Themis Qi
The rental value of luxury properties has rebounded, with billionaire Lee Shau-kee’s three-home mansion at 35 Barker Road on The Peak seeing its value rise 3 percent to HK$24.9 million.
For the fourth straight year, Lee’s ultra-luxury property has been crowned Hong Kong’s most expensive property by rateable value.
While the rental value of luxury homes has stabilized, Hong Kong’s commercial market remains sluggish due to changes in mainland tourists’ spending habits and the northbound journeys of Hongkongers.
The three houses that make up Lee’s mansion would command HK$8.64 million, HK$8.16 million and HK$7.68 million respectively on the rental market. The rateable value of the attached 16-space parking lot remains at HK$422,400.
Hong Kong’s wealthiest man, Li Ka-shing, owns a home at 79 Deep Water Bay Road with a rental value of HK$9.04 million.
In Shek O, Tencent chairman Pony Ma Huateng’s house at 13 Big Wave Bay Road saw its rateable value stay at HK$12.81 million, the most expensive single home in Hong Kong.
But a home at 89 Repulse Bay Road, owned by C-Bons Group chairman Leung Leung-shing, saw its rental value dip 3 percent to HK$11.69 million.
In the commercial sector, street shops’ rental value continued to fall.
Shop 12 and shop 13 of 2A Canton Road in Tsim Sha Tsui – the 1881 Heritage complex – posted a 34.4 percent slump to HK$7.08 million in rental value.
Another part of the 1881 Heritage complex, shop 8, recorded a 20 percent slide to HK$17.16 million. Estimates for 2024-25 have seen an 84 percent decline from its peak of HK$105 million five years ago.
Causeway Bay’s Russell Street, one of the world’s most expensive commercial streets, saw some shops extend the fall. A three-story property owned by Emperor International was valued at HK$19.08 million, down 9.66 percent.
But some shops on Russell Street saw their rateable value fall slower. The rental value of Plaza 2000 only declined 6.9 percent to HK$24.26 million.
For the residential market, tiny flats posted an increase in rental value, with one unit at Parkway in Shau Kei Wan jumping 9 percent to around HK$115,200.
themis.qi@singtaonewscorp.com
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