlook for the second half of this year.
	Central office block put up for tender An office block of Chuang’s Tower at No. 31 - 32 Connaught Road Central in Central, priced at HK$1 billion, has been put up for tender. The 23-storey building has GFA of 60,587 sq. ft.. The tender will be closed on 20th August, 2008.
	Waterlood Road site sold HK$100M A site at No. 127 Waterlood Road in Kowloon Tong has been sold for HK$100 million or averagely HK$18,118 per sq. ft.. The subject has site area of 9,659 sq. ft..
	Convention Plaza Office Tower floors put up for tender A total of 6 office floors of Convention Plaza Office Tower at No. 1 Harbour Road in Wan Chai, priced at HK$1.6 billion, have been put up for tender. The subject has 99,108 sq. ft.. The tender will close on 20th August, 2008.
	Harbour Centre floor priced at HK$150M An office floor of Harbour Centre at No. 25 Harbour Road in Wan Chai, priced at HK$150 million, has been put up for sale. The subject, 25/F, has GFA of 10,000 sq. ft. and firework sea view. The expected yield is 4 percent.
	Charming Garden shop fetched HK$36M A retail shop at Charming Garden in Mong Kok has been sold for HK$36 million or averagely HK$7,200 per sq. ft.. The subject, Unit B at No. 66, has GFA of 5,000 sq. ft.. The shop is leased at a monthly rental of HK$145,000 with a yield of 4.8 %
	Tsuen Hing Path shop sold HK$26.5M A retail shop at No. 8 Tsuen Hing Path in Tsuen Wan has been sold for HK$26.5 milion or averagely HK$37,900 per sq. ft.. The subject has GFA of 700 sq. ft. and the yield is 4 percent.
	EGL Tower floor fetched HK$56.54M An office floor of EGL Tower at No. 83 Kwun Tong Road in Kwun Tong has been sold for HK$56.54 million or averagely HK$4,700 per sq. ft.. The subject, 29/F, has GFA of 2,029 sq. ft.. The original owner bought the property at HK$52.34 million in January 2008, making a profit of HK$4.19 million.
	Mody Road shop fetched HK$40M A retail shop at No. 37 Mody Road in Tsim Sha Tsui has been sold for HK$40 million or averagely HK$33,333 per sq. ft.. The subject has GFA of 1,200 sq. ft.. The monthly is HK$170,000 and the yield is around 5 percent. The original owner bought the property at HK$67,735 in March 1958, making a profit of HK$39.93 million.
	V Heun Building properties put up for tender A basket of properties of V Heun Building at No. 138 Queen’s Road Central in Central, priced at HK$130 M, has been put up for tender. The properties comprise of G/F - 2/F has GFA of 14,788 sq. ft.. The tender will be closed on 25th July, 2008.
	Chuang’s Tower in Central put up for tender An office block of Chuang’s Tower at No. 30 - 32 Connaught Road in Central, priced at HK$1 billion, has been put up for tender. This 23-storey building was built in 1975 that offers a total lettable area of 60,587 sq. ft., of which 15,937 sq. ft. is retail space and 44,650 sq. ft.. is office space. The expected yield is 5 percent. The tender will close on 20th August, 2008.
	Alliance Building floor put up for sale An office floor of Alliance Building at No. 130 - 136 Connaught Road Central in Sheung Wan has been put up for sale. The subject, on 1/F, has GFA of 7,953 sq. ft. and is priced at HK$42.15 million, or, HK$5,300 per sq. ft..
	CNAC Building in Central put up for sale A whole office block of CNAC Building at No. 10 Queen’s Road Central in central district has been put up for tender and priced at HK$1.7 billion or HK$ 24,000 per sq. ft.. The subject has GFA of 70,000 sq. ft..
	Granville Road shop put up for tender at $270M A retail shop at No. 46 - 48 Granville Road in Tsim Sha Tsui, priced at HK$270 million, has been put up for tender. The subject has GFA of 4,000 sq. ft. and 2,000 sq. ft. on G/F and garret respectively. The tender will be closed on 31 - 7 - 2008.
	Cheung Hing Commercial Building priced at HK$105M A commercial building at No. 37 - 43 Cochrane Street in Central, priced at HK$105 million, has been put up for tender. The subject that includes all floors above G/F has area of 8,000 sq. ft.. The tender will close on 15th July, 2008.
	Minden Avenue Commercial Building sold HK$132M A commercial building at No. 5 Minden Avenue in Tsim Sha Tsui has been sold for HKD$132 million, averagely HKD$ 9,944 per sq. ft.. The subject has GFA of 13,355 sq. ft. and the buyer is Modern Beauty.
	Peninsula Centre floor fetched HK$238M An office floor of Peninsula Centre at No. 7 Mody Road in Tsim Sha Tsui has been sold for HK$238 million or averagely HK$5,300 per sq. ft.. The subject is 2/F and has GFA of 44,851 sq. ft.. The shop is leased at a monthly rental of HK$900,000 with a yield of 4.5 percent. The tenant is a chinese restaurant.
	Overseas Trust Bank Building floor put up for sale A basket of office properties of Overseas Trust Bank Building at No. 160Gloucester Road in Wan Chai, priced at HK$295 million, has been put up for sale. The subject includes 5/F-9/F and has GFA of 36,901 sq. ft..
	To Kwa Wan Road properties sold HK$145M A basket of properties at No. 78 - 80 To Kwa Wan Road at To Kwa Wan has been sold for HK$145 million or averagely HK$4,833 per sq. ft.. The subject has net area of 30,000 sq. ft..
	Wellington Street block sold HK$73M A block at No. 94 Wellington Street in Central has been sold for HK$73 million or averagely HK$ 13,600 per sq. ft.. The 5-storey block has GFA of 5,367 sq. ft. and site area of 1,050 sq. ft.. The original owner bought the property at HK$37 million in March 2008, making a profit of HK$36 million in 3 months.
	To Kwa Wan Road shops sold HK$170M A basket of retail shops at No.78 - 80 To Kwa Wan Road has been sold for HK$170 million or averagely HK$4,250 per sq. ft.. The subject includes G-1/F.
	World Tech Centre high floor fetched HK$52.4M An office floor of World Tech Centre at No. 95 How Ming Street in Kwun Tong has been sold for HK$52.4 million or averagely HK$2,200 per sq. ft.. The subject, on high floor has GFA of 23,818 sq. ft..
	Carnarvon Road block sold HK$215m A block at No. 53 Carnarvon Road in Tsim Sha Tsui has been sold for HK$215 million or averagely HK$ 107,500 per sq. ft.. The property has site area of 2,000 sq. ft. and GFA of around 20,000 sq. ft..
	Lockhart Road shop sold HK$126M A retail shop at No. 72-86 Lockhart Road in Wan Chai has been sold for HK$126 million or averagely HK$6,310 per sq. ft.. The shop is leased at a monthly rental of HK$483,000 with a yield of 5 percent.
	Hollywood Road shop fetched HK$30m A retail shop at No. 39 Hollywood Road has been sold for HK$30 million or averagely HK$ 30,000 per sq. ft.. The subject, C unit, has GFA of 1,000 sq. ft.. The shop is leased at a monthly rental of HK$77,000 with a yield of 3 percent.
	Wing On Plaza floor sold HK$14.6m An office of Wing On Plaza at No. 62 Mody Road in Tsim Sha Tsui has been sold for HK$14.6 million or averagely HK$12,800 per sq. ft.. The subject, Room 02 on high floor, has GFA of 1,140 sq. ft..
	Queen’s Road East shop fetched HK$60m A retail shop at No. 88-90 Queen’s Road East in Wan Chai has been sold for HK$40 million or averagely HK$18,750 per sq. ft.. The subject has GFA of 1,500 sq. ft. and 1,700 on G/F and 1/F respectively. The shop is leased at a monthly rental of HK$188,000 with a yield of 3.8 percent.
	Lippo Centre floor put up for sale 5/15 An office floor of Lippo Centre at No. 89 Queensway in Admiralty, priced at HK$185 million or averagely HK$15,000 per sq. ft., has been put up for sale. The subject is on 7/F in Tower 1 and has GFA of 12,000 sq. ft..
	HK is world’s priciest city for expats to rent Hong Kong remains the world's most expensive city for expatriates to rent a high-end three-bedroom apartment, an international study shows. The study by human resources consultancy compared rents in September in 92 locations worldwide. It found the average rent for a three-bedroom flat in popular areas such as Happy Valley, Mid-Levels, The Peak or Repulse Bay was US$9,734 a month. The figure was up 13 per cent from US$8,592 in 2006, and was 15 per cent higher than Moscow, the second priciest place for an equivalent apartment. New York remained third. It is the third year in a row Hong Kong has come out top, and the gap between the cost of high-end expatriate housing in Hong Kong and other Asian cities is widening. Tokyo's ranking dropped from second to fourth because the Japanese capital's rents were relatively stable last year. A number of factors contribute to Hong Kong's high rent. These include a lack of space ... and increasing demand for high-end developments as many companies ... expand their presence here. As well as Hong Kong, Tokyo, and Singapore, three other Asian cities were in the top 10. Mumbai, Seoul and Ho Chi Minh City ranked sixth, seventh and 10th respectively.
	Far East Finance Centre Floor sold for HK$156m An office floor of Far East Finance Center at No. 16 Harcourt Road in Admiralty has been sold for HK$156 million or averagely HK$14,500 per sq. ft.. The subject is 9/F with GFA 10,800 sq. ft.. The original owner is De Monsa which bought the office floor with HK$137 million or averagely HK$12,700 sq. ft. in October last year. New World wins HK$6b housing project above new Sha Tin station New World Development (NWD) yesterday outbid six other major developers to win the right to build a residential estate, estimated by the MTR Corp to be worth HK$6 billion, above the Che Kung Temple mass transit station in Sha Tin. The project will brighten the developer's outlook, which until now, was clouded by the lack of large-scale urban projects in the next few years, according to analyst. On NWD's portfolio are only four small-scale residential projects in Kowloon and on Hong Kong Island, in addition to the remaining units at Harbour Place in Hung Hom. Its projects in Tin Hau and the New Territories are pending agreement with the government on land premium and conversion. Analyst said the profit margin of residential projects in Hong Kong was usually more than 20 per cent. The Lands Department has imposed a land premium levy of HK$3.66 billion or HK$3,754 per square foot on the Che Kung Temple station project. Based on the terms of the tender, NWD, the winning bidder, will have to pay half of the levy and the construction cost. The railway operator will pay the rest of the levy. A managing director at property agency expects the project to fetch HK$7,000 to HK$8,000 per square foot. For potential buyers, the project is attractive as it is conveniently located above the MTR station. The 195,194 square foot site can be developed into four 38- to 40-storey residential buildings, offering 1,240 units with a total gross floor area of 975,810 sq ft. The project is scheduled for completion in 2012.
	Hong Kong Industrial Center unit sold for HK$27.38m An industrial unit of Hong Kong Industrial Center at No. 489-491 Castle Peak Road in Cheung Sha Wan has been sold for HK$27.38 million or averagely HK$2,580 per sq. ft.. The subject is 3 connected units on 6/F Block A with GFA 10,600 sq. ft.. (Hong Kong Economics Times)
	Cheung Sha Wan windfall for Yeung A commercial building in Cheung Sha Wan has been sold for HK$1.6 billion, reaping a windfall profit for Charles Yeung Chiu, the chairman of Glorious Sun Enterprises. In 1987, Yeung paid HK$168 million at auction to purchase the land, on which he built the existing Cheung Sha Wan Trade Square. The 13-story office- retail complex is being leased at HK$16 to HK$17 per square foot. Yeung also holds investment properties including One Peking in Tsim Sha Tsui, One Kowloon in Kowloon Bay and several overseas. Last June, Yeung tried to package these properties into a real estate investment trust to reap US$350 million (HK$2.73 billion), but later scrapped the plan as market reception for REITs was poor. Meanwhile, a townhouse in Perkins Road has recently been sold for HK$115 million or HK$39,115 psf - a new high for the Eastern Mid-Levels district. The 2,940 sq.ft. townhouse is situated on a 4,900 sq.ft. site. Asia's most expensive townhouse remains House 15 of Severn 8 on The Peak, acquired late last year for HK$240 million, or HK$55,491 psf, by Indonesian Fund De Monsa.
	Kowloon office rental will increase The office market will continue to experience strong take-up because Hong Kong’s capital markets will grow more than what could be expected by looking at previous trend lines.” Mr Campion notes that prime-grade Hong Kong office rents are expected to appreciate between 10 and 20 per cent this year after last year’s 70-80 per cent hike. The demand for office space in peripheral areas will be greater than we expected in last year. ‘It’s important to point out that there is severe lack of large office spaces in Central and even in Causeway Bay and Quarry Bay now. Kowloon therefore becomes an obvious alternative.
	Smaller developers acquire old buildings to ride tourism boom Hong Kong's major property developers may shun suburban sites earmarked for hotel developments, but smaller players remain keen on acquiring en bloc buildings in outlying areas to transform them into hotels and tap into the growing tourism market, say analysts. The strong interest among smaller players in the hospitality sector is likely to be sustained despite the government's move to lower total allowable area when developers apply to redevelop a residential site into commercial use on Hong Kong Island. There is an increasing supply of small-sized hotels - offering 50 to 100 rooms each - because small developers are finding it is more difficult to acquire land and are therefore turning their attention to acquiring old buildings in order to redevelop or renovate them into business hotels.
	MTR's site in Sha Tin attracts big developers MTR Corp yesterday received seven bids for the right to develop its HK$6 billion Che Kung Temple station residential project in Sha Tin, showing that property firms are keen to replenish their land banks. The prices of units in the project are expected to reach HK$8,000 per square foot after completion. The average price of flats in private housing projects in the area was about HK$4,000 per square foot, said a sales manager of property agency. The project is located on the podium of Che Kung Temple station, which has a site area of 195,194 square feet. The site could accommodate four 38 to 40-storey residential buildings with a gross floor area of 975,810 sq. ft.. The residential project will probably provide 1,240 units and is scheduled for completion in 2012. According to the terms of tender, the winning bidder will have to pay half the land premium levy and the construction cost of the project. The railway operator will pay the remaining levy.
	EuBank Centre Floor Sold For HK$13.3m An office floor of Eu Bank Centre at No. 9 Chiu Lung Street in Centre has been sold for HK$13.3 million (with rental) or averagely HK$8,021 per sq. ft.. The subject is on 5/F with area of 1,660 sq. ft..
	Somerest Road Site Sold For HK$120m A site at No. 6 Somerest Road in Kowloon Tong has been sold for HK$120 million. The tenant is an international school and the tenancy expire in 3rd quarter of 2008. The site area is 992 sq. ft. and plot ratio is 6 can provide total GFA of 5,952 sq. ft.
	Wing On Plaza Floor Sold For HK$240m Wing On Plaza at No. 62 Mody Road in Tsim Sha Tsui has been sold (with tenancy) for HK$240 million or averagely HK$ 11,000 per sq. ft.. The subject is entire 5/F with GFA 21,919 sq. ft. The original owner bought the floor at HK$200 million last year and making a profit of HK$41.11 million.
	Chik Chun Street block sold HK$80m A block at No. 60 - 68 Chik Chun Street in Tai Wai has been sold for HK$80M or @ 4,400 per sq. ft.. The subject has GFA of 18,108 sq. ft..
	Bank of America Tower Fetched HK$31.35m Seaview office units 3305-06, in Bank of America Tower, 12 Harcourt Road, Central has been sold for HK$31.35 million. Previous owner had bought the property in August 2007 at HK$28.9 million, equivalent to a 9% increase in value or a profit of HK$2.45 million in s weeks. Total gross area of the property is 2,449sq.ft, price per square feet rose from HK$11,800 to HK$12,800 from last sales transaction.
	HK$25b Limit Set for Revised Arts Hub Plan Chief Secretary Henry Tang and Secretary for Home Affairs Tsang Tak Sing is to announce details of the revised West Kowloon Cultural District Plan next week. A maximum of HK$25 billion in public money will be involved, most of which the government will be able to retrieve back. The plan will be overseen by a new authority, which Mr. Hui is expected to chair. A government source revealed that the revised proposal would be financially sustained by income from the rent of shopping malls, entertainment ventures and cultural activities. The revised plan involves 50% of the 40-hectare reclamation is set aside for commercial use and 20% for residential development. The cultural facilities to be built include 15 performance venues, an exhibition center and an "M+" museum, a new type of cultural institution for visual culture.
	Sino Centre Office Sold with Tenancy Unit 4 on a mid-floor of Sino Centre, No. 582-592 Nathan Road, Mongkok has been sold with tenancy for approximately $HK3.55 million, equivalent to HK$3,897 per sq. ft.. The property is 911 sq. ft. and leased at HK$14 per sq. ft (4% yield) till mid 2008.
	South Seas Centre Sold for HK$82m 7th whole office floor in South Seas Centre Tower 2 No. 75 Mody Road in Tsim Sha Tsui East has been sold with tenancy for HK$82 million. The total gross area of the property is 14,542 sq.ft. achieving a price of approximately HK$5,639 per sq.ft.
	W Square Rental Reaches HK$40 p.s.f. The renovation project of W Square, No. 314-324 Hennessy Road, Wanchai is due to be completed soon. The 25-storey commercial building measures a total GFA of 130,000 sq.ft., each floor of about 5,100 sq.ft. with retail shops on the basement floor, ranging from 2,000-7,400 sq.ft. market professionals are expecting to receive leasing announcements and details soon, while estimating rentals at around HK$40 per sq.ft. Robust Economy Boosts Property Sales Land Registry figures released yesterday have shown residential property transactions to reach a 27-month high in August this year. However real estate agents expect a 20 percent month-over-month drop in the transaction numbers for the coming month. Number of sale and purchase agreements for residential units in primary and secondary markets were recorded at11,480 during August while total value of residential transactions were at HK$36.8 billion, both recorded an increase of 24.9% and 27.9% respectively. Secondary market transactions were recorded at 10,077 units, also a 27-month high, which was mainly driven by the resale market in New Territories. As sale and purchase agreements fro residential units have to be lodged with the Land Registry during a 30-day window, August statistics actually reflect transactions from the month before.
	China United Centre Office Sold for HK$39m China United Centre 12th Floor (10,963 sq. ft. gross) at No. 28 Marble Road, North Point has been sold with tenancy agreement for HK$38.92 million, approximating at HK$3,550 per sq. ft. Previous owner bought the property in July this year at around HK$35.63 millions, equivalent to HK$3,250 per sq. ft., concluding a 9% gain of HK$3.29 million. The property is leased at HK$16 per sq. ft., totaling HK$175,000 monthly income at approximately 5.4% yield.
	Tesbury Centre Floor Rented of HK$29p.s.f. A middle whole floor totaling an area of 4,109sq.ft in Tesbury Centre, No. 24-32 Queen’s road East, Wanchai has just been leased to a financial business tenant for HK$119,000 (HK$29 per sq.ft.)
	Argyle Street Block Put Up for Tender The whole block of commercial building at No. 33 Argyle Street in Mongkok has been put up for tender with tenancy. The tender will close on 13th September 2007. The 23-storey building comprises a total GFA of 43,843 sq.ft.
	Far East Finance Centre Secured HK$115m A whole office floor of Far East Finance Centre at No. 16 Harcourt Road in Admiralty has been sold for around HK$115.6 million or averagely HK$10,700 per sq.ft.. The subject is the entire 9th floor with a total GFA of about 10,800 sq.ft.
	Overseas Trust Bank Building Fetched HK$196m A basket of properties of Overseas Trust Bank Building at No. 160 Gloucester Road in Wanchai has been sold for HK$196 million or HK$5,400 per sq.ft.. The subject is the entire 24th to 28th floors with a total GFA of 36,000 sq.ft. and parking spaces. The office floors are leased at a total monthly rental of HK$500,000 with a yield about 3%.
	Morgan Stanley to Supr Rental Surge in Kowloon Grade-A office rents in Tsim Sha Tsui would benefit from Morgan Stanley’s plan to move its Asia-Pacific headquarters to Kowloon next year, according to property consultants. Other financial firms were likely to follow Morgan Stanley’s lead amid tight supply in Central, the consultant said.
	Convention Plaza Office Valued HK$38.9m An office unit of Convention Plaza Office Tower at No. 1 Harbour Road in Wanchai has been sold for around HK$38.97 million or HK$9,800 per sq.ft. The subject is Units 8-9 on the 18th floor with a total area of about 3,977 sq.ft.
	South Seas Centre Sold for HK$63.4m A total of 5 office units of South Seas Centre at No. 75 Mody Road in Tsim Sha Tsui have been sold for around HK$63.4 million or HK$5,240 per sq.ft. The subject is Units 1-4 and 6 on the 3rd floor at Tower 2 with a total GFA of 12,213 sq.ft. The market monthly rental is over HK$22 per sq.ft. with a yield of about 5%
	Jervois Street Site Sold for over HK$120m A commercial site at Nos. 27-31 Jervois Street in Sheung Wan has been sold for over HK$120 million. The site comprises about 2,529 sq.ft. and it is for commercial and residential purposes. The site is approved to building 25-storey commercial building with a total GFA of about 38,000 sq.ft.
	AXA Centre Properties Sold for HK$523m A basket of properties of AXA Centre at No. 151 Gloucester Road in Wan Chai has been sold for HK$523 million or averagely around HK$5,859 per sq.ft. The properties include the entire 6th to 9th and 13th to 14th floor and Units 1, 3 and 5 to 9 on the 12th floor with a total area of 89,250 sq.ft.