Prominent real estate advisor Savills is pleased to announce that despite challenging market conditions, its Investment team has concluded HK$12.8 billion of real estate deals since January 2020, remaining a market leader across many asset classes including industrial, luxury residential properties and development sites.
Prominent real estate advisor Savills is pleased to announce that despite challenging market conditions, its Investment team has concluded HK$12.8 billion of real estate deals since January 2020, remaining a market leader across many asset classes including industrial, luxury residential properties and development sites.
• Industrial transactions
Over the first quarter, Savills dominated the whole block industrial building / site investment arena again with a 55% market share. The Cobalt Centre and Belle Tower transactions, which were concluded for HK$790 million and HK$640 million respectively caught the attention of both local and overseas investors and it is believed that they will become iconic buildings after redevelopment.
• Residential transactions
The luxury residential sector also witnessed Savills’ mega deals including single lot houses on No. 92 Repulse Bay Road (HK$550 million) and No. 21 Po Shan Road (HK$350 million). The Residential Team, as winner of the RICS Hong Kong award 2019, leads again in Q1 with a 45% market share in the super luxury house sector with a consideration of HK$300 million or above.
• Development site transactions
In the development sites market, Savills also surpassed our competitors with transactions ranging from office buildings to street shops. Major deals include 2A-2C San Lau Street & 26 Ko Shan Road (HK$350 million) and No. 37 Cameron Road (HK$450 million).
• Cross-border transactions
Savills also concluded several significant cross-border transactions over the first quarter. In China, we brokered LG Twin Towers in Beijing, China, and another project with two land sites and several commercial buildings in Jiangyin, China (RMB 473.5 million). Other deals include 1000 Nepean Highway, Moorabbin, Melbourne, Australia (AUD$21.8 million) and Circle on Cavill, 3184-3186 Gold Coast Highway Surfers Paradise, QLD, Australia (AUD$61.8 million).
Mr. Raymond Lee, CEO, Savills Greater China commented: “The triple punch of trade war, social unrest and COVID-19 has hit the market hard, however, our elite team managed to work seamlessly with our colleagues worldwide through lots of video conferences and phone calls; therefore we were able to strike the deals and won the trust of clients spanning the full range of industries and sectors around the globe.”
Mr. Frank Marriott, Head of Regional Investment Advisory, Savills Asia-Pacific said: “Our professional team is well known for helping clients to unlock opportunities amid market upheaval. If we view the current situation from a more positive perspective, the cooling market will provide chances for both bargain-hunters and long-term investors.”
These achievements follow a fruitful 2019, which saw some significant deals including Cityplaza Three & Four (introduction of a majority shareholder to a HK$15 billion total transaction; the largest office transaction in Hong Kong in 2019) and 8 Headland Road (HK$1.45 billion; the largest single lot transaction in the luxury residential market in Hong Kong in 2019).