Leading today’s Hong Kong real estate news, after snapping up the Butterfly on Waterfront Hotel in Sai Ying Pun, billionaire Edwin Leong’s Tai Hung Fai Enterprise is bidding for more sites on the same block to pave the way for a HK$10 billion grade A office building.
Also in the headlines, New World’s K-11 division takes the next step with its Victoria Dockside project in Tsim Sha Tsui, and the buyers of the world’s most expensive office tower are reportedly issuing $4.1 billion in bonds to fund the acquisition, with Singapore’s sovereign wealth and a pair of homegrown private equity players ready to invest in all that office debt. All these stories and more await you, if you just keep reading.
After acquiring the Butterfly on Waterfront Sheung Wan hotel in Sai Ying Pun for HK$810 million ($103 million) this week, property developer Tai Hung Fai Enterprise has amassed around 20,000 square feet of adjoining sites in the area.
The company’s chairman Edwin Leong Siu-hung said it would actively purchase nearby sites to accumulate a total of 28,000 square feet. The company is planning to invest over HK$10 billion to build a 400,000 square foot grade A office building on the plots. Read more>>
New World Development said it will launch the first phase of Victoria Dockside, the local property developer’s biggest Hong Kong commercial project in recent years, tomorrow, adding that the latest mixed-use landmark development in Tsim Sha Tsui is set to create a new iconic global art and design district in Hong Kong.
The project is built on the site formerly known as Holt’s Wharf, a godown terminal next to the first railway to Mainland China – Kowloon and Canton Railway, New World said. Dating back to 1910, Holt’s Wharf served as a global freight and logistics hub, connecting the city to Mainland China and the world. Read more>>
The consortium that is buying a 75 percent stake in The Center is planning to issue two sets of bonds to raise $4.1 billion for the acquisition, according to foreign media reports.
Morgan Stanley is said to have been appointed to sell the bonds valued at $3.3 billion, which attracted Singaporean sovereign wealth fund GIC as an investor. Hammer Capital Consulting Ltd will sell $812 million in bonds, securing investments from Hong Kong-based private equity firms Gaw Capital Partners and PAG. Read more>>
Rivieras, the French brand of loafers inspired by the yachting lifestyle of the South Coast, opens their first pop-up store in Hong Kong in partnership with Bluebell Group and kapok, their long-term retail partner in this city.
The largest range of their effortlessly stylish, colourful, and water-resistant shoes will be available in kapok’s store on 3/f, k11 art mall – including the latest ss18 collection and an exclusive collaboration with french heritage brand saint james. Read more>>
Hong Kong start-ups are being given the chance to use a free, prime city centre location in which to meet and pitch their ideas to, hopefully, deep-pocketed investors.
As part of a new collaboration between development giant Wheelock Properties and Hong Kong Science and Technology Parks Corporation (HKSTP), registered firms will have access to five conference rooms and a product exhibition area, within the newly opened, 6,000 square foot “HKSTP @Wheelock Gallery” in Queensway Plaza in Admiralty, without charge. Read more>>
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