Leading today’s Hong Kong real estate news, rich people continue to do fine in the Asian commercial hub as the city remains the world’s top luxury housing market for the second year running. Evidence of the hot market for pricey homes was clearly evident in Repulse Bay during the last week, where a pair of adjoining town houses set a new record for housing prices in southern Hong Kong island when they were sold for HK$1 billion($127.46 million), and on the office side of the market, developer Chinachem says that its Wan Chai project is nearly all leased up. All these stories and more await you, if you just keep reading.
Hong Kong’s stratospheric luxury property market might be overtaken by other global hotspots such as Los Angeles this year in terms of total sales value, according to Christie’s International Real Estate.
“Every year Hong Kong sets the world record for luxury sales [by transaction value], but that may not hold true this year,” said Zackary Wright, the company’s executive director for APAC and Western North America. Read more>>
The luxury development “90 Repulse Bay Road”, overlooking one of the city’s most scenic beaches, set a record for prices on Hong Kong Island South on Friday, with two adjoining luxury town houses going for just over HK$1 billion ($127.46 million) to separate buyers from the same family.
A buyer paid HK$508.67 million, or HK$90,286 per square foot, for a property measuring 5,634 square feet (523 square metres) representing the No 8 unit, according to Cheung Kong Property Development, the builder of the ultra luxury project. The house boasts a 242 square foot garden, a 941 square foot flat roof and private lift. Read more>>
Hong Kong’s property buyers braved a downpour to snap up more than a hundred unoccupied apartment units and hundreds of park lots around the city, helping developers clear the unsold stock ahead of a government plan to impose a so-called vacancy tax to deter hoarding.
As many as 119 units across the city, or 68 per cent of the 176 flats put on offer by four developers, were sold on Saturday, according to agents. Wheelock Properties sold all 107 of its parking spaces and 24 motorcycle parking lots at the Monterey complex in Tseung Kwan O for a combined HK$255 million. Read more>>
Developer Chinachem has now preleased 80 percent of the space in its One Hennessy office project in Wan Chai, thanks to some help from a flexible office provider. The project at 1 Hennessy Road has 21 floors with a total floor area of 315,000 square feet, including 28,000 square feet of retail space, and is slated to be completed in the second quarter of next year.
Chinese coworking operator Kr Space is one of the biggest tenants in the building after it leased seven floors in the office tower totalling 80,000 square feet of space. According to Chinachem, a financial firm has leased another eight floors spanning 98,000 square feet. Together, the pair of tenants take up around 60 percent of the space in the project. Read more>>
Kowloon Development announced this week that it has entered into an agreement to buy a pair of properties in Shanghai’s Yangpu District for HK$2.1 billion. The Hong Kong-listed developer announced to the stock exchange that it is buying the projects from its parent company Polytec Holdings International via a connected transaction.
The first of the two projects is located east of Siping Road and north of Dalian Road in Yangpu District with a total gross floor area of approximately 1 million square feet, while the second project, which has a total gross floor area of approximately 203,255 square feet, is located on the same road in Yangpu district. The company did not specify the type of real estate that would be developed on the site. Read more>>
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