…n of the sole bid for a Kwun Tong site earlier this month and the unsuccessful tender for a luxury residential site in the Stanley area which was scratched after drawing four subpar bids. “The government overestimated the value of the tender site (Oyster Bay) and hence even the highest bid of developers was not accepted by the government,” said Charles Chan, managing director of Savills’ valuation and professional services division in Hong Kong. “…
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Hong Kong Commercial Property Investment Falls 45% as Interest Rates Sour Reopening
…al-rich investors with limited assets looking to bottom-fish before prices fully rebound,” he said. “We expect total volume of large-size non-residential transactions to reach around HK$50 billion for the full-year 2023.” Residential Sales Dive In a separate Hong Kong report released Tuesday, CBRE said residential sales totalled 4,003 units in May, falling 12.7 percent from the previous month’s levels after tumbling 31.5 percent in April. Transact…
GIC JV Completes Acquisition of Indus Realty Trust and More Asia Real Estate Headlines
…illion euros, and 200,000 euros above its June 2023 valuation and was paid fully in cash, the manager said in a bourse filing. Following the sale, Cromwell E-Reit’s portfolio is nearly 50 percent weighted to the light industrial and logistics sector. Its weighting towards office properties now stands at 48.1 per cent. Read more>> Site in Hong Kong’s Kennedy Town Attracts Bids From CK Asset, SHKP Six developers – CK Asset, Great Eagle, Sun Hung Kai…
Singapore’s LHN Adds to Co-Living Portfolio with District 9 Acquisition
…tions over the past year, LHN’s portfolio, including operational units and future pipeline give the company around a 20 percent share of the city-state’s co-living sector, according to a JLL report in June, and make it the largest player in a segment which is expected to grow by up to 3,000 rooms within this year alone. More River Valley Options LHN is paying about S$2,004 per square foot for the adjoining properties, or slightly below the S$2,069…
Evergrande Rolls Out New Restructuring Plan and More Asia Real Estate Headlines
…hung as all four bids from developers came in below the reserve price in a further blow to the city’s land sales target. The cancelled tender also market the fifth land parcel to have failed to secure winning bids so far this year. Only two sites have been sold by the government this fiscal year and the accumulated amount of HK$15.6 billion only represents 18 percent of its annual land sale target of HK$85 billion. When bids closed last Friday, th…
Swire Selling Hong Kong Office Floors for $693M as Development Plan Steams Ahead
…o redevelop the properties into a 487,213 square foot residential project. Further up King’s Road East, Swire in March 2022 completed its acquisition of the Zung Fu Industrial Building and in June this year said that it had acquired the last pieces of the adjoining Wah Ha Factory Building at 8 Shipyard Lane, with the company saying that it intends to develop the consolidated site for office and other commercial uses. In mainland China, Swire last…
Swire Properties Warns of 70% Profit Plunge on Investment Losses
…o redevelop the properties into a 487,213 square foot residential project. Further up King’s Road East, Swire in March 2022 completed its acquisition of the Zung Fu Industrial Building and in June this year said it had acquired the last pieces of the adjoining Wah Ha Factory Building at 8 Shipyard Lane, with the company saying it intends to develop the consolidated site for office and other commercial uses. In November, Swire broke ground on Taiko…
New World Taps China Resources to Develop $1.3B New Territories Residential Project
…ces also inked pacts with local heavyweights Henderson Land Development, K Wah International Holdings and Shun Tak Holdings. Chairman Li Xin said Wednesday that China Resources Land hoped to leverage both parties’ rich resources and experience in developing high-end and high-quality projects. “We are committed to contributing to Hong Kong’s economic development and improvement of people’s livelihoods, as well as to supporting the country’s overall…
CK Asset’s Li Ka-shing Keeps Crown as Hong Kong’s Richest Amid Bear Market
…wealth of Hong Kong’s real estate tycoons in 2023, with Li Ka-shing successfully defending his title of richest Hongkonger despite his fortune shrinking 7.2 percent to $36.2 billion. CK Asset boss Li and a host of property moguls continued to rule the top 10 as the net worth of Hong Kong’s 50 richest fell 8.6 percent to $296 billion last year, Forbes said Thursday in a release. Henderson Land’s Lee Shau Kee retained the rich list’s second spot eve…
Swire Properties Profit Plunges 67% on Markdowns Despite Retail Rebound
…ikoo Place community in the Quarry Bay area after having acquired the Zung Fu Industrial Building and Wah Ha Factory Building in 2022 with plans to redevelop the two sites into a new commercial tower within the Taikoo Place complex. The company expects the latest phase of redevelopment to be completed in the first half of 2024. In mainland China, which accounted for 40 percent of Swire’s gross rental income in 2023, the company is expanding its fo…