Rents rebound by 10 per cent

PUBLISHED : Saturday, 02 January, 1999, 12:00am
UPDATED : Saturday, 02 January, 1999, 12:00am

Rents in popular housing estates rebounded by about 10 per cent in the fourth quarter of last year trimming the extent of correction last year, according to Ricacorp Properties.

The agent's survey of rental trends in 12 selected housing developments showed that the recovery cut the full-year decline of rents in these estates to 7 per cent.

The leasing market of those estates on Hong Kong Island staged the strongest rally with growth of nearly 12 per cent during the fourth quarter, it said.

Rents in Kornhill fared the best with an increase of 18 per cent to $20 per square foot a month.

Those in South Horizons and Taikoo Shing picked up 10 per cent and 7 per cent, respectively.

Ricacorp said housing estates in the New Territories reported an 11 per cent rebound in rentals during the fourth quarter but the accumulated decline for last year remained at a high level of 13 per cent.

During the quarter, rents in Shatin City One rose 16 per cent to $14.5 per square foot while those in Kingswood Villas gained 7 per cent to $7.5 per square foot.

Sunshine City rebounded 8 per cent to $13 per square foot but the accumulated fall for the year was as much as 21 per cent, according to the agent.

In Kowloon, rents in Laguna City grew 6 per cent in the last quarter to $17 per square foot. Those in Whampoa Garden were up 12 per cent to $19 per square foot, with a full-year decline of 14 per cent.