HK - Housing 04 (Apr 16 - Jun 24)

[winston]

New Kai Tak flats priced at eight-year lows

The average price is approximately HK$17,188 per square foot, the lowest in Kai Tak's middle-class neighborhood in eight years as competition intensifies amid high inventories.

Buyers opting for a special plan can enjoy discounts of up to 16 percent off, by which the developer provides designated tenants for buyers.

The lease term is two years with an annual rental income of 3.5 percent of the property price, paid semi-annually.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... -year-lows

[winston]

Hong Kong buyers spurn 12% discount at Kai Tak’s Miami Quay, spelling woe for home market

Agents sold a single flat at the first phase of the Miami Quay project in Kai Tak, out of the 50 units left over from its September 2022 launch

by Daniel Ren & Cheryl Arcibal

Hong Kong’s property buyers spurned a 12 per cent discount on offer at a waterfront housing project in one of the city’s choicest locations, signaling more woes ahead for the real estate slump.

Source: SCMP

https://www.scmp.com/business/china-bus ... 9441&tc=17

[winston]

How low can you go? Hong Kong developer prices The Uppland in Tuen Mun at 2016 level

‘Toy king’ Francis Choi’s Early Light prices new flats in Gold Coast Bay The Uppland in Tuen Mun at an average of HK$9,988 (US$1,280) per square foot

A Hong Kong developer has priced a new project in the New Territories at an eight-year low, as companies press on with their low-price strategy to entice buyers amid a slump in market sentiment and a slowdown in transactions.

Source: SCMP

https://www.scmp.com/business/companies ... pe=section

[winston]

Hong Kong developers keep pricing flats to move amid supply glut, high rates

New price lists from New World Development, Far East Consortium and Early Light International, undercut recent nearby sales by up to a third

by Eric Jiang & Cheryl Arcibal

Hong Kong developers continue to rely on attractive pricing as a strategy to clear their swollen stock as interest-rate cuts and a stronger economic recovery fail to materialise, according to analysts and the latest price lists for sales that are soon to launch.

New price lists for New World Development (NWD) and Far East Consortium’s Pavilia Forest III project in Kai Tak and Early Light International Holdings’ The Uppland in Tuen Mun both have average prices per square foot well below recent launches in nearby developments – by more than a third for Pavilia Forest III and 10 per cent for The Uppland.

Source: SCMP

https://www.scmp.com/business/article/3 ... pe=section

[winston]

Hong Kong property: cash-rich buyers make most of Peak distress amid 50% price slump

Distressed sales in Hong Kong’s luxury property market have driven prices down by as much as 50 per cent, with opportunistic buyers snapping up bargains, Savills says

by Salina Li

Transactions in Hong Kong’s super luxury property sector have been supported by opportunistic, cash-rich buyers pouncing on distressed sales amid a downtrend in sentiment, according to a Savills report on Friday.

Most of these distressed sales have been witnessed in the prestigious area of The Peak at prices averaging 50 per cent below their Covid-era valuations, the property consultancy said

Source: SCMP

https://www.scmp.com/business/article/3 ... pe=section

[winston]

Hong Kong Property
Results Wrap-up For Hong Kong Developers: Navigating The Cycle

Key takeaways are:
a) underlying net profit dropped 12.9% on average,
b) decrease in property development margin is the major profit dragger;
c) Investment Properties portfolios stayed resilient,
d) Sino maintained net cash position, and
e) the average gearing ratio for the other four developers is 21.8%.

For the next six months, although property sales margin is still under pressure, we are confident of the steady profit contribution from IPs.

Maintain MARKET WEIGHT on the sector with SHKP as our top sector pick.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

SHKP's new Kai Tak flats priced at 2017 levels

Sun Hung Kai Properties (0016) Cullinan Sky Phase 1 in Kai Tak announced an average discounted price of HK$19,668 per square foot, 2.7 percent lower than nearby project Oasis Kai Tak in 2017.

SHKP bought the site for over HK$25 billion in 2018, or an average cost of HK$17,776 per buildable square foot, and the average construction cost in HK is around HK$6,000 per square foot.

Source: Bloomberg

https://www.thestandard.com.hk/section- ... 017-levels

[winston]

Hong Kong’s CK Asset prices Blue Coast II in Wong Chuk Hang at 20% below development cost

Li Ka-shing’s flagship developer has priced the first batch of flats at an average of HK$21,526 per square foot, below the HK$28,000 development cost

Source: SCMP

https://www.scmp.com/business/article/3 ... 81690&tc=9

[behappyalways]

Hong Kong's housing chaos is intensifying.
The annual policy address plans to launch reforms.
The rent of a house is scary! The asking price for a month is more than NT$10,000.

香港住房亂象加劇 年度施政報告擬展開改革 房中房租金嚇人! 一個月竟要價超過1萬台幣│記者 薛霈瑄 │【國際焦點】20241014｜三立新聞台

https://m.youtube.com/watch?v=uacKhJlTzkg

[winston]

1 in 6 Hongkongers are eyeing home purchase in next 5 years: HSBC survey

Around 300,000 households will be in the market, exceeding expected supply, the lender estimates

HSBC estimates the number of prospective homebuyers at 300,000 households. This means housing supply will fall short of expected demand, as the government aims to supply 132,000 private units and another 123,000 public units to the market over the next decade.

Of the individuals who said they would be likely to purchase a home, two-thirds already owned property, the survey of 3,170 Hong Kong residents aged 18 to 65 found.

And among those looking to buy a second property, 72 per cent said they were motivated by investing and earning passive income, while about 31 per cent of the first-time buyers were also driven by investment goals.

Source: SCMP

https://www.scmp.com/business/article/3 ... pe=section