Leading today’s Hong Kong real estate news, Kerry Logistics is said to be marketing a portfolio of 12 warehouses in the city at an asking price of up to HK$12 billion, and a Guangzhou developer has snatched up an aging residential project on Kowloon’s Castle Peak Road. Also in the headlines, Wharf Holdings’ continues to cash in on its Mount Nicholson development atop the Peak, and it helps that Hong Kong takes the silver medal for luxury home prices worldwide. All these stories and more await you, if you just keep reading.
Kerry Logistics is rumoured to be approaching investors to sell a portfolio of warehouses in Hong Kong, with an asking price of HK$10 billion to 12 billion ($1.3 to 1.5 billion).
Kerry Logistics has 12 warehouses in the city with a combined floor area of 6 million square feet, 13 percent of the group’s total floor area under operation. Read more>>
Guangzhou-based developer Dinglong Group has bought out 13 homes at the Grand Riviera Project on Castle Peak Road in Kowloon’s Cheung Sha Wan area for a reported HK$1 billion ($128 million).
The residential and hotel developer is paying the equivalent of HK$28,900 per square foot of saleable area for the aging residential project, and made the acquisition through purchase of the project company holding the asset. Read more>>
The Wharf Holdings reported today that the sale of five houses and 14 luxury apartments at Mount Nicholson in the 2017 financial year generated more than HK$9.4 billion ($1.2 billion), or an average of HK$91,600 ($11,686) per square foot.
Two adjoining apartments on the Peak were sold together for HK$1.2 billion ($153 million), or a record of HK$132,000 ($16,840) per square foot. This, together with house 3 selling for HK$1.2 billion or HK$126,800 ($16,176) per square foot, represents the priciest luxury residences in Asia. Read more>>
Hong Kong’s luxury homes remain the second most expensive in the world for the sixth year in a row, according to The Wealth Report 2018 by Knight Frank.
David Ji, head of research and consultancy in greater China at Knight Frank, forecast that luxury residential prices in Hong Kong will increase between 7 and 8 percent in 2018, the second strongest growth in prices this year. Read more>>
Hong Kong conglomerate Wharf Holdings said it will explore opportunities in new media and technology with a focus towards China and the US, even as it maintains its traditional focus on property development.
“We believe that communications, media and entertainment [CME] are businesses with great potential, however the market in Hong Kong is too small. We decided to step out and put our eyes on larger markets, China for example and the US probably,” said Stephen Ng Tin-hoi, chairman and managing director of the company. Read more>>