Many insurance companies settle in Kowloon Bay commercial buildings. AXA is expanding. SINO announced, they sold 16th -22nd floors of the Exchange Tower which is located in No.33, Wang Chiu Road , Kowloon Bay at HKD 1.567 billion. It involved 7 layers of offices and sold with the lease. The announcement disclosed, the buyer is insurance company. The buyer has the preemption for at least 30 parking places and other floors within the future half year. Marketing source told, the buyer is AXA.
According to the data, Exchange Tower which is located in No.33, Wang Chiu Road , Kowloon Bay is a commercial building having 22 floors of offices, 3 floors of retail area and 3 layers of under ground parking lot. The cover area of each floor is 28,000 sq ft. This reselling involved 7 floors which about 196,000 sq ft. The deal sq ft price was nearly HKD 8,000.
In fact, AXA already moved their head quarter to Kowloon Bay. They have rent beforehand the 22nd-23rd floors of One Kowloon which in Wang Yuen St, Kowloon Bay at monthly rent about HKD 1.4 million in earlier. The total floor area is about 46,472 sq ft. AXA also rent one whole floor in middle floor of the Exchange Tower as training center.
5 floors of Katherine House were rapidly confirmed out and took HKD 300 million cash in.
The appreciation of the store is amazing. The partitions selling attracts many investors into the market. Market source told, at least 5 floors of Katherine House were confirmed out and it took HKD 300 million cash in. Shi Yong-qing, the founder of Centaline Group sold properties to earn profit taking advantage of the hot market. He sold basement which in No. 61-63, Kimberley Road, Tsim Sha Tsui, Kowloon at HKD 91 million after the selling of the Lippo Centre office building in Admiralty earlier. There was store in Yuen Long appreciated 31% within half month and the seller earned HKD 12 million which is the equivalent of speculator earning HKD 1 million each day. And source also told, the Tape King Chen Bing-zhi made purchasing talk for shopping mall in Florient Rise which in Olympic Station at HKD 600 million.
The Katherine House which bought by the senior investor Lin Zi-lin and the Tape King Chen Bing-zhi etc. at HKD 780 million was rapidly sold in partitions. Market source told, currently 1st -3nd floor of stores, 6th floor of offices, 9 th floor of offices and so on at least 5 floors were confirmed. According to the price list in market, the floor cover areas of 1st-3rd floors are all 4,565 sq ft. The sq ft price of 1st floor was HKD 18,000 and the sale price was HKD 82.17 million. The sq ft price of 2nd floor was HKD 17,500 and the sale price was HKD 79.887 million. The sq ft price of 3rd floor was HKD 17,000 and the sale price was HKD 77.605 million. As for the office floors in 6th and 9th floor, the cover areas are both 2,832 sq ft. The sq ft price was HKD 12,000 and sale price were both HKD 33.984 million. Calculating base on above price list, the owner took more than HKD 300 billion cash in.It is said that, 2 floors among were bought by the original lessee for own use. Also the same for the lessee of the bar in 2nd floor.
In addition, Shi Yong-qing, the founder of the Centaline Group sold basement which in No. 61-63, Kimberley Road, Tsim Sha Tsui, Kowloon at HKD 91 million after the selling of the Lippo Centre office building in Admiralty earlier.
Shi Yong-qing earned HKD 42.2 million from the selling of the store in Tsim Sha Tsui.
It is said that the buyer is senior investor Fang Hao-xian.
The store include underground of low floor building which is about 200 sq ft and underground of high floor building which is about 5,000 sq ft. The current lessee rent the store for sauna room at monthly rent about HKD 230,000 until October of 2014. The rental yield is about 3%. It is known that, the original owner bought it at HKD 48.8 million in 2009 and earned book profit HKD 42.2 million from this reselling. The property appreciated 86.5% during the period.
Seller earned HKD 12 million from reselling the Store in Yuen Long within half month.
Market source told, underground No.01 store of Kui Fat Building which is located in No.11-23, Hop choi street, Yuen Long , New Territories sold at HKD 50 million. The cover area of it is about 415 sq ft. Now it is sauced meat shop. The rent is about HKD 70,000 with 1.68% of rental yield. The original owner just bought it at HKD 38 million this month and earned book profit HKD 12 million after holding for half month. It is the equivalent of speculator earning HKD 1 million each day. The store sharply appreciated 31% during the period.
