Peak Condo Sells for HK$667M and More Hong Kong Real Estate Headlines

Leading today’s Hong Kong real estate news, home sales in the city may be sliding, but high-end shelter seems to still be attracting buyers as a condo on the Peak has sold for HK$667 million, setting a record high price for an apartment of HK$143,000 per square foot. Plus Filipino tycoon Lucio Tan has discovered that while investors like to talk up market disruption, and the sharing economy has become an unavoidable buzzword, they may not welcome co-living ventures disrupting their swanky streets around The Peak, Deep Water Bay and Stanley. Read on for all these stories and more in the world’s most expensive real estate market.

Condo at SHK’s Twelve Peaks Sells for HK$667M

A 4,661 square foot (433 square metre) flat in Sun Hung Kai’s Twelve Peaks project near Victoria Peak has sold for a record HK$143,000 (US$18,258) per square foot, according to an account in the Sing Tao Daily on Monday.

The unnamed seller, who had purchased the upscale condo in July, pocketed HK$667 million on the deal, earning about eight percent or HK$47 million in return for holding the home for the past four months. Read more>>

Lands Dept Shuts Down Pinoy Tycoon’s Illegal Co-Living Venture

A private developer owned by Filipino tycoon Lucio Tan was found to have breached Hong Kong’s land lease rules by renting out more than 500 subdivided properties derived from three luxury villas and townhouses it owned in Deep Water Bay, Stanley, and The Peak respectively.

The rental business, which had been operated by Tan’s Eton Properties since August 2017 and had branded the subdivided homes as co-living spaces, was shut down after the Lands Department ordered the developer owned by the Philippine Airlines boss to return the properties to their original designs during February and July of this year. Read more>>

Office Floor in Kwai Chung Hits the Market at HK$105M

Local investor Yueng Fun Bun hopes to sell the 15th floor of the strata-title K83 office building developed by First Group Holdings Limited in Kwai Chung, for HK$105 million (US$13 million), according to Midland Realty, which is representing Yeung in the sale.

Yueng, who is chairman of local importer Kam Wah Holdings Limited, priced the 6,674 square foot (620 square metre) office space in the New Territories at HK$15,732 per square foot, reaching for a markup of 22 percent from the HK$86 million that he paid to purchase the property in the middle of this year. Read more>>

Second-Home Sales Inch Upwards

Hong Kong’s tepid housing market warmed up a bit last week as 34 second-hand homes changed hands in the city’s 35 biggest housing projects over the week from November 12th to 18th. That number was up by ten transactions compared to the previous week, although total sales volumes are still touching the lowest monthly volumes recorded earlier this year at the properties, which ranged from between 31 and 109 transactions per month from February through July.

In Kowloon, thirteen flats were sold last week, up by ten compared to the previous seven days, while the number of transactions on Hong Kong Island dropped from eight to two, Midland’s figures show. Read more>>

Stan Group Marketing Tuen Mun Offices From HK$3.4M

Family owned property developer Stan Group will offer 22 office units for sale as it makes available the first batch of properties in its 30-storey One Vista Summit commercial building on San Hop Lane in Tuen Mun. The investment firm owned by the family of veteran investor Tang Shing-bor is offering the units at prices ranging from HK$5,834 to HK$10,004 per square foot.

Together with mainland developer Jiayuan International Group Limited, Stan Group has converted the former industrial building in the eastern New Territories, with the project expected to yield 320 office units upon completion in September 2019. Read more>>

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