William Chan of Rykadan Capital is angling for a Causeway Bay building
Leading today’s Hong Kong real estate news, the city’s urban redevelopment agency has announced a new policy to inform the public of the amounts of successful bids in a move to improve transparency. Also in the headlines, Hong Kong-listed developer and investor Rykadan Capital is ready to apply for a forced sale of Jaffe Mansion in Causeway Bay after scooping up more than 80 percent ownership in the ageing residential and commercial building. All these stories and more await you, if you just keep reading.
URA to Disclose Winning Tender Amounts Under New Policy
The Board of the Urban Renewal Authority (URA) has approved a new arrangement for publishing the tender amount offered by the successful bidder on joint venture development projects. At present, upon awarding the tender for a project, the URA only announces the identity of the successful tenderer and its holding company.
Under the new arrangement, the identities of unsuccessful bidders will also be revealed. The policy will be implemented in the announcement of the next development tender award. Read more>>
Rykadan Capital Takes 80% Ownership of Wan Chai Building
Rykadan Capital has gained more than 80 percent ownership in Jaffe Mansion at 216-222 Jaffe Road, by purchasing 41 residential units and a shop. The company can apply for a compulsory sale, having exceeded the 80 percent threshold.
One residential unit and three shops remain to be acquired, according to market sources. Records show that four residential units have transacted recently, with prices ranging from HK$5.96 million to HK$6.38 million. Read more>>
Public Flats Could Get Cheaper for the Needy
The city’s second-largest provider of public housing said on Tuesday that government-subsidised flats could be priced according to what residents can afford, noting flats were once sold at a 60 percent discount on market prices.
Hong Kong Housing Society chairman Marco Wu Moon-hoi said the current discount rate of 30 percent for flats sold under the Home Ownership Scheme (HOS) was not fixed, about two weeks after Chief Executive Carrie Lam Cheng Yuet-ngor said she was willing to review the pricing formula to make flats more affordable for a greater number of aspiring homeowners. Read more>>
Most Hongkongers See Home Price Growth Ahead
A phone survey commissioned by Citibank in the last quarter shows that 64 percent of over 500 respondents think property prices in Hong Kong will rise over the next 12 months. Just 12 percent of the respondents expect the prices to fall.
One in five people surveyed showed interest in purchasing a property, similar to the number in the fourth quarter of 2017. Citibank started the survey since 2010 to gauge citizens’ interest in buying real estate. Read more>>
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