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Property News Weekly Digest
〈The Standard, Jan 14, 2023〉House prices in the UK are on track to drop 8 percent this year - the first annual drop since 2011 - after declining for four months in a row, according to one of the nation's biggest mortgage lenders.

Halifax said its measure of property prices fell 1.5 percent last month after a 2.4-percent decline in November.

Its figures are similar to a reading from the Nationwide Building Society, which last week reported the longest slump in prices since 2008.

Soaring interest rates and a tightening cost-of-living squeeze are weighing on the property market. The average cost of a home was 281,272 (HK$2.66 million), according to Halifax, down 4.3 percent from a peak of 293,992 in August.

〈The Standard, Jan 13, 2023〉The biggest land sale so far - a residential site in Kai Tak- went last month for HK$8.7 billion to CK Asset.

The site was originally valued at more than HK$10 billion.

The sale price was HK$6,138 per square foot, 23 percent below the lower end of market expectations of HK$8,000 per sq ft.

Surveyors said that was an eight-year low in the area.

However, there is a record-breaking transaction in the financial year in terms of per-sq-ft prices.

SEA Holdings, which is listed here in Hong Kong, won a luxury residential site on South Bay Road in Repulse Bay for HK$1.19 billion in February, which is equivalent to HK$62,352 per sq ft.

〈Hong Kong Business, Jan 12, 2023〉Mapletree investments and investment firm, PAG, has acquired Goldin Financial Global Centre (GFGC) in Hong Kong for US$713m (HK$5.6b).

The premium office building located in the heart of Kowloon East has a total lettable area of 886,703 sq ft.

It received LEED platinum and BEAM Plus platinum certification upon completion in 2016, the highest global and Hong Kong local industry standard for healthy, sustainable, and cost-saving green buildings.

The acquisition will expand the footprint of PAG Real Assets, the real estate business of PAG, in Hong Kong, and boost MapleTree’s presence in the city’s commercial sector “at an attractive price.”

〈Asian Post, Jan 11, 2023〉The Lands Department will acquire land near Tan Kwai Tsuen, Yuen Long for public housing development.

In a notice, the agency said the land to be acquired, once developed, will be able to provide about 7,000 flats. The first batch of flats will be available by 2030-31.

Currently, a grave with an area of about 13.5 sq m occupies the land. It will vest in the government from April 13.

The department will closely liaise with the affected parties to handle compensation matters.

〈Asian Post, Jan 10, 2023〉The interest rate hike cycle is expected to persist in early 2023 and will “cast a shadow” over Hong Kong’s mass residential market despite the reopening of the border with China, Colliers said.

In a report, the firm noted that the total residential transaction volumes fell to the lowest level since 1997, declining by 39.4% year-on-year to 45,050, excluding public housing, citing data from the Land Registry.