CBRE Group expects that the first-hand property transactions of "Hong Tower" will rebound.
The Land Registry released the statistics for September 2024, showing a 22.1% monthly drop in the number of residential property transactions to 2,848, marking the fifth consecutive month of decline. Kelvin Ko, Executive Director of Valuation and Consulting Services at CBRE Group Hong Kong, mentioned that the market is anticipating a decrease in trade volume due to the rate cut in the USA, with developers mainly selling remaining units in the past few months and limited new residential projects being launched. He noted that developers are gradually introducing new projects to capture the pent-up demand post rate cut. Moreover, in the current situation of high remaining inventory, developers may prioritize cashing out at discounted prices. Therefore, it is expected that the volume of first-hand transactions will decrease in the coming months.
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CBRE Group has been commissioned to publicly tender for the sale of the property at 22 Kendrew Drive, Kowloon Tong in 'Hong Kong Building'.
CBRE Group announced that it has been appointed as the sole agent by the owner to sell the property at 22 Gonville Road, Kowloon Tong through public tender, with the deadline set at 12:00 noon on November 22 this year. The property is located at the junction of Ko Ho Lo Street and Gonville Road, and will be sold with existing tenancy. Currently, it consists of a two-storey high-rise residential building with an additional private garden of approximately 0.01 million square feet. The site area is about 14,265 square feet, and based on the residential building plans approved by the Building Department in 1990, the existing plot ratio floor area is approximately 8,532 square feet. CBRE Group's Senior Director of Capital Markets in Hong Kong, Bowie Kuk, mentioned that the property's current land use is classified as "Residential (Group C)".
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"Hong Tower" CBRE Group: Hong Kong Silver Lowers Best Interest Rates, Short-term Property Prices Expected to Stabilize.
The Rating and Valuation Department announced today (26th) the August private residential property price indices. Kenneth Kwan, Executive Director of Valuation and Consulting Services at cbre group Hong Kong, stated that developers offering more discounts and attractive prices are putting certain pressure on the secondary residence market. Despite the continuous decline in property prices, with the expected interest rate cut by the Federal Reserve already underway, the decline in residential prices has narrowed. With the Fed cutting interest rates, major banks in Hong Kong have lowered the Prime Rate, which may support the residential property market. Kenneth Kwan expects property prices to stabilize in the short term. Looking ahead to the medium term, with a higher number of unsold units at present.
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The entire building at 321 Che Wah Road, North Point, <Organization> was put up for auction for 1 billion yuan in <Unit>.
CBRE Group has been entrusted by the owner to be the exclusive agent to sell the entire building at 321 Java Road, North Point (formerly known as Eastman Kodak Building Phase 1) through public tender. The property has a current floor area ratio of approximately 0.154 million square feet, with a market value estimated at around 1 billion yuan and a price of about 6,500 yuan per square foot. The property is located at the junction of Java Road and Health East Street in North Point, about a 5-minute walk from Quarry Bay MTR Station, near Grade A commercial buildings including 633 King's Road, 625 King's Road, and K11 Atelier King's Road. The property was completed in 1985, with 13 floors and basement parking available.
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