Leading today’s Hong Kong real estate news, recently crowned CK Asset boss Victor Li is in the news again, as the developer denies reports of an impending sale of one of its most valuable office assets.
Also in the headlines, the city’s chief executive Carrie Lam insists that her government is more concerned about the welfare of the public than with the commercial imperatives of the developers that provide most of its income and the city’s Buildings department has approved a fresh slate of redevelopment plans. All these stories and more await you, if you just keep reading.
CK Asset boss Victor Li is denying reports that the company is in the process of selling Hutchison House, its 1974-vintage office tower on Harcourt Road in Hong Kong’s Central district, after tenants had earlier been given six months’ notice to vacate the property due to an impending redevelopment plan.
Reports had surfaced this week that the property developer was nearing an agreement with an investor consortium to sell the office tower for HK$35 billion, however, Li told the Hong Kong Economic Times this week that the property would never be sold. Read more>>
Hong Kong’s Buildings Department has approved plans to redevelop a 2,900 square foot plot at 11-15 Matheson Street for office use, as developer Easyknit prepares to turn the Causeway Bay site into 43,500 square feet of space for desks, meeting rooms and water cooler nooks.
Also getting approval this week was a plan by Fat Investment Hong Kong to demolish a seven-storey office building at 56 and 58 Wing Lok Street in Sheung Wan for redevelopment into 20,000 square feet of office or hotel space and a proposal by Chevalier Group to rebuild an industrial building on Kwun Tong’s Tai Yep Street into a 72,000 square foot Ginza-style commercial asset. Read more>>
Hong Kong leader Carrie Lam Cheng Yuet-ngor brushed off fears the government will cave in to developers’ objections and delay a plan to tax those who hoard empty flats on Tuesday, insisting her priority is to serve the public good.
In a comeback to questions at a press briefing in Beijing, Lam said: “Why do you care so much about how the developers see it?” Read more>>
A unit on the 28th floor of Central’s Bank of America Tower has been put on the market with a price tag of HK$51 million or HK$48,897 per square foot, according to Midland, the sale agent for the 1,043 square foot property.
A pair of units in the same tower totalling 2,630 square feet were offloaded for HK$105 million earlier this year at a price equivalent to HK$40,000 per square foot. Read more>>
St Martin in Pak Shek Kok, owned by Sun Hung Kai Properties, plans to open a show flat next week, with sales at the residential project expected to start next month. Allen Woo Chi-yuen, assistant general manager at Sun Hung Kai Real Estate Agency, said the 140,000-square-foot clubhouse at the condo complex is named Club St Martin.
Meanwhile, in property deals, at a two-story house at 16 Durham Road, Kowloon Tong, with 2,210 square foot in each story, half of the ownership title changed hands at HK$105 million, or HK$47,511 per square foot. Read more>>