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Kenneth Ko

Leasing activity for high-end residential properties on the south side of Hong Kong Island is picking up, with high-budget tenants scouting for properties, according to Jones Lang LaSalle director Amelia Lim.

 Leasing had been 'quite vibrant' in the past two months and was much better than in the early part of this year, she said.

 Expatriates were coming in and people wishing to relocate also wanted to close new leases and settle the family before school restarted in September.

 Tenants still believed it was a tenants' market, she said.

 But landlords were beginning to resist giving concessions and were firming up in offers.

 Jones Lang LaSalle is marketing the Carmelia development at 60 Stanley Village Road.

 Carmelia comprises four houses, owned by a Singaporean investor who bought the property from National Electronics for $175 million last month.

 The three and four-storey houses measure from 3,600 to 5,200 square feet.

 Asking rents for the houses were $37 to $43 per square foot a month.

 The south side of the island had long been a preferred residential location for expatriates, and quality homes were popular, Ms Lim said. Expatriates with families in particular were interested in houses rather than apartments.

 Ms Lim said many senior expatriates could afford the rents for quality houses.

 The landlord of Carmelia would consider rent-free concessions for leases starting immediately, subject to the rentals achieved, she said.



Expatriate influx perks up leasing