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COMMERCIAL PROPERTY | Staff Reporter, Hong Kong
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The Wharf’s Harbour City retail sales surge 36% in 2H11

Retail sales averaged 44% growth during July and August.

According to HSBC’s report, Wharf expects 5-10% spot office rent growth in 2H11 from current levels.

Here’s more from HSBC

Wharf’s Harbour City mall delivered strong retail sales growth up to August, with positive growth momentum in 2H11 — Harbour City retail sales grew 36% YoY in Jan-Aug, compared to 33% in the first six months of the year. This implies an average 44% retail sales YoY growth during July and August, and Wharf expects decent retail sales growth in 2012.

Wharf expects 5-10% spot office rent growth in 2H11 from current levels. Wharf will likely enjoy positive rental reversion as passing rents are at low levels of HKD27 for Harbour City and HKD33 for Times Square. This compares to 1H11 spot rents of high 20s to mid 50s for HC, and mid-40s to low 60s for TS.

 

 

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