Hong Kong's Wen Wei Po News ( Reporter Wong Ka Ming )Since the implementation of the double stamp duty have been for six months,the market began to digest the measures,the trading atmosphere of commercial buildings have a sign of improvement.East Kowloon for example,as for the region is the focus of development by government,there are new commercial building projects launched out recently,also sale in market price.In addition,Swire Properties also stationed in the area at the first time.There are agents estimated that the commercial buildings in East Kowloon will have a good outlook.
Centaline(Comm.)Senior Sales Director Tang Chong Yuen said,the commercial building project of Billion Development in No.1 Sheung Yuet Road,Kowloon Bay is the first commercial building project in East Kowloon on sale after the the implementation of the double stamp duty by the the government.The project have overwhelming response since the sale have opened last week,of which the top-floor characteristics of households got purchased by local fund company in $1.28 billion HKD for personal use,with an average price of $11,000 per sq.ft,the transaction price recorded a new high,also the ft price also become a new indicator,and the building is more formally named as Yan Ho International Center.
Yan Ho International Center have recorded 47 transactions within a week
Tand chung Yin also pointed out that the commercial building have recorded 47 transactions within a week since the sale have opened,with an average of $8,120 to $11,170 per sq.ft,and the buyers are mainly from the East Kowloon.and the developer felt satisfactory on the sale,so slightly increased the price,increased about $150 to $200 per sq.ft,with an average increase of about 2%.
Midland Commercial Chief Executive Officer Wong Hong shing think that the atmosphere of new properties are good in recent,driven the atmosphere of the property market,coupled with the spicy trick was digested by the market,the developers took this opportunity to launch out the commercial projects.He added that the price of the commercial buildings haven't got a significant fell,and due to the fact that there are still lack of supply on the commercial buildings market,so there still have purchasing power in the market.
Centaline ( Comm. ) Chief Operating Officer Poon Chi Ming pointed out that the second and third season of the darkest period of the commercial shops was over,expect the volume of the transactions in the forth season can increase two percent quarterly,of which the most promising area is the East Kowloon which with the newly developed areas concept,which are Kwun Tong and Kowloon Bay.And the Swire Properties which always focus on the the core development areas in Hong Kong Island have purchased the commercial land of Kowloon bay in $2.638 ten billion HKD,the floor price of nearly $4,800 per sq.feet,close to the upper limit of the valuation,have positive affect on the whole of the industrial and commercial development of Kowloon East,it is estimated that the trading price of Grade A commercial buildings with sea-view in the area can range from $10,000 to $15,000 per sq.ft rose to $20,000 per sq.ft within two to three years,the rental price may also from the current $30 per sq.ft rose to $50 per sq.ft.
News refer that there are offices supply in Hoi Bun Road
In fact,the implementation of the double stamp duty have been for six months,the market have begun to adapt its effects,such as Pakpolee commercial centers in Mong Kok ect.,undertaken in good price,so the developers are gearing up recently,planned to launch out the new large-scale projects again,and the first project which welcomed by the market is the commercial buildings in East Kowloon.the commercial office project in No.181 Hoi Bun Road,Kwun Tong which under the cooperation of Sino Land and Wang's Group,as been named as International Times Center,the property have a 300,000 square feet of floor,the sale was planned to launch out in the beginning of this year in original,but due to the fact that the doubled-spicy trick launched out by the government,so delay the progress of the sale.The property has got an occupation permit in September this year,and there are news also refers to the developer has recently discuss the initial deployment with the sales agents.
