(By Huang Jiaming)
Coming into a new year, property market is worse, with price cut trend spreading from trading market to renting market, and some owners even supplied more than 10% of discount. There was one owner in blue-chip project Taikoo Shing cut HKD 4,000 to a level of monthly HKD 21,000 to rent out a three rooms low floor unit, with range up to 16%; Whampoa Garden V in Hung Hom also had price cut renting case at range of 14%, of which the lessee is from other district paying rent at monthly HKD 19,800. New projects Marinella in Aberdeen, i·UniQ Grand in Shau Kei Wan and Festival City 3 in Tai Wai also registered renting cases.
Three rooms unit in Taikoo Shing was 16% cheaper.
Zhang Guangyao from Centaline Property expressed, three rooms unit in low floor of FU SHAN MANSION of Taikoo Shing in Quarry Bay in usable area of 690 sq ft was cut by the owner from monthly HKD 25,000 to HKD 21,000 and rented out, with range up to 16% or HKD 4,000, and its usable area sq ft rent price is monthly HKD 30.4. The owner bought the above unit by HKD 1 million in 1992, gaining rate of rental return by up to 25%.
Huang Zhicheng from Midland expressed, room B in middle floor building 3 of Whampoa Garden V in Hung Hom in usable area of 680 sq ft was opened for renting at monthly HKD 23,000, but recently was rented by lessee from Hong Kong Island by monthly rent of about HKD 19,800, with price cut up to 14%, and its usable area sq ft rent price is about monthly HKD 29.1. The owner bought the house by nearly HKD 0.67 million in January 1988, enjoying rate of rental return up to 35%.
The rate of rental return in Marinella is 2.2%.
In addition, new project which was just occupied also registered renting case. Deng Huihao from Midland expressed, room C in low floor of building 3 in Marinella of Aberdeen, of which the usable area is 915 sq ft, was rented by monthly HKD 43,000, with usable area sq ft rent price at monthly HKD 47. The owner bought the above unit at about HKD 22.999 million in October 2011, with rate of rental return in 2.2%.
Chen Kaichao from Centaline Property expressed, room C in low floor of i·UniQ Grand in Shau Kei Wan, in usable area of 329 sq ft was immediately rented out after occupation by monthly HKD 14,000, with usable area sq ft rent price at monthly HKD 43, lower about 5% than market price. The owner bought this house by HKD 5.65 million in 2011, gaining rate of rental return in about 3%.
Li Zhenzhang from Midland expressed, room NB in low floor of building 2 in Festival City 3 of Tai Wai, of which the usable area is 787 sq ft, rented by monthly HKD 21,500, with usable area sq ft rent price at HKD 27.3. The owner bought above house by nearly HKD 7.308 million in March 2012, and the rate of rental return is about 3.5%.
