Leading today’s Hong Kong real estate news, ferry operator Hong Kong Ferry has been awarded the rights to redevelop a project in Sham Shui Po for HK$1 billion ($131 million) by the city’s Urban Renewal Authority. Also in the headlines, an executive from developer Chinachem predicts that ongoing improvements in the city’s public transportation will lead people to ditch private cars to free up carpark space for more residential buildings and New World has chosen the architects for its upcoming airport retail project. All these stories and more await you, if you just keep reading.
The Urban Renewal Authority announced on Tuesday that the contract for the development of Tung Chau Street/Kweilin Street Redevelopment Project in Sham Shui Po was awarded to Hong Kong Ferry (Holdings) Company for HK$1 billion.
The project, covering a site area of about 1,490 square metres (16,038 square feet), will provide a maximum gross floor area of about 13,410 square metres. Hong Kong Ferry will have to share profits with URA should the sales of the project reaches HK1.8 billion. Read more>>
Some of Hong Kong’s car parks could eventually become redundant as people swap their vehicles for public transport, freeing up much-needed land for residential use, according to one of the city’s major developers.
Donald Choi, chief executive of Chinachem Group, believes advances in transport technology and improvements to existing transit systems mean private-car ownership will start to fall in the long term. Read more>>
The rise of e-commerce has already spelt the end for some of Hong Kong’s best-known bricks-and-mortar stores, even though the city still lags behind other markets in embracing the new shopping model.
“Retailers who are not offering anything different will continue to struggle, as they can easily be replaced by online shopping,” said James Assersohn, local director of retail at JLL in Asia-Pacific. Read more>>
Hong Kong-based design firm Lead 8 has been chosen as the lead architects for New World Development’s SkyCity Airport RDE complex, according to an announcement by the architecture company.
The selection of Lead 8 was based on its recent history designing outstanding projects that integrate transportation, retail, and dining for landmark developments, the company said in its statement. Read more>>
No 29–31 Tai Tam Road, Hong Kong is now up for sale by public tender with an indicative price of HK$3.78 billion, according to JLL the sole sales agent for the property. The tender will close on 29 August, 2018.
Built in 1975, the property comprises two 7-storey apartment buildings with 28 full sea-view units. With an area of approximately 3,855 square metres (41,500 square feet), the site offers potential for re-development. Read more>>