The Tsing Yi site was sold to Wang On for HK$867 million
Leading today’s Hong Kong real estate news, is the results of the latest government land auction, which resulted in a mid-sized developer winning a tiny residential site in Tsing Yi, the New Territories for HK$867 million. Also getting some ink, as quickly as you can say Rumplestiltskin, the magic spell that has kept the world’s biggest companies entranced by Central addresses for the last century or so appears to have been broken, as a new study finds more firms headed to new locations, and there’s much more news on the page if you just read a few lines more.
Wang On Properties Awarded Tsing Yi Residential Plot For HK$867M
Wang On Properties has submitted the winning bid of HK$867.3 million ($110 million) for a site on Liu To Road and Hang Mei Street in Tsing Yi, the Lands Department announced. James Cheung, executive director of Centaline Surveyors, said the 14,854 square foot (1,380 square metre) site cost about HK$8,500 per square foot, meeting expectations.
He predicted the site will be developed as single-block housing, providing medium and small-sized flats to respond to market demand. He noted the property is located near public housing estates, including Cheung Hang Estate and Cheung Wang Estate, but deviates from the MTR station. Read more>>
Multinationals Migrate From Central For Lower Rents
More multinational companies will leave Hong Kong’s Central district, where rents have become too expensive, with some even considering leaving the city altogether.Average office rents continue to rise in greater Central, which includes the districts of Central, Admiralty and Sheung Wan.
In the first quarter, rents jumped by 8.7 percent from the same period a year ago to HK$134.3 ($17.1) per square foot a month, according latest figures provided by US commercial real estate services company Cushman and Wakefield. Read more>>
Chinachem, Sino Land Launch Tai Tam Luxury Homes
Chinachem and Sino Land announced they are now in the process of selling the remaining 22 houses in The Redhill Peninsula project in Tai Tam. The houses in the luxury development on Palm Drive are priced from HK$99 million to HK$130 million. That puts them in a range from HK$38,850 to HK$47,326 per saleable square foot.
Most of the houses in the latest batch have four bedrooms and are about 2,800 sq ft. In Stanley, a house at SCape has changed hands for HK$250 million, which works out at HK$81,859 saleable square foot, land registry records show. Read more>>
Kwai Chung Industrial Units Selling For HK$130M
A basket of units in Kingsway Industrial Building Phase Two at 167 – 175 Wo Yi Hop Rd, Kwai Chung are put up for sale, with an asking price of HK$130 million, said JLL, the sale agent for the properties.
The units, Unit D, E on the lower ground floor, Unit G, H on the ground floor, have a total area of approximately 26,513 square feet. Read more>>
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