Leading today’s Hong Kong real estate news, Link REIT has completed its HK$23 billion sale of a horde of shopping malls to a consortium led by Gaw Capital. Also in the headlines, the government is weighing action to rein in property developers using dubious sales tactics to drive up housing prices, and retail sales are set to rebound by four percent this year. And Wheelock is gearing up to sell some new flats in Lohas Park, so keep reading for all these stories and more.
Asia’s largest REIT, Link REIT, has announced the completion of a divestment which saw it drop 17 properties across Hong Kong from its portfolio. The properties were sold to a consortium led by Gaw Capital Partners through a competitive sale, for a total consideration of HK$23 billion ($2.9 billion).
Collectively, the consideration represents a premium of approximately 52% over the properties’ collective appraised value as at 30 September 2017, said the REIT. Read more>>
The government needs to stop property developers using opaque sales tactics and stockpiling flats to push up prices amid skyrocketing housing costs in space-starved Hong Kong, experts said on Thursday.
The strategies, raised by Financial Secretary Paul Chan Mo-po after his budget speech on Wednesday, have been blamed in part for the city’s housing crisis. Chan said the government would need to manage the property market in a “holistic” way, in the face of criticism for launching few initiatives to ease the housing shortage. He said the hoarding strategy was “undesirable”. Read more>>
Wheelock and Company released a price list for the first batch of its project Malibu yesterday, offering 320 units at the average price of HK$14,347 per square foot.
Ricky Wong Kwong-yiu, executive director of the company, said the price is lower than what was offered at Wings At Sea by Sun Hung Kai Properties last October. Units available range from 367 square feet to 801 square feet, with prices from HK$6.83 million to HK$15.87 million. Read more>>
The recent recovery in Hong Kong’s retail sector will spill into this year, along with a continuous improvement in the number of tourists visiting the city, retailers have said.
Hong Kong’s retail sales will rise nearly 4 percent this year, continuing last year’s rebound – which stood at 3.2 percent – as more tourists are expected, Hong Kong Retail Management Association, the largest organisation of its kind with over 9,000 retail outlets, said on Thursday. Read more>>
A low-floor unit in Tower 2, Lippo Centre, Admiralty has been sold for HK$71.6 million ($9 million), a rise of 75 percent over the transaction price of HK$41 million ($5.2 million) paid in 2013.
The 1,936 square foot unit was sold at a price of HK$37,000 ($4,725) per square foot, the highest for the office tower. Read more>>
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