Underwear covers the shopping gap in Causeway Bay

Business | Kevin Xu 7 Jan 2020

A 1,000-square-foot shop at 70 Percival Street in Causeway Bay was rented to an underwear business for HK$160,000 per month, or HK$160 per sq ft, says Centaline Property Agency.

China Mobile (0941), the previous tenant, rented the shop for about HK$450,000 a month and left in the middle of last year. The current rent was 64 percent lower than the previous rent, and 80 percent lower than a drugstore rented for HK$800,000 a month between 2013 and 2016, said Centaline.

Two potential tenants walked away from the lease last year due to the escalating social unrest. A pharmacy promised to lease the premise for HK$200,000 in August last year but finally backed out.

The chairman of Midland (1200), Freddie Wong Kin-yip, expects home prices to recover in the second half this year after dropping in the first half, with an annual growth of 5 percent, as the Sino-US trade war has eased and the stocks performance is still satisfactory.

A car parking space at Villa Esplanada in Tsing Yi fetched HK$2.13 million after HK$670,000 was slashed from the original asking price.

Meanwhile, a car parking space at Hong Kong Garden in Tsing Lung Tau was sold for HK$640,000, HK$210,000 lower than the HK$850,000 paid in June 2018.

A 153-sq-ft public rental house at Fung Tak Estate in Wong Tai Sin sold for HK$2.98 million last month, or HK$19,500 per sq ft, the highest per-square-foot price in public housing history.

Registered property transactions in 2019 dropped 6.6 percent year-on-year to HK$692.4 billion.

Vanke Property (Hong Kong) will launch 50 flats at 15 Western Street in Sai Ying Pun for sale on Friday.

The developer had received 190 checks for the project by yesterday, about 2.8 times oversubscribed.

Vanke released 11 flats in the second price list at the project on Sunday, which are priced at an average HK$30,146 per sq ft after discounts. These flats are priced at between HK$6.56 million and HK$10.44 million after discounts.

Meanwhile, Sun Hung Kai Properties (0016) released 86 units in the sixth price list of Wetland Seasons Park in Tin Shui Wai yesterday. They are priced at an average HK$12,728 per square foot after discounts - about 10 percent higher than the first price list.

SHKP collected nearly HK$2.5 billion after selling 372 out of the 381 units put on sale on Saturday.

Wetland Seasons Park, the first new project in the district in 10 years, is expected to offer a total of 1,727 units, with 710 planned for the first phase. About 70 percent of flats in the first phase are two-bedroom units.

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