Leading today’s Hong Kong real estate news, former Sung Hung Kai chairman Walter Kwok has put down HK$6 billion to redevelop a 50-year-old clubhouse, and a project headed by a former sidekick of Richard Li has started selling off office floors in its new commercial project in Central. Also in the headlines, a new proposal could bring the dream of homeownership to tens of thousands of citizens. All these stories and more await you, if you just keep reading.
Empire Group, the flagship company of former Sun Hung Kai Properties chairman Walter Kwok Ping-sheung, has beaten Henderson Land, Sino Land, Regal Hotel and Lai Sun Development to win the rights to redevelop the Mariners’ Club in Tsim Sha Tsui for around HK$6 billion ($767 million).
The acquisition via private tender requires Empire, after redeveloping the site, to operate a 4,600 square meter clubhouse on the lower floors, while providing the developer with a 50-year lease on the entire 340,000 square meter (3.7 million square feet) project. Kwok’s company is reportedly planning a hotel for the upper floors of the project. Read more>>
CSI Properties has sold four floors at 2-4 Shelly Street, Central for approximately HK$300 million ($38 million). The floors are located in the new project developed by CSI Properties in Central.
The 20th floor with an area of 2,327 square feet (216 square metres), was sold for HK$78.35 million ($10 million), or HK$33,700 ($4,308) per square foot. Read more>>
More than 10,000 young or middle-class Hongkongers every year could be given the chance to own their own home if the government offered interest-free loans using just a fifth of its huge annual land revenues, a leading adviser on long-term fiscal planning has proposed.
Emeritus professor Liu Pak-wai of the Chinese University of Hong Kong put forward the idea as government officials face mounting criticism over a huge surplus projected for the 2018-19 city budget, which lawmakers said should be invested in social programmes. Read more>>
Developer Wheelock and Company has announced plans to sell homes in its Lohas Park project in Tseung Kwan O on the market in three phases, with plans to sell 1,600 units this year.
Named O’EAST, phase 5 of the New Territories project will start to sell this year, while Phase 7 will roll out another 1,100 units and Phase 9 will make 1,600 homes available.The unit area for Phase 5 is from about 300 square feet to more than 1,000 square feet. Read more>>