The MTR’s southern Kowloon site will be transformed into a residential project providing around 500 units
Leading today’s Hong Kong real estate news, a residential site belonging to the MTR Corporation in southeastern Kowloon’s Yau Tong area received expressions of interest from over 20 developers, including local champions Wheelock and New World, as well as top 10 mainland player China Overseas Land and Investment. Also in the headlines, a 20 percent price hike for Wheelock’s Lohas Park project has had no effect on Hong Kong’s eager home buyers, and Easter weekend kept the city’s malls hopping as sales jumped by double digits compared to last year. All these stories and more await you, if you just keep reading.
MTR’s Yau Tong Site Attracts Over 20 HK And Mainland Developers
MTR Corporation’s residential project in Yau Tong received at least 20 letters of intent from developers like local players Wheelock, New World Development, Nan Fung, and also mainland builders including China Overseas Land & Investment, Country Garden and Minmetals Land.
The project sits adjacent to Ko Chiu Road with a site area of 43,400 square feet (4,032 square metres), It is expected to supply around 500 apartments to the market. The site is valued at HK$2.9 billion ($369 million) to HK$4.5 billion($573 million). Read more>>
Lohas Park Apartment Sale’s 20% Price Increase Doesn’t Deter Buyers
Hundreds of prospective homebuyers shrugged aside a 19.9 percent increase in prices – and imminent increase in interest rates – and turned up at the sale of a residential development in Lohas Park on Friday.
More than half, or 64 out of 111 units, at Malibu, which has been developed by Wheelock Properties, had been sold by 7pm on the first day of the Easter Holiday, with the sale still ongoing. Read more>>
Three Units in China Insurance Group Building Selling For HK$200M
Three units in the China Insurance Group Building at 141 Des Voeux Road Central, Central have been put on the market for HK$ 200 million($25.5 million), according to Midland Realty, the properties’ agent. The properties have a combined floor area of 9,067 square feet.
The units are currently not leased, however, with market level rentals in the building averaging HK$45 per square foot, the properties are expected to generate a2.4 percent rental yield for the owner. Read more>>
SHKP Malls Saw 12% Rise in Sales During Easter
Sun Hung Kai Properties’ 12 shopping malls recorded sales of over HK$200 million over the Easter holiday weekend, as more shoppers turned out and spending increased. The developer reported that during the five day period from March 29th through April 2nd, its malls located in Hong Kong’s Kwun Tong, Tai Po, Tsim Sha Tsui, Yuen Long and Chai Wan, Sheung Shui, Aberdeen and Tsing Yi areas saw an upswing in traffic.
Visitors to the shopping centres rose 10 percent compared to last year to over 10 million, while sales in the malls climbed 12 percent, according to Maureen Fung, executive director at Sun Hung Kai. Read more>>
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