Top dollar sought for TST rental unit

Business | Jeannie Tang 17 Apr 2019

New World Development (0017) is asking a staggering monthly rent of HK$320,000 for one of its three-bedroom units at its luxury service apartment residence, K11 Artus, in Tsim Sha Tsui - a record HK$167 per square foot.

The project offers 287 units, with the cheapest costing HK$57,000 per month.

That comes as Nan Fung Group has applied to build a 73-room hotel on a commercial site in Kai Tak with a gross floor area of 60,000 square feet. It had acquired the Kai Tak Area 1F Site 2 for HK$24.6 billion.

Each room will measure about 822 sq ft, with the project scheduled for completion in 2023.

Meanwhile, Henderson Land (0012) will launch 25 more units at One ArtLane in Sai Ying Pun, with an average per sq ft price of HK$31,727 - up 1 to 2 percent.

This latest batch includes 12 one-bedroom flats and 13 studios, priced at HK$6.87 to HK$9.7 million, or HK$29,367 to HK$34,740 per sq ft.

Billion Development's Centra Horizon in Tai Po opened show flats yesterday, recording more than 400 visitors. The first batch of 295 units was priced at HK$13,774 per sq ft on average.

HKR International (0840) and Nan Fung sold a 3,591 sellable sq ft house at La Cresta in Sha Tin by tender for HK$146 million, or HK$40,930 per sq ft, a project high.

The second-hand market also saw improvement, with 224 deals in the first quarter, up 36.6 percent - hitting a six-year high - while the total value surged 42.5 percent to HK$619 million.

A 943-sq-ft four-bedroom unit at The Wings Phase 2 in Tseung Kwan O changed hands for HK$18.5 million, or HK$19,618 per sq ft. The vendor paid HK$11.04 million for it in 2013.

A 537 sq ft flat at Villa Esplanada in Tsing Yi fetched HK$8.8 million. It was purchased for HK$3.99 million in 2011.

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