Expensive shops are limited
Article from (Reporter: Chow Wing) Hot money floods and add hotness to shops. While shops in good locations are limited, senior speculators have shifted the focus to other shops with small amount of money like HKD 10 -20 million and compete with small investors. Senior investor “Toy Cheng”Cheng GokHong and another one surnamed Cheung have invested HKD 60 million in a week to buy 4 shops located in Central, Sai Wan and Yao Ma Tei.
Cheng GokHong has bought 2 shops in Sai Wan. Centaline Tse JingHan reveals that the construction area is 550 square feet and the transaction price is HKD 15 million with an average price of HKD27,300 per square feet. According to information, after the buying in, there is another investor interested and Cheng would like to try to sell in HKD 17.5 million. The shop is now rented to a grocery store for a monthly rent of HKD 18,000.. The ex-owner bought in 2010 with HKD 10.5 million and now has a HKD 4.5 million profit.
On the other hand, Cheng has bougt A1 shop in 375-379 Shanghai Street Yao Ma Tei with HKD 8.6 million. Now it is on sale for HKD 9.4 million. The shop has an area of 244 square feet and an average price of HKD 35,200 per square feet. The rent for this shop is now HKD 20,000. The ex-owner has a HKD 4.1 million profit.
Another investor surnamed Cheung has also invested in many shops including a 700 square feet shop in Sai Wan Queen’s Road West with HKD 19.18 million. It is now rent to a glasses shop with HKD 36,000 per month. Another shop bought in is in Central Kent Road with an area of 500 square feet for HKD 12.98 million.
Perception Digital Holdings Limited Director is selling Fortis Bank Tower
Market information points out that senior investor Lai YuYun has bought in 51 Pilkem Street which has an area of 800 square feet with HKD 48.8 million. On the other hand Perception Digital Holdings Limited Director Liu KaTsuen has sold a middle floor in Fortis Bank Tower with HKD 86.995 million. They have a profit of HKD 24.995 million.
About the properties sale, two commercial buildings in Central are on sale with tender format. Savills reveals that 60 Wellington Street is now on tender for a price of HKD 450 million. The address is now has 14-floor level with a total area of 8,290 square feet.
Wellington Street commercial building is on sale for HKD 450 million
Midland Realty commercial operation director Siu WeiBik reveals that Central Des Voeux Road Central China Insurance Group Building has now been in tender with HKD 180 million with an average price of HKD 12,400 per square feet. The total area is 14,505 square feet with a rental contract worth HKD 320,000 per month. Since most of the rental contracts expire in 2013 first quarter, it is expected that the rate of return could achieve 3.5%.
On the other hand, Ricardcorp Properties Ltd. reveals Yuen Long 10 SaiQin Street has no. 2, 3, 12, 18, 24 and 30 commercial shops, and also for 9-15 Hop Yick Road F, G and H shops are available. The area is 4,047 square feet and 1,195 square feet respectively and the owners are expecting a price of HKD 120 million and HKD 26 million respectively.
