An auction leads off today’s real estate headlines in Hong Kong, as an old industrial building Kwun Tong sold for over HK$1.6 billion. Redevelopment also looks on the way for a set of aging shops in Kowloon’s Tsim Sha Tsui area, and the a mainland decoration tycoon is revealed as the buyer of a HK$500 million apartment at Victoria Peak. Read on for all these stories and more.
Phase 2 of the Yip Fat Factory Building in Kowloon’s Kwun Tong area was sold today for HK$1.62 billion ($206 million) via public tender.
Located at 75 Hoi Yuen Road, the 15-storey industrial building occupies a 20,000 square foot site in an areas zoned for “Other Specified Uses annotated (Business).” The industrial property was auctioned by Knight Frank under the Compulsory Sale for Redevelopment Ordinance. Read more>>
An application has been made to buy up the remaining units in a set of aging buildings along Tsim Sha Tsui’s Granville Road under Hong Kong’s Compulsry Sale for Redevelopment Ordinance, with shophouse tycoon Tang Shing-bor said to be the hopeful buyer of the set of five and six-storey properties.
The buildings at 61 to 73 Granville Road are estimated to be worth over HK $913 million ($116 million), with Tang and his associates said to have already purchased at least 80 percent of the existing space in the buildings. The 10,800 square foot site is zoned for commercial use and could potentially be redeveloped into a 120,000 square foot tower. Read more>>
Mainland decoration billionaire Zhu Xingliang is the likely owner of Asia’s third most expensive flat, located at the exclusive Mount Nicholson development on The Peak.
Zhu, from Suzhou, was revealed as the buyer of the 4,266 sq ft flat on the 10th floor of the development’s third phase, according to data released by the Land Registry Wednesday. Read more>>
The city’s Transport and Housing Bureau has announced that the housing supply for the next 10 years would remain at 460,000 units, 280,000 of which would be public housing.
Frank Chan, the department secretary said the housing demand was expected to dropped to 455,000 units for the next 10 years, but the government would continue to look for more land. The supply for private and public housing would remain at 180,000 and 280,000 respectively. Read more>>
The top floor of the Sunshine Plaza commercial building at 349-355 Lockhart Road in Wan Chai has been put on sale for HK$110 million ($14.1 million), according to an announcement by Midland Realty, which is representing the seller.
The price per foot for the 5,130-square-foot property is HK$21,400, and the vendor is said to have purchased the property for HK$87.21 million ($11 million) one year ago — a price equivalent to HK$17,000 ($2172) per square foot. Read more>>