Leading today’s Hong Kong real estate news, Hanison Construction is offloading an office building in Cheung Sha Wan, western Kowloon on a strata-titled basis for as much as HK$28.4 million per floor, less than four months after selling a 50 percent stake in the building to private equity firm PAG.
Payson Cha of Hanison
Also in the headlines, Carrie Lam believes that weaving together the cities of the Pearl River Delta could be the answer to Hong Kong’s land shortage, New World has sold out nearly all the flats in its new development in North Point and the Lo family soap opera continues to highlight the disagreements of Hong Kong’s rich and aggrieved. All these stories and more await you, if you just keep reading.
Hanison to Sell Cheung Sha Wan Building Floor by Floor
Hanison Construction is selling an office tower in Cheung Sha Wan that it co-owns with PAG on a strata-titled basis. The developer is starting by putting the 9th and the 19th floors on sale with prices ranging from HK$22.7 million to HK$28.4 million.
The cost for renovation is over HK$100 million, an executive from Hanison said. The 23-storey building at 476 Castle Peak Road, valued at HK$2.2 billion, is expected to be leased at HK$35 per square foot. Read more>>
Lam Says Greater Bay Area Plan Could Solve Land Needs
China’s “Greater Bay Area” project could answer Hong Kong’s housing needs and address land shortage, both the city’s former leader and its current chief executive said at a forum on Wednesday.
Referring to the central government’s scheme to link cities in the Pearl River Delta into an integrated economic and business hub, Chief Executive Carrie Lam Cheng Yuet-ngor and her predecessor Leung Chun-ying said the bay area project could provide opportunities for Hongkongers to look for flats, schools and care facilities for the elderly outside the space-starved city. Read more>>
New World Project in North Point Sells 96% of Units on Offer
New World Development yesterday drew a strong response to its Fleur Pavilia project in North Point as it sold 237 flats out of the first batch of 247 apartments. The project will provide 611 flats in three towers. Construction of the project is expected to be completed in September.
The apartments range in size from 519 square feet (48 square metres) to 3,221 square feet. NWD sales manager Wong Ho-yin said 60 flats had been reserved for internal sales. The next batch of flats to be offered for sale will comprise 100 units. Read more>>
Tsim Sha Tsui Retail Floors Put on Sale for HK$128M
A shop at 22 Ashley Road in Tsim Sha Tsui, spanning three floors including the basement, ground floor and the first floor has been put on the market for HK$128 million, or 42,881 per square foot of floor area, according to Cushman & Wakefield, the sale agent for the property. The floors have a combined area of 2,985 square feet.
The floors are currently leased to a restaurant until 2020 for a monthly rent of approximately HK$200,000, slightly lower than market level. The owner can earn a rental yield of two percent. Read more>>
Lo’s Family Had History of Frictions, Said Great Eagle Matriarch
The matriarch of Great Eagle Holdings, Lo To Lee-kwan, who filed a case to dismiss HSBC as trustee of the family trust, continued to testify at the High Court this morning. The 98-year-old recalled that after a family meeting in November 2015, some of her children began to have frictions in the management of the local property giant.
The third son Lo Ka-shui, Great Eagle’s chairman, had hoped that his son would be promoted to executive director, but others did not believe that his son had enough experience, and should only be considered after two years. Read more>>
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