Water Pharmacy Street Rental Values Continue to Decline

SighingCashier · 2026-03-16T11:36:37+00:00

Sheung Shui and Mong Kok shop rental values continue to decline. Sheung Shui's San Hong Street shops have dropped approximately 9.92% year-on-year, with cumulative declines reaching 28%. Mong Kok's Sino Centre shop rental values have also decreased 5.38%, down 72.15% from their 2016 peak. This indicates weakening commercial vitality in these areas.

SighingCashier

2026-03-16 11:36:37

Abstract generation in progress

Previously a hot spot for mainland visitors and parallel traders, Sheung Shui’s rental values continue to weaken. Shops near the so-called “Pharmacy Street” — San Hong Street, Lung Sum Road, and San Fung Road — are still experiencing rent declines, with drops of about 10% to 15%.

According to the Rating and Valuation Department’s 2026/27 annual rateable value estimates, the ground-floor shop at 98 San Hong Street, Sheung Shui, with an area of 1,625 square feet, has a latest rent value of approximately HKD 1.416 million, down 9.92% year-on-year. This marks two consecutive years of decline, with a total drop of about 28%. Compared to the peak in 2018/19 at HKD 2.844 million, it has more than halved. The current tenant is the chain retail store U-Power 360.

Once a “hotspot” for iPhone reselling, the rent value of shops at Mong Kok’s Sun Tak Plaza has also fallen. The ground G2 and G3 shops, about 280 square feet each, have an estimated rent value of HKD 528,000 for the next year, down 5.38% year-on-year. Compared to the highest rent value of HKD 1.896 million in 2016/17, this is a 72.15% decrease.

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