New World sells commercial grade-A units

New World Development (0017) has started selling units in a brand new grade-A commercial building at 83 Wing Hong Street in Cheung Sha Wan, with the cheapest one priced at HK$7.21 million.

The first batch involved 18 units, with sizes ranging from 548 to 1,626 square feet and costing between HK$12,000 and HK$14,000 psf.

Grade-A offices saw a vacancy rate of 13.1 percent by the end of March, 0.2 percentage points higher than a month ago, according to JLL.

But the realtor pointed out that the office rental market has improved, as 38 percent of new lettings in the first quarter are above 20,000 sq ft, compared to only 22 percent in 2023.

The New World sale came as Villa Garda III in Lohas Park will launch 147 units for sale on Sunday. The project is led by Sino Land (0083).

Sun Hung Kai Properties (0016) also plans to unveil the first price list for The Yoho Hub II in Yuen Long next week, with 188 units.

In other news, Alva To, Cushman & Wakefield's vice president in Greater China, sold a two-bedroom unit at The Arch in Austin for HK$15.55 million, or HK$30,321 per square foot, after cutting the price by HK$1.45 million.

To is estimated to have gained HK$6.05 million, or 64 percent, after holding it for 15 years.

The Buildings Department has approved 14 architectural plans in February, including nine residential projects.

One is a 28-story commercial and residential building in Wan Chai developed by Henderson Land Development (0012) with an additional floor, offering 81,871 sq ft for homes and 4,663 sq ft for commercial use.