Digest, September 26, 2012

PUBLISHED : Wednesday, 26 September, 2012, 12:00am
UPDATED : Wednesday, 26 September, 2012, 1:41am

Healthy prospects for TST shop rents

Emperor Group acquired a shop in Hankow Road, Tsim Sha Tsui, for HK$145 million, or HK$181,250 per square foot for investment. Lawrence Wong Wai-man, a director at Sheraton Valuers, who handled the deal, said the 800 sq ft shop in Hon Kwong Mansion was leased to a golf shop for a monthly rent of HK$183,000, or a yield of 1.5 per cent, but this could increase to HK$350,000 a month after the lease expired in September 2013. This would lift the rental yield to 2.9 per cent. Wong said the capital value of the shop had upside potential, as the prices of the shops in nearby Canton Road and Haiphong Road had risen to HK$700,000 to HK$800,000 per square foot. Yvonne Liu

CBRE takes on sale of Sai Kung luxury homes

CBRE has been appointed by Far East Consortium as the sole agent for the sale of a luxury residential site development - 684 Clear Water Bay Road, Sai Kung. The property comprises four three-storey European-style houses. Each has a garden, roof, swimming pool and car-parking spaces. It is expected they will fetch prices in the region of HK$250 million, or HK$31,258 per square foot. In June, a house at 12 Silver Crest Road, Sai Kung, sold for HK$85 million, or HK$34,000 per square foot, according to CBRE. Peggy Sito