Leading today’s Hong Kong real estate news, 2017 marked a 13-year high for the construction of private flats. And if that’s not enough to ease the city’s housing crisis, the operator of Kwai Tsing port facility is talking about building a residential estate above all those shipping containers. Also in the news, Li Ka-shing’s Fortune REIT is looking at buying more shopping malls, and an old building in Jordan is poised to sell for lots of money. All these stories and more await you below.
A report from Centaline Property shows that 17,791 units of residential flats were built in 2017, up by 22 percent over the previous year. The number is also the highest since 2004, which saw the completion of 26,036 units.
The New Territories provided the most new units last year, with 9,655 newly completed flats. The new flats mostly come from Yuen Long and Tuen Mun, which accounted for a combined 5,980 units. Read more>>
A group of experts including a former development chief called for building flats above the Kwai Tsing container terminal for an estimate of “tens of thousands” of residents. The site could be as large as nine Taikoo Shing or 16 Mei Foo Sun Chuen housing estates, in terms of land area.
Hongkong International Terminals, one of the world’s leading port operators owned by Li Ka-shing, says they are open-minded about the proposal to alleviate Hong Kong’s housing supply shortage. “If this will not cause a major impact on the terminal’s operation, we are willing to work with the government to meet Hong Kong residents’ housing needs,” said Gerry Yim, managing director at the operator. Read more>>
Fortune REIT, owned by tycoon Li Ka-shing, said it wants to acquire shopping malls with stable rental income and occupancy rates in Hong Kong, without revealing specific areas of interest. The REIT added that there is no plan to sell its shopping mall.
The proceeds of HK$2 billion ($256 million) raised from selling its Provident Square shopping centre at North Point will be used for debt repayment and potential acquisitions. Read more>>
Everest Building built in 1960 in Jordan is close to being sold to a group of investors for HK$2.5 billion ($320 million). The 16-storey building’s ground floor and basement are retail space and the floors above ground are offices. The property has 60,798 square feet (5,648 square metres) of GFA. The price of HK$2.5 billion is equivalent to HK$14,000 ($1,791) per square foot.
The asset is at the intersection of Nathan Road and Jordan Road, the heart of Jordan, one stop north of Tsim Sha Tsui. Hong Kong jewellery retailer Choi Tai Fook is one of the tenants in the building, paying HK$2.5 million monthly rent. Read more>>
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