Peak home sells at last

Business | 16 Jul 2020

Eurus Yiu

A foreclosed house on The Peak was sold for HK$171 million after being on the market for three years, with the price per square foot at HK$71,600. The offered price decreased 43 percent compared with seven years ago.

Meanwhile, the Centaline Index showed that rents for private homes stood at HK$33.90 per sq ft in June, the first rise after falling for 10 months, while land premiums in the second quarter amounted to HK$570 million.

L'aquatique in Tsing Lung Tau, built by mainland developer Metallurgical Corporation of China (1618), has recorded forfeited deposits from potential buyers of 23 units, accounting for 29 percent of its 80 transactions.

The occupation permit of L'aquatique has not been approved for a year due to slope work.

China Overseas Land and Investment (0688) has named its project at Kai Tak as One Victoria, which is expected to be completed in the first quarter of 2023 and offer 1,059 units.

A 362-square-foot unit at Tsuen King Garden, Tsuen Wan, changed hands for HK$5.55 million, or HK$15,331 per sq ft. The first-time buyer did not view the flat.

Jones Lang LaSalle Hong Kong predicted that companies may delay decisions on real estate requirements, amid the net withdrawal in all major office markets, with Central leading the way with 500,000 sq ft less in the first half, as overall demand weakened.

The University of Hong Kong bought the rest of Novum West in Sai Ying Pun, developed by Henderson Land Development (0012), for HK$459 million last month, after it acquired part of the commercial project for HK$504 million in 2018. The property is said to be purchased for teaching and research purposes.

In other news, the one-month Hong Kong interbank offered rate dropped for a fourth consecutive day to 0.3297 percent, the lowest since October 28, 2016.

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