Hong Kong’s property market continues its hot streak in the new year with Wang On and Sun Hung Kai each reportedly buying new assets during the first week of 2018. Henderson Land is also in a buying mood as it lines up a new site in Kowloon and China’s Xiaomi will soon be showing up in Mong Kok. Keep reading for all these stories and more.
Wang On Group has purchased a majority of the space in the Pokfulam Heights residential project for an estimated HK$900 million ($115 million),with the goal of redeveloping the 28,514-square-foot Hong Kong island site, according to a report in the Hong Kong Economic Times.
Ownership of 80 percent of the building was put up for tender five years ago, but failed to sell for a reported asking price of HK$680 million ($87 million). Wang On is expected to redevelop the property once it has secured full ownership. Read more>>
SUNeVision, an IT company and affiliate of Sun Hung Kai Properties, has won the bid for the 21,000-square-foot industrial site at Ma Kok Street in Tsuen Wan for HK$725.8 million($92.8 million), according to a news release from the Hong Kong Lands Department. The consideration for the 50 year land grant works out to a price per square foot of HK$3,598 ($460).
The site had received 10 bids before the public tender ended at noon of December 31, 2017. Bidders included Emperor Group, K&K Properties, Laws Group, Wheelock Company, Sino Land, Far East Consortium, Paliburg and Sun Hung Kai Properties. Read more>>
Henderson Land has applied for the compulsory sale of a pair of buildings in Kowloon’s Hung Hom area under Hong Kong’s Compulsory Sale for Redevelopment Ordinance, according to a statement to the Hong Kong stock exchange this week.
Henderson already owns more than 92 percent of the property at 2 to 16A Whampoa Street in Hung Hom, with the asset currently estimated to be worth around HK$684 million. The redevelopment specialist also owns over 83 percent of the floor space in 22 to 24 Whampoa Street, which occupies a 4,675 square foot site and is currently esimated to be worth HK$309 million. Read more>>
Sun Hung Kai Properties expects to put an industrial building at 212 Texaco Road in Tsuen Wan up for sale before the Chinese Lunar New Year in mid-February, according to a recent comment by the developer’s Deputy Managing Director Victor Lui.
The developer is expecting to receive bids of from HK$7,000 yuan to HK$8,000 per square foot for the 23-storey building in the New Territories, according to the media report. Read more>>
Xiaomi, the Chinese electronics and mobile giant, has leased a ground-floor shop in Chong Hing Square, 601 Nathan Road in Mong Kok for HK$1.5 million ($190,000) per month, according to a report in Hong Kong Economic Times.
The 6,208-square-foot shop is Xiaomi’s first retail location in Hong Kong, and was formerly leased to jewelry store Chow Tai Fook for HK$3 million ($380,000). Read more>>
An industrial site located at Ma Kok Street in Tsuen Wan received ten bids before the public tender ended at noon on December 31st, with the plot expected to bring in up to HK$1 billion ($127.9 million). Bidders included Emperor Group, K&K Properties, Laws Group, Wheelock and Company, Sino Land, Far East Consortium, Paliburg Group and Sun Hung Kai Properties.
The 21,000-square-foot site was formerly the Ma Kok Cooked Food Centre, and is expected to be developed into an industrial project of up to a 202,000-square-feet in gross floor area, including workshops and office units for media productions and information technology occupiers. Read more>>
A 1,440-square-foot office unit in the West Tower of Hong Kong’s Shun Tak Centre has been sold for HK$52 million ($6.65 million). The price for the harbourfront space is equivalent to HK$36,000 ($4,605) per square foot, and sets a new price record for the Sheung Wan commercial complex, surpassing a HK$32,000 per square foot sale in November last year.
The property was originally purchased in 2014 for HK$34.65 million ($4.43 million). Read more>>