A shop space in Tsim Sha Tsui was rented out for HK$400,000 per month, representing an 80 percent decrease from its peak, according a property agency.
Drugstore chain Sakura has leased it for three years, marking its second store opening in a core retail district this year.
The shop, located on the ground floor of Haiphong Mansion at 53-55 Haiphong Road has an area of about 1,200 square feet.
Chow Tai Fook Jewellery previously leased the shop in 2014 for approximately HK$1.8 million a month but vacated it in June 2020 due to the pandemic.
Despite a slower-than-expected recovery affecting the city's investment transaction volume in the first half, another agency expects the resilient retail sector to gain momentum in the second half due to the influx of mainland tourists and firms.
It anticipates an accelerated recovery in the second half, with high street shop rents growing by 8 percent over the full year.
The news came as the first agency’s founder said current trends show more people opting to rent rather than buy, indicating that the relaxation of mortgage rules has not been effective and leading him to expect cooling measures to be lifted in the future.
The agent said the relaxation was driven by government risk aversion to a market collapse and not to help people buy homes.
Swire Properties (1972) said its Eight Star Street in Wan Chai has sold 33 units, bringing in around HK$702 million at an average HK$38,983 per square foot.
Four units are still available at prices, after discounts, of HK$41.93 million to HK$70.68 million.
Its Chai Wan bus depot redevelopment, expected to be sold next year, will provide 850 units in two phases.
Wheelock Properties' Koko Mare in Lam Tin added a sixth price list for 45 flats ranging in size from 310 to 529 sq ft at an average discounted price of HK$19,333 psf, putting the starting price at HK$7.6 million.
CK Asset (1113) is set to release its sales brochure for The Coast Line II in Yau Tong this week, with a possibility of unveiling prices next week. The first batch will be at least 132 units.
