JLL

There were only a handful of lump sum transactions recorded during the year. 

Vacancy rate in end-December rose due to new completions.

JLL research showed that retrofitting old buildings will be cost effective.

There are 79,000 new homes available in the city.

The completion of Two Taikoo Place contributed to the vacancy rate.

The average fit-out cost is US$130 per sqft.

Amongst these operators is Storhub.

Amongst these operators is Storhub.

The retail podium at Coo Residences in Tuen Mun was sold for $450m.

Units sold in the primary and secondary markets were at 672 and 2,476, respectively.

Across submarkets, Central posted the largest drop in rents.

It was sold to Bremont Investment Limited.

Real estate expert, Cathie Chung, said that the market will have a reset by 2023.

JLL said residential sales in the last nine months have dropped to its lowest level in 20 years.

JLL said new projects were at an average discount of 10%.

Bridgeway Prime Shop Fund and Owl Square Co-living acquired the properties.   Six retail shops and nine residential units at Kin Sun Building, Nos. 11-19 Yen Chow Street in West Kowloon were sold separately to two buyers for a total consideration of $100m, its marketing agent, JLL announced.   Bridgeway Prime Shop Fund acquired the retail shops for $70m, whilst Owl Square Co-living Founder Max Poon and AL Group Limited Chairman Laurence Chan got a hold of the residential units.   “All these six connecting corner shops with wide frontages are very rare in the area. With numerous residential redevelopment projects nearby, I am very optimistic about the price appreciation potential of this investment,” Edwin Lee, founder of Bridgeway Prime Shop Fund, said.   Accordion to Lee, the shops provide a passing yield of 3% and could achieve a yield of 5% when projects nearby the properties are completed.    Poon, for his part, said he will transform the nine residential units into “high quality and affordable living options for young professionals.”