Rent continues to rise

Business | Jeannie Tang 19 Mar 2019

Rating and Valuation Department has released the rent roll statistic, showing that a house in no.13 Big Wave Bay Road in Shek O, owned by Tencent's (0700) chairman Pony Ma Hua-teng, reported a year-on-year soar of 5 percent in annual rent to HK$12.45 million.

Tycoon Li Ka-shing's house in Deep Water Bay Road saw an annual rent of HK$9.636 million, 2 percent up year on year.

Two houses in Tuen Mun owned by Secretary for Justice Teresa Cheng Yeuk-wah, which had unauthorized structures last year, recorded an increase of 5 percent in annual rent to HK$451,200 and HK$421,200 respectively.

The estimated annual rent of some small-sized units surged by up to 10 percent. A 215 sellable square foot unit at Greenwood Garden in Sha Tin reported an annual rent for 2019-20 of HK$94,920, 10 percent up from the previous year.

The annual rent of a 242 saleable square feet flat at Garden Rivera in Sha Tin also jumped by 6.9 percent to HK$118,560.

A 422 sellable square feet unit at Kingswood Villas in Tin Shui Wai saw an increase of 9 percent in its annual rent to HK$100,440.

Other major housing estates also recorded a rise in rent.

The most expensive unit at Taikoo Shing per-square-foot price, with a sellable area of 1,114 square feet, had no change in its annual rent of HK$504,600.

This property was sold by Boby Chan Yum-kit, the chairman of Moiselle International Holdings (0130), for HK$29.5 million or HK$26,481 per square foot in May.

Retail rent also increased. A pharmacy on Man Wui Street in Jordan surged by 30 percent year-on-year to HK$300,000, while a restaurant on the same street recorded a 60 percent soar to HK$1.8 million.

Additionally, a store on no.6 San Hong Street in Sheung Shui saw a year-on-year rise of 10.7 percent in annual rent to HK$744,000.

The annual rent of a shop on no.82 Lung Sum Avenue in Sheung Shui jumped by 9.9 percent to HK$2.53 million.

Russell Street in Causeway Bay, the world's most expensive retail street, saw no change in rent.

Shop A and Shop B on no.60 Russell Street recorded annual rent of HK$7.56 and HK$8.8 million respectively, while the rent of shop 1-2 on no.8 Russell Street amounted to HK$22.8 million.

Henderson Land Development (0012) has received 526 applications for its second batch of 148 units at The Vantage in Hung Hom, possibly launching additional penthouses tomorrow.

Henderson Land sales manager Thomas Lam Tat-man predicted this project to have a rental yield of around 3 percent.

Meanwhile, two vendors of The Vantage broke off their agreements, and each of them forfeited the deposit of over HK$250,000. It involved two units, measuring 268 and 270 sellable square feet and costing HK$5.59 million and HK$5.02 million respectively.

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