Leading today’s Hong Kong news roundup, a coveted residential plot in Kowloon Tong has drawn ten bids, and is expected to sell for anywhere from HK$10 billion ($1.28 billion) to HK$16.6 billion ($2.12 billion) — making it the most expensive land per square foot in Kowloon. Also in the headlines, newly released data shows a surge in commercial property transactions in Hong Kong last year, although secondary home sales dipped to a two-decade low amid soaring residential prices. Read on for all the details.
A residential site in Kowloon Tong that might become Kowloon’s priciest piece of land per square foot drew a strong response from 10 developers before a deadline for submitting bids closed at noon on Friday, according to the Lands Department.
The lot, at the junction of Lion Rock Tunnel Road and Lung Cheung Road, has a site area of about 121,228 sq ft (1.13 hectares) and is expected to fetch between HK$10 billion (US$1.28 billion) and HK$16.6 billion, or between HK$24,000 and HK$38,000 per square foot of gross floor area, according to property consultants. Read more>>
Hong Kong recorded 8,997 sale transactions of commercial units last year, up 70 percent from 2016, according to the latest report by real estate consultancy Hong Kong Property Services.
The total transaction volume was HK$124.2 billion ($15.87 billion), 76.8 percent higher than the previous year, and included 5,048 industrial building units and 2,049 commercial building units changing hands. Read more>>
Sun Hung Kai’s Tsuen Wan Industrial Building, W212, has sold eight floors with a maximum price per square foot of up to HK$15,000 ($1,917). The sales included the top two stories of the building, which account for the price of a total HK$200 million ($26 million).
Located at 212 Texaco Road, Tsuen Wan , the building has 257 units with the size of each unit ranging from 548 square feet to 925 square feet. Read more>>
The number of secondary transactions in 10 major housing estates last year was the lowest since figures were first recorded in 1996, data from Centaline Property show. With home prices surging 13 percent and breaking records last year, there were only 2,387 deals made in the 10 estates.
In 2017, the most popular estate was Kingswood Villas in Tin Shui Wai with 571 deals. One unit there sold for a per sellable square foot price of about HK$10,000 over the weekend. Read more>>
Eighty-three units on the lower floor of Focal Industrial Centre in Hung Hom have been put on sale, with a starting price for each unit of around HK$1 million ($127,000). Located at 21 Man Lok Street, Hung Hom, the properties cover a total area of over 100,000 square feet.
The owner of the units is reported to be the president of Hong Kong Gemstone Manufacturers’ Association and senior investor Patrick Wu. Wu said 20 units have been sold out, and he expects to gain over HK$100 million ($13 million) if all 83 units are sold. Read more>>