Leading today’s news, property giant CK Asset says it’s looking to build rental housing projects in mainland China as Beijing ramps up support for the sector. Also in the headlines, developer Emperor International has applied for the compulsory sale of a residential building in the Mid-Levels after achieving nearly 88 percent ownership, and Sun Hung Kai Properties is getting ready to open a HK$400 million, seven-screen cinema in one of its shopping malls this summer — marking the largest movie theatre in the New Territories. All these stories and more await you, if you just keep reading.
Davy Chung Sun-keung, Executive Director at CK Asset, said the developer is interested in the rental housing market that is currently supported by China’s central government. CK Asset is actively looking for property projects in the mainland to take part in the development of long-term rental apartments, according to Chung.
He also added that the company is optimistic on the outlook for the Chinese economy. He believes the housing market will grow at a steady pace under the guidance of government policies. Read more>>
Albert Yeung’s Emperor International has applied for the compulsory sale of a residential building at 28-30 Bonham Road in the West Mid-Levels. The developer and its relevant parties have secured a 87.93 percent ownership, with seven units yet to be acquired. The site is valued at HK$567 million.
Sitting on a 8,380 square foot (778 square metre) site, Sung Wah Mansion is adjacent to the residential block Bonham Terrace, which Emperor International had previously applied to acquire through compulsory sale. The combined site can yield up to 110,000 square feet of floor area. Read more>>
Sun Hung Kai Properties has partnered with Multiplex Cinema Limited (MCL) to launch a new Movie Town in New Town Plaza in Sha Tin this summer, at a total investment of HK$400 million.
The new complex will offer a total of 1,700 seats in seven houses, and feature Samsung’s Onyx Cinema LED screens, providing 2D, 3D and 4D films. It is expected to be the largest cinema in the New Territories, with HK$10 million budgeted for the promotion and advertising of the Movie Town. Read more>>
Hong Kong has overtaken Zurich as the third most expensive city in the world to build — behind only New York and San Francisco, latest research shows.
Average construction costs in Hong Kong currently stand at US$3,704 per square meter, and are set to rise by 4 percent over the next 12 months, as skills shortages put pressure on costs in the face of increased demand for new projects. Rodney Moulder, Managing Director, South China at Turner & Townsend, said that the industry needed to attract new talent and adopt new digital and data-led tools to mitigate cost inflation. Read more>>
After a deadly blaze ripped through a mini-storage facility in Ngau Tau Kok in June 2016, one provider has implemented stringent fire safety measures at its units in a bid to restore customers’ faith in the industry.
According to Simon Tyrrell, chief executive of RedBox Storage, the company has been trialling new, regulator-approved innovations in fireproofing at its storage facilities in Sha Tin and Chai Wan, which he hopes can eventually be rolled out at other suppliers across the city. Read more>>