Edward Cheng, chief executive of Wing Tai Properties
Leading today’s Hong Kong news roundup, a pair of property firms that won a redevelopment site next to SoHo back in October have just announced plans to turn the prime piece of Central into a mixed-use commercial hub. Also in the headlines, one former civil servant is splurging on living space in the world’s most outrageous residential market, while Hong Kong is getting a new kindergarten and another club — with a mainland twist. Read on for more details about these and other deals.
CSI, Wing Tai Plan $1.9B Office-Retail-Hotel Development in Central
CSI Properties has unveiled a plan for an office-retail-hotel project, to be developed as a joint venture with Wing Tai Properties on a recently acquired plot next to SoHo, at an estimated cost of HK$15 billion ($1.9 billion).
“The site will be connected to IFC Central, arts and design venue PMQ and Lan Kwai Fong by footbridge [the Central-Mid Levels escalator]. The area will undergo a dramatic change when our project is completed,” said Mico Chung Cho-yee, the company’s chairman. Read more>>
Chinese Club Operator Leases 4 Floors in Central’s Silver Fortune Plaza
A 20,000 square foot office space in the Silver Fortune Plaza, 1 Wellington Street, Central has been leased out for HK$3.1 million ($400,000) per month. According to the Land Registry record, the buyer is a mainland firm that operates clubs. The firm has rented the basement, ground floor and the first and second floor. Read more>>
Spaces in Central’s Bank of America Tower Sell for HK$116M
Units 1 and 2 on a lower floor in the Bank of America Tower at 12 Harcourt Road in Admiralty have sold for HK$116 million ($15 million). The price of HK$40,000 per square foot for the 2,908 square foot space is by far the highest recorded in the history of the 27-year-old building. Read more>>
Kwun Tong Industrial Building Valued at HK$1.3B Goes on Sale
Wai Kee Industrial Building in Kowloon’s Kwun Tong area has been put up for sale by tender and the value is estimated to be over HK$1.3 billion ($166 million).
The 10-storey building on a 11,625 square foot site spans a gross floor area of 90,000 square feet, and can be redeveloped into a commercial and office property. The tender will end at 3:00 PM on January 17, 2018. Read more>>
Chinachem’s Papillons Square Leases 20,000 SF to Kindergarten
Chinachem Group’s Papillons Square retail plaza in Tseung Kwan O has started leasing. The 140,000 square foot commercial building consisting of about 50 stores is slated to open in the third quarter of 2018. The average rent is HK$30 to HK$70 per square foot.
The largest tenant by far is reportedly the kindergarten Learning Habitat, covering an area of 20,000 square feet. Read more>>
Former Minister Shells Out HK$34M for Luxury Flat
Chan Ka-keung, former Secretary for Financial Services and the Treasury, who only six months ago urged homebuyers to be judicious with their investments in the world’s most expensive housing market, disregarded his own advice and has gone ahead and bought a 1,404 square foot luxury flat in Mid-Levels.
Chan paid HK$33.93 million ($4.3 million), or HK $24,166 ($3,094) per square foot for the flat in Amber Garden, according to Land Registry data. Read more>>
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