Prices cut as Tai Koo Shing chalks up 17 rental deals

Centaline Property Agency has recorded 17 rental transactions at Tai Koo Shing in Quarry Bay at an average rate of HK$37.9 per square foot this month.

Among them, a 715-sq-ft flat at the blue-chip housing estate was rented for HK$25,000 per month, or HK$35 per sq ft, after HK$6,000 was cut from the original asking rent.

In the secondary market, the Lee family, which founded Lee Luen Yick Rattan Factory, sold a 2,888-sq-ft flat at Estoril Court in the Mid-Levels for HK$83.8 million, or HK$29,017 per sq ft.

And a 499-sq-ft flat at Grand Promenade in Sai Wan Ho changed hands for HK$11.23 million, or HK$22,505 per sq ft, after HK$570,000 was cut from the initial asking price.

In the primary market, Henderson Land Development (0012) will offer 16 homes at The Hampstead Reach in Yuen Long for sale by tender this month.

And in Pak Shek Kok, a homebuyer forfeited a deposit of HK$596,100 after cancelling the purchase of a 403-sq-ft flat at Centra Horizon, which was offered at HK$5.96 million, or HK$14,792 per sq ft.

Meanwhile, JLL expects high street shop rents to rebound by up to 5 percent next year, mass residential property prices to fall by up to 5 percent next year, and luxury home prices to fall by 5-10 percent.

It also estimates Grade A office rents will drop 5-10 percent next year, and vacancy rates will continue rising.