Leading today’s Hong Kong real estate news, the MTR Corporation’s tender for a residential site in Yau Tong, at the southeastern end of Kowloon ended at 2 pm on Friday with developers including Wheelock, Henderson Land Development and Albert Yeung’s Emperor International. Also in the headlines, the Urban Renewal Authority has invited 38 developers to tender for a Sham Shui Po project in western Kowloon and Swire saw sales jump more than 25 percent at its Hong Kong malls. All these stories and more await you, if you just keep reading.
The tender for a residential project near Ko Chiu Road in Kowloon’s Yau Tong area closed this week with at least six bidders, including Wheelock and Company, Henderson Land Development, Emperor International Holdings, Sun Hung Kai and Far East Consortium International all reported to have made offers for the project.
The estimated land premium for this site is HK$1.51 billion, or HK$4,657 per square feet, according to the tender document. The site has a gross floor area of 325,300 square feet and is expected to supply around 500 apartments to the market. Read more>>
The Urban Renewal Authority invited a total of 38 property developers to tender for the development of the Tung Chau Street/Kweilin Street Redevelopment Project in Sham Shui Po on Thursday. Developers that submitted Expressions of Interest include CK Asset, Sun Hung Kai Properties, Sino Land and Wheelock.
The project, which covers an area of about 1,490 square metres, was commenced in April 2013 under the second round of the URA’s demand-led redevelopment projects. Upon completion, the project will provide a maximum total gross floor area of about 13,410 square metres. The developer is required to share the revenue from the sale of the units with the URA if it exceeds HK$1.8 billion. Read more>>
Swire Properties said retail sales at the shopping malls under its management gained in the first three months of the year, as increasing tourist arrivals translated into growing receipts at cash registers.
First-quarter retail sales jumped by 25.9 per cent at The Mall at Pacific Place in Admiralty, rising 11.7 per cent at the Citygate Outlets in Tung Chung, the company said in a press release. At Taikoo Shing’s Cityplaza shopping centre, which caters more to local residents instead of tourists, sales grew 7.7 per cent, Swire said. All three malls were fully occupied by retail tenants during the period. Read more>>
Hong Kong’s top official on Thursday rejected calls for the government to forcibly take back an exclusive golf course and use it for housing development, saying to do so would backfire.
Speaking at the Legislative Council’s question and answer session, Chief Executive Carrie Lam Cheng Yuet-ngor brushed aside allegations of collusion with property developers, as she pledged to consider the public good over vested interests. Read more>>
Hong Kong’s land shortage over the next three decades will be even worse than previously thought, government officials said on Thursday. The Development Bureau and Planning Department said the current predicted shortfall of 1,200 hectares (3,000 acres) was the baseline estimate and did not take into account a number of factors.
“Our estimate was based on the best information given at the time when we were preparing the 2030 Plus blueprint in 2015 and 2016,” a Planning Department spokeswoman said, referring to the blueprint that outlines the city’s planning and development strategy beyond 2030. Read more>>