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Residential Leasing Savills Research Hong Kong – July 2021 MARKET IN MINUTES Residential Leasing Savills Research Savills team Please contact us for further information RESIDENTIAL SERVICES Aradhana Khemaney Head of Residential Services +852 2842 4491 [email protected] Hatty Ng Director +852 2378 8631 [email protected] Sdever Li Director +852 2842 4551 [email protected] RESEARCH Simon Smith Regional Head of Research & Consultancy, Asia Pacifi c +852 2842 4573 Modest rent rises seen in Q2 [email protected] Despite the marginal rental increases over the quarter, uncertainty remains over Jimmy Wong Assistant Manager the scale of departures after the end of the school year this summer. +852 2842 4287 [email protected] • Luxury apartment rents ended their eight consecutive • In Q2/2021, the highest monthly residential rent record Savills plc quarters of decline in the second quarter of 2021, with was broken by 73 Mount Kellett Road (HK$1.6 million a Savills is a leading global real estate service provider listed on rents on Hong Kong Island, Kowloon and the New month) and super luxury units are still in demand given the the London Stock Exchange. The company established in 1855, has Territories rising marginally by 0.5%, 0.3% and 0.8%. availability of high-quality houses remains tight. a rich heritage with unrivalled growth. It is a company that leads rather than follows, and now has • All districts on Hong Kong Island recorded mild rental over 600 offi ces and associates throughout the Americas, Europe, increments in Q2/2021, with Mid-Levels (0.7%) registering Asia Pacifi c, Africa and the Middle East. This report is for general the largest rental increase, followed by Pokfulam (0.5%) informative purposes only. It may “ The summer months will not be published, reproduced or and The Peak (0.5%). quoted in part or in whole, nor may it be used as a basis for any prove interesting for the contract, prospectus, agreement or other document without prior • All submarkets in Kowloon and the New Territories consent. Whilst every eff ort has recorded rental increases except Tai Po/Shatin, which was luxury leasing market as been made to ensure its accuracy, Savills accepts no liability aff ected by the completion of new developments in Kau To whatsoever for any direct or relaxed travel and quarantine consequential loss arising from its Shan. use. The content is strictly copyright and reproduction of the restrictions may lure staff whole or part of it in any form is prohibited without written • We are seeing few Mainlanders in the leasing markets, but back to the city while the end permission from Savills Research. PRC sales activity is picking up. of the school year could see a • An active IPO pipeline and demand for wealth management rise in departures.” services is supporting demand from fi nance and professional services tenants while unaff ordable housing is SIMON SMITH, SAVILLS RESEARCH leaving more locals in the leasing market. savills.com.hk/insight-and-opinion/ 1 Residential Leasing MARKET COMMENTARY In Kowloon and the New Territories Tai GRAPH 1: Hong Kong Island Luxury Rental Indices By District, Q1/2003 to Q2/2021 The luxury leasing market remained in limbo Po/Shatin was particularly active as elevated during the second quarter with limited supply levels have forced landlords to be Mid-Levels Pokfulam more pragmatic. With less traffi c than the The Peak Happy Valley/Jardine's Lookout quality stock available. The trickle of new Southside/Shouson Hill arrivals and the low departure volume may increasingly congested Sai Kung/Clearwater 300 reverse over the next few months, however, Bay area and off ering a 25-minute commute as seven-day quarantine lures staff back to to Central, the appeal of the area is obvious. 250 the city while the end of the school year in A large apartment of 1,500-1,600 sq ft with 200 late June/early July may result in a summer a car park space can be let for less than exodus. Luxury apartment rents ended their HK$50,000 per month and townhouses 150 eight consecutive quarters of decline in the can be had for HK$60,000 to HK$100,000 second quarter of 2021, with rents on Hong per month with a roof, small garden, car Q1/2003=100 100 Kong Island, Kowloon and the New Territories park and (crucially) private access. The rising marginally by 0.5%, 0.3% and 0.8%. accessibility of the district will be further 50 We are seeing few Mainlanders in the improved after the opening of the cross- leasing markets but PRC sales activity in harbour section of the Shatin-Central Rail 0 areas such as Mid-levels, Kennedy Town, Link, which should open in either the second Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Sheung Wan and Kai Tak in the HK$8 to or third quarter of 2022. Source Savills Research & Consultancy HK$20 million budget range has been more All submarkets in Kowloon and the marked. These buyers can be characterised New Territories recorded rental increases as yuppie couples starting out in Hong Kong except Tai Po/Shatin, which was aff ected by the completion of new developments GRAPH 2: Kowloon and New Territories Luxury Rental seeking 500 to 700 sq ft apartments. Locals Indices By District, Q1/2003 to Q2/2021 and expatriates are still the major demand in Kau To Shan which lured new tenants drivers in the leasing market. from Tai Po. Discovery Bay saw the largest Tsim Sha Tsui / Hung Hom Kowloon Tong Discovery Bay Sai Kung All districts on Hong Kong Island rental increment among the submarkets in Shatin / Tai Po 200 recorded mild rental increments in Q2/2021, Kowloon and the New Territories, followed with Mid-Levels (0.7%) registering the by Sai Kung (+1.2%) and Ho Man Tin/ 180 largest rise, followed by Pokfulam (0.5%) Kowloon Tong (+0.4%). and The Peak (0.5%). Hong Kong Island Townhouse rents registered a rental 160 tenants traditionally come from fi nance increase of 0.9% over the quarter, up from 140 related industries, which are benefi tting an increase of 0.2% in Q1/2021. Despite from the fl ourishing IPO market, which the rebound over the last two quarters, 120 recorded fund raising of HK$184 billion over townhouse rents are still 12.8% below peak Q1/2003 = 100 Q1/2003 the fi rst fi ve months of 2021, representing Q1/2019 levels. The typical budget for a 100 a dramatic increase of 620% over the house on The Peak is from HK$120,000 to 80 same period in 2020. Wealth management HK$400,000 per month. Some super luxury services are also in demand with the advent houses may ask for HK$600,000 or above. 60 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 of the Wealth Management Connect scheme 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 in February. Source Savills Research & Consultancy TABLE 1: Savills Residential Rental Indices, Q1/2021 vs TABLE 2: Mid-Levels, The Peak and Southside Transactions, Q2/2021 Q2/2021 SALEABLE HK$ PER MONTH Q1/2021 Q2/2021 UNIT HK$ PER SQ FT DISTRICT ADDRESS AREA (INCL. MGT. & (QOQ%) (QOQ%) TYPE SALEABLE (SQ FT) RATES) Luxury Apartments - -1.2 +0.5 Mid-Levels Apartment Harmony 3,130 383,000 122 Hong Kong Island Branksome Luxury Apartments - Mid-Levels Apartment 1,675 108,000 64 -1.1 +0.3 Crest Kowloon 74 Mount The Peak House 3,106 210,000 68 Luxury Apartments - Kellett Road -1.7 +0.8 New Territories The Peak Apartment Cloudlands 2,212 100,000 45 Townhouses +0.2 +0.9 38 Repulse Bay Southside House 4,419 700,000 158 Road Serviced Apartments -1.4 +1.6 8 Deep Water Southside Apartment 2,764 195,000 71 Bay Drive Source Savills Research & Consultancy Source Savills Research & Consultancy savills.com.hk/insight-and-opinion/ 2 Residential Leasing GRAPH 3: Townhouse Rental Indices By District, TABLE 3: Kowloon Transactions Q2/2021 Q1/2003 to Q2/2021 SALEABLE HK$ PER MONTH UNIT HK$ PER SQ FT Peak Southside DISTRICT ADDRESS AREA (INCL. MGT. & TYPE SALEABLE 250 (SQ FT) RATES) Tsim Sha The Apartment 1,060 63,500 60 Tsui Harbourside 200 Tsim Sha The Apartment 1,068 53,000 50 Tsui Harbourside 150 Kowloon Apartment The Cullinan 1,333 90,000 68 Station Kowloon 100 Apartment The Cullinan 915 48,800 53 Q1/2003 =100 Station Kowloon Apartment The Waterfront 1,197 48,000 40 50 Station Kowloon Apartment Sorrento 1,344 58,000 43 Station 0 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Kowloon Apartment Sorrento 775 33,500 43 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Station Source Savills Research & Consultancy Source Savills Research & Consultancy GRAPH 4: Serviced Apartment Rental Indices By TABLE 4: New Territories Transactions, Q2/2021 Type, Q1/2003 to Q2/2021 SALEABLE HK$ PER MONTH Hotel-like Apartment-like UNIT HK$ PER SQ FT DISTRICT ADDRESS AREA (INCL. MGT. & TYPE SALEABLE 200 (SQ FT) RATES) 180 Sai Kung House Las Pinadas 1,926 50,000 26 160 Sai Kung Apartment Mount Pavilia 1,841 75,000 41 140 Discovery Apartment Seahorse Lane 1,732 74,000 43 Bay 120 Q1/2003 = 100 Q1/2003 Discovery Apartment Headland Drive 2,094 85,000 41 100 Bay Discovery 80 Apartment Amalfi Two 929 30,000 32 Bay 60 Discovery Apartment Coastline Villa 1,903 61,000 32 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Bay 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 Source Savills Research & Consultancy Source Savills Research & Consultancy In Q2/2021, the highest monthly residential in demand given the availability of high-quality occupied currently.
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