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1 Hong Kong Residential Sales Market - Research Report
April 2016
JLL Mass Index 1.4% m-o-m
JLL Mass Index 5.6% y-o-y
JLL Hong Kong Mass Residential Index (end-Mar)
Source: JLL
96.0
98.0
100.0
102.0
104.0
106.0
108.0
110.0
112.0
114.0
116.0
Apr-15 Oct-15 Apr-16
Residential Volume (Over HKD 50M)
26.3% m-o-m (Mar)
Residential Value (Over HKD 50M)
20.0% m-o-m (Mar)
Transactions Over HKD 50M (Feb / Mar)
Source: JLL
1 1 1
3 3
10
4
12
8
3
6
Island South Mid-levels Peak HKI Others Kowloon NT
Feb-16 Mar-16
Residential Volume 31.1% m-o-m
Residential Value 45.3% m-o-m
Property Transactions (Feb)
Residential S&P (Volume) 2,369
Residential S&P (Value) HKD 17.1B
Primary Residential S&P (Volume) 641
Primary Residential S&P (Value) HKD 7.5B
Source: Land Registry, JLL
Key Indicators (%)
HSBC Best Lending Rate (end-Mar 16) 5.0
Average Mortgage Rate (end-Mar 16) 2.18
LTV Ratio of New Loans Approved (Feb-16) 50.3
Source: HKMA, JLL
Market Overview
March-released data showed home sales in February rebounding 31.1% m-o-m to 2,369, with primary sales market accounting for about 27% of all transactions.
The slide in mass residential capital values continued for the sixth consecutive month in March, down 1.4% m-o-m.
Developers adopted a cautious approach in their launches owing to a flood of ready-for-sale projects in the market. In Homantin, the launch of Zumurud was cancelled, given head-on-head competition with Ultima (Phase 2), One Homantin and Mantin Heights. Swire Properties offered conservative pricing levels (averaging about HKD 27,000 per sq ft, SA after discount) at its 197-unit project Alassio in Mid-levels West, selling out its first two batches of 40 units each within two hours of being launched.
A handful of ultra-luxury properties changed hands amid faltering mass market sentiment, including the sale of House 5 at Mount Nicholson on The Peak for HKD 740 million. The unit price of HKD 80,672 per sq ft, SA was 8% lower than that achieved for House 6 in February.
The URA received a total of 30 Expressions of Interest for the development of the Pine Street/Oak Street demand-led project in Tai Kok Tsui, capable of yielding 115 private units.
The residential development site TYTL 190 in Tsing Yi has been reposted for sale via government tender with a closing date in May,
after failing to tender last November.
2 Hong Kong Residential Sales Market - Research Report
Notable Transactions (Feb / Mar)
Unit Property Size (sq ft) Consideration (HKD) Unit Price (HKD) Remarks
House 5 2 Cape Drive, Stanley 4,198 293.7 M 69,972 Discount + additional stamp duty rebate
House 15 50 Stanley Village Road, Stanley
2,751 135.8 M 49,364 Discount + additional stamp duty rebate + free furniture and chattels
House 5 Mount Nicholson, The Peak
9,173 740.0 M 80,672
Tower 1, 11A&B Eden Gate, Kowloon Tong 3,039 121.6 M 40,000
Source: EPRC, JLL
Recent Register of Intent (ROI), Submissions & Transactions (Feb / Mar)
Development District Developer Launch Date of Sale No. of ROI* (approx.) No. of Units Sold (on the first day of sales launch)*
Total No. of Units Sold (out of project total)
Alassio Mid-levels West
Swire Properties 1st Round 2nd Round
13 Apr 2016 19 Apr 2016
241 204
40 / 40 40 / 40
80 / 197
Mantin Heights Homantin Kerry Properties 1st Round 2nd Round
9 Apr 2016 16 Apr 2016
400 First come first serve
30 / 108 1 / 15
51 / 1,429 (including 1 default case)
One Homantin Homantin Wheelock Properties
1st Round 2nd Round 3rd Round 4th Round 5th Round
25 Mar 2016 28 Mar 2016 29 Mar 2016 4 Apr 2016 17 Apr 2016
500 28 / 148 1 / 1 2 / 10 13 / 74 3 / 1
66 / 561 (including 4 default cases)
First come first serve First come first serve 50 Tender
Ocean Wings Tseung Kwan O
Sun Hung Kai Properties
1st Round 2nd Round 3rd Round 4th Round 5th Round 6th Round 7th Round
2 Apr 2016 6 Apr 2016 10 Apr 2016 14-30 Apr 2016 17 Apr 2016 21 Apr 2016 22-30 Apr 2016
2,700 200 / 228 14 / 12 79 / 98 / 6 (pending) 47 / 55 0 / 4 / 3 (pending)
375 / 628 (including 5 default cases)
700 Tender
440
Tender
Ultima Phase 2
Tseung Kwan O
Sun Hung Kai Properties
1st Round 2nd Round 3rd Round 4th Round 5th Round 6th Round 7th Round 8th Round 9th Round
25 Mar 2016 26 Mar 2016 1 Apr 2016 8 Apr 2016 11-22 Apr 2016 15 Apr 2016 17-22 Apr 2016 20-24 Apr 2016 22 Apr 2016
350 34 / 35 13 / 15 40 / 43 44 / 45 / 1 (pending) 43 / 41 / 1 (pending) / 1 (pending) / 50 (pending)
173 / 271 (including 2 default cases)
N/A N/A Tender 250 Tender Tender 50 (ongoing)
The Spectra Yuen Long
K. Wah International / Sino Land / MTRC
1st Round 2nd Round 3rd Round 4th Round
19 Mar 2016 26 Mar 2016 16 Apr 2016 23 Apr 2016
1,750 First come first serve First come first serve First come first serve
137 / 338 6 / 33 21 / 28 0 / 15
231 / 912 (including 3 default cases)
Source: Market Sources, JLL * Cut-off date: 20 Apr 2016; includes units from previous batches sold on the same day
3 Hong Kong Residential Sales Market - Research Report
Occupation Permit Issued (Feb)
Address Development Name Developer No. of Units
8 Mount Nicholson Road, The Peak, Hong Kong Mount Nicholson (Phase 2 & 3)
Wharf Holdings / Nan Fung 50
11 Davis Street, Western, Hong Kong The Hudson Henderson Land 134
88 Third Street, Western, Hong Kong The Nova China Overseas Land & Investment / URA
255
204 Argyle Street, Kowloon, Hong Kong The Zumurud Cheung Kong / Empire Group 228
18-20 Fuk Chak Street, Tai Kok Tsui, Kowloon Upper West Kowloon Development 104
Source: Buildings Department, JLL
Residential Sites Sold via URA / MTRC Tender (Mar / Apr)
Award Date Type Lot Details Site Area (sq ft)
Total GFA (sq ft)
Residential GFA (sq ft)
Purchaser
9 Mar 2016 MTRC LOHAS Park Package Ten Property Development
85,843 811,606 811,606 Nan Fung Group
Source: Market Sources, JLL
Residential Sites Sold via Government Public Tender (Mar / Apr)
Award Date Lot No. Location User Site Area (sq ft)
Premium (HKD M)
A.V. (HKD per sq ft)
Purchaser
23 Mar 2016 STTL 610 Tai Po Road Shatin Heights, Shatin, New Territories
R3 35,521 245.1 2,760 Far East Consortium International
15 Mar 2016 RBL 1201 Wong Ma Kok Road, Stanley, Hong Kong
R3 272,329 2,811.0 12,436 K&K Property
2 Mar 2016 KIL 11257 Sheung Shing Street, Homantin, Kowloon
R1 1,051,352 6,382.2 10,889 Goldin Financial
Source: Lands Department, JLL
Pre-sale consent Approved (Mar)
Lot No. Address Development Name Developer No. of Units
KIL 11228 1 Sheung Foo Street, Homantin, Kowloon
One Homantin Wheelock Properties 561
TKOTL 118 28 Tong Chun Street, Tseung Kwan O, Sai Kung, New Territories
Ocean Wings Sun Hung Kai Properties 628
KIL 11227 28 Sheung Shing Street, Homantin, Kowloon
Mantin Heights Kerry Properties 1,429
NKIL 6511 11 Grampian Road, Kowloon Tong, Kowloon
The Grampian Grampian Development Co Limited 14
Source: Lands Department, JLL
Pre-sale consent New Application (Mar)
Lot No. Address Development Name Developer No. of Units
NKIL 6525 1 Muk Ning Street, Kai Tak, Kowloon K&K Property 822
STTL 599 Ma Kam Street, Ma On Shan, Sha Tin, New Territories
Kam Wah / Wang On 640
Source: Lands Department, JLL
4 Hong Kong Residential Sales Market - Research Report
© 2016 Jones Lang LaSalle IP, Inc. All rights reserved. For further details or to unsubscribe, please email [email protected]. The items in this publication have been compiled from the various sources acknowledged. The information is from sources we deem reliable; however no
representative or warranty is made to the accuracy thereof.
For more information, please contact:
Henry Mok Ingrid Cheh Regional Director (Project & Sales) Senior Manager Hong Kong Capital Markets Hong Kong Research [email protected] [email protected] +852 2846 5756 +852 2846 5129 jll.com.hk
Upcoming Residential Projects (Primary Sales)
Project Name Location No. of Units
Developer
Bohemian House Western District
191 New World Development / Henderson
Altamira Mid-levels West
38 Majestic Elite Property Development
102 Argyle Street Homantin 36 Manhattan Development
No. 62 Begonia Road
Kowloon Tong
10 China Overseas
38 Inverness Park Kowloon City
134 Chinachem
The Ascent Shamshuipo 157 Paliburg / Regal Hotels
One Kai Tak (I) Kai Tak 545 China Overseas Land & Investment
8 Kwun Fat Street Tuen Mun 14 Emperor
Mount Pavilia Sai Kung 680 New World Development
Park Vista Phase 1B & 1C
Yuen Long 665 Sun Hung Kai Properties
Casa Regalia Yuen Long 36 Paliburg / Regal Hotels
2GETHER Tuen Mun 222 HKR International
Source: Market Sources, JLL
Residential Sites To be Sold via Government Public Tender
Lot No. Location User Site Area (sq ft)
Closing Date
TPTL 227 Chong San Road, Pak Shek Kok, Tai Po, New Territories
R2 308,763 13 May 2016
TYTL 190 Sai Shan Road, Tsing Yi, New Territories
R1 66,736 27 May 2016
Source: Lands Department, JLL
