Leading today’s Hong Kong real estate news, a local investor is hoping to nearly double his money on a community retail asset in the New Territories, less than two years after buying the Tuen Mun centre from Link REIT for HK$440 million. Wheelock’s latest luxury condo project also gets some ink after attracting fifteen times as many applications as there are homes available, and the government hopes to turn a little-used container port into a housing site that could yield 22,000 homes. All these stories and more await you, if you just keep reading.
A local investor is putting the Po Tin Shopping Centre in Tuen Mun on the market with a price tag of HK$800 million ($102 million), less than two years after buying the community retail asset from Link REIT for just over half that price. The four-storey mall is being offered with 44 car parks, 12 loading areas for trucks, and six motorcycle parking spaces. The mall has an area of 63,000 square feet (5,853 square metres).
Mainly leased to restaurants, supermarkets and pharmacies, the centre’s occupancy rate is 90 percent. The property generates a rental yield of 4.1 percent for the owner, which bought the asset in 2016 for HK$440 million ($56 million). Read more>>
A 65-hectare (161 acres) container terminal near Tuen Mun in Hong Kong’s northwest could be a site for 22,000 new flats to ease the city’s housing crisis.
The idea of developing the site was to be discussed on Tuesday at a meeting of a task force advising the government on land supply. Read more>>
Wheelock’s latest residential project, Malibu in Tseung Kwan O, received 5,100 registrations in four days after launch, making it the most popular new project this year. The project’s first batch of flats available for sale is oversubscribed by 15 times.
Wheelock said more units will be offered for purchase soon, with a potential rise in price of 8 to 10 percent. Read more>>
The highest floor in the Montery Plaza commercial building in Kowloon’s Kwun Tong area is on sale with an asking price of HK$207 million ($26 million). The 12,316 square foot office property is being offered for HK$16,700 ($2,132) per square foot.
The 41-storey Montery Plaza was built in 2015. Savills is the broker for the deal, which said the property enjoys a good view. Read more>>
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