Leading today’s Hong Kong real estate news, Cantopop singer Joey Yung paid an estimated HK$200 million ($25 million) for a luxury home in Repulse Bay. Also in the headlines, you may not be able to buy a Michelin star, but for HK$100 million you can at least own a building that used to house a branch of one of the city’s few starred restaurants, and in the ongoing search for an affordable place to live, Hong Kong buyers continue to shop for homes in Shenzhen, despite a weakening Hong Kong dollar. All these stories and more await you, if you just keep reading.
Hong Kong Canto-pop singer and actress Joey Yung Cho-yee has bought a house in one of the most prestigious seafront developments in Hong Kong’s Repulse Bay, for what is estimated to be HK$200 million (US$25.5 million), or HK$58,852 per square foot.
Yung bought house number 42 at Sino Land’s 56 Repulse Bay Road development through a shell company, Saintfield Limited, according to the Land Registry. Read more>>
A street shop at 5 Tai Ming Lane, Tai Po has reportedly been put on the market with a price tag of HK$100 million ($12.7 million). The 1,400 square foot (130 square metre) shop previously housed Yat Lok Barbeque Restaurant, whose Central branch has earned a coveted Michelin star.
The shop was purchased by the restaurant’s owner Chu Kin-wah for HK$11.8 million in 2003. Should the property be sold at the asking price, the shop’s value would have risen eight-fold since Chu’s purchase 15 years ago. The asking price of HK$71,000 per square foot is some 30 percent higher than the market level in the district. Read more>>
Hong Kong homebuyers continue to desire properties in Shenzhen, despite the Hong Kong dollar falling to a 35-year low against the US dollar recently. The yuan, meanwhile, has been the fourth strongest currency in Asia in the past 12 months, and has surged by about 8 percent against the local currency over the period.
“If I had made up my mind a year earlier, I could have saved more than HK$400,000,” said Cecelia Chan, a freelance television show writer. “I will not continue to wait and see, and miss my chance, since this is the dream home I would like to live in.” Read more>>
Hongkong Land has teamed up with Filipino developer Robinsons Land Corporation (RLC) to develop a P5.6-billion ($107 million) residential project in Pasig City.
RLC will own 60 percent of the venture while Hongkong Land will take 40 percent. Under the agreement, both parties “shall engage in the acquisition, development, sale and leasing of real property,” RLC said. Read more>>
The Hongkong and Shanghai Hotels, which owns and operates The Peninsula hotels, said today occupancy increased by 4 percentage points, while total rooms revenue grew by 28 percent in the first quarter.
Occupancy in Hong Kong hotels in the quarter was 80 percent, and 63 percent in the US and Europe, the group reported. The group reported a 14 percent increase in revenue per available room for the rest of Asia, driven by a strong performance from The Peninsula Bangkok and return to full inventory of The Peninsula Beijing. Read more>>