Swire Properties chairman John Slosar has picked out a new home on the Peak for HK$120M
Leading today’s Hong Kong real estate news, the outgoing chairman of Swire Properties should enjoy excellent views during his retirement, after picking out a HK$120 million home for himself in one of the blue chip developer’s priciest projects on Victoria Peak. Also in the headlines, a shop leased to Lan Kwai Fong’s iconic nightlife spot The China Bar has been put up for sale for HK$400 million ($51 million), and the presence of mainland investors in the city’s real estate market is projected to grow as developers from north of the border turn to existing commercial properties rather than sites. And, for those of you who may be afraid of missing out on the next big deal, a HK$3 billion hotel in Jordan is now on the block, so keep reading for all these stories and more.
Swire Chairman Buys Unit in Firm’s Peak Project for HK$120M
Swire Properties has sold a residential unit in a renovated colonial era building to John Slosar, chairman and executive director of Swire Pacific and Swire Properties, for HK$120 million.
The home is located at flat B on the first floor in Eredine at 38 Mount Kellett Road at The Peak. It has a saleable area of about 2,800 square feet, and with private outdoor space that has an area of approximately 3,300 square feet. It also comprises a car park. Read more>>
LKF’s The China Bar Shop Selling for HK$400M
The owner of the shop at 38-44 D’Aguilar Street in nightlife hub Lan Kwai Fong, Central has put the property on sale with an asking price of HK$400 million, or HK$137,800 per square foot. Centaline is the sales agent for the 2,903 square foot (270 square metre) shop.
The property has been leased to The China Bar for almost ten years for a discounted HK$460,000, and the current lease will expire in April 2019. The market rent for the shop can reach over HK$600,000 a month. Read more>>
HK$3B Shamrock Hotel in Jordan Put on Sale
Hotel tycoon Hui Yeung Shing’s family has appointed JLL to put a six decades old hotel in Jordan on sale. The 108,684 square foot (10,097 square metre) Shamrock Hotel, located at 223 Nathan Road, is valued at HK$3 billion ($382 million).
The hotel sits on a 9,000 square foot site which provides a gross floor area of 108,684 square feet (10,097 square metres). The property can be redeveloped as an office building of 108,684 square feet floor area. Read more>>
Mainland Developers Turn Redevelopment Deals in HK
Mainland investors’ appetite for property in Hong Kong is showing no signs of abating despite sky-high prices and capital control measures. Since the second half of last year, deep-pocketed developers from the mainland have shifted from bidding for land to acquiring existing property.
In March alone, there were four transactions worth more than HK$3.3 billion ($420.4 million). Henry Mok, regional director of capital market at JLL, said the presence of mainland developers in the city will continue to grow. Read more>>
Shipping Firm Jinhui Buys Pair of Units in Causeway Bay for HK$113M
Shipping company Jinhui Holdings paid a sum of HK$113 million for a floor and a unit in Lippo Leighton Tower, 103 Leighton Road in Causeway day, from Bank of East Asia. The properties are the entire 20th floor and Unit A on the 16th floor.
Jinhui said that the properties are located in one of the prime business districts in Hong Kong and the acquisition price is highly attractive. Half of the payment will be funded by bank financing and half from the company’s internal resources. Read more>>
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