(By Leong Yuet Kam)
Some cautious prospective buyers turn to rent instead of buying affected by the epidemic. Local Ho family's Shing Cheung Tower Wan East 17 in No.17 East Street, Shau Kei Wan, takes the advantage to launch the first batch of 8 units on the 15th-28th floors for lease. The usable areas are 366 sq ft to 494 sq ft. They include one-bedroom and two-bedroom units. The monthly rents are HKD20,500 to HKD29,500, with the sq ft prices at HKD56-59, lower 5% to 10% than the second-hand property sq ft price in the same district.
Target rent is about HKD70.
Yau Peng, the Sales Director of the estate's exclusive agency Midland, points out that the sq ft rents of Shing Cheung Tower Wan East 17's first batch of 8 units are 5% to 10% lower than the market price. The mid-to-high-level units can view the Typhoon Shelter seascape in Shau Kei Wan. Currently, a one-bedroom unit in usable area of 275 sq ft in Le Riviera occupied a few years ago in the same district is in the monthly rent of about HKD64. The target sq ft rent of Shing Cheung Tower Wan East 17 is about HKD70, and they will additionally launch more depending on circumstances. He also expresses that the sample flats will be opened for visiting since now, and the lease starts at any time, with an all-inclusive rent. He estimates the monthly rental income to be about HKD1.2 million if all 84 units of the whole building are leased out.
Yau Peng expresses, the owner is a local Ho family who is engaged in manufacturing. The original site was an industrial building, and the owner reconstructed it into commercial and residential construction, Shing Cheung Tower Wan East 17, supplying a total of 85 units. The 7th to 16th floors are Low Zone, with four units on each floor, in usable areas of 366 to 494 sq ft, including one unit of one-bedroom and three units of two-bedroom. The 16th floor is Sky Garden. The 17th to 28th floors are High Zone, in usable areas of 366 to 494 sq ft, consisting of three units of one-bedroom and one unit of two-bedroom.
The owner reserves the top-floor unit.
The owner reserves the 29th top floor with a rooftop for self-occupation. It is only one unit in a usable area of about 2,000 sq ft. The project is ready for occupancy. The ground, 2nd, and 3rd floors are shops. The parking lot locates on the 1st floor. There is a clubhouse on the 5th floor, including the swimming pool and fitness room.
The Chief Executive Officer of the Midland Residential Department, Po Siuming, expresses that recently there are indeed cautious prospective buyers who turn to lease instead of buying affected by the epidemic. Plus, Shing Cheung Tower Wan East 17 provides mainly one-bedroom and two-bedroom units, conforming to current market demand. He estimates there is a demand for leasing houses currently.
