Flats are flying off the shelves in Wheelock’s new Malibu project
Leading today’s Hong Kong real estate news, Wheelock was able to sell 750 units in its new Malibu project in Tseung Kwan O, the New Territories in just one weekend. Also changing hands is a floor in Silver Fortune Plaza, Central, which set a new price record for the building at HK$30,000 per square foot. And Hermes is pocketing a cool HK$480 million through the sale of its downtown flagship shops. All these stories and more await you, if you just keep reading.
Wheelock Sells All 750 New Units Offered in Malibu Project
Hong Kong’s housing market is showing no sign of slowing, as throngs of prospective buyers vied to get their hands on the biggest weekend launch of newly built flats this year, before the city’s mortgage payments rise in tandem with higher interest rates.
All 250 apartment units at Wheelock & Co’s Malibu complex at Lohas Park, were sold on Sunday, the second day of the sale, adding to the 500 that were sold on Saturday, according to the company. Read more>>
Floor in Central’s Silver Fortune Plaza Sells for HK$30,000 PSF
A floor in Silver Fortune Plaza, Central is selling for HK$30,000 ($3,826) per square foot, a record-high price for the building. The 20th floor, spanning 4,398 square feet (409 square metres), was sold for HK$132 million ($17 million) to a buyer known to be Star Properties’ chairman Chan Man Fai Joe or a related party.
The 24-storey building built in 1992 is a five-minute walk from the Central MTR station. Read more>>
Hermes Bags HK$480M Profit from Retail Shop Sale
French luxury goods maker Hermes has made a profit of HK$480 million ($61.2 million) from the sale of its flagship stores in Hong Kong’s Central district, after recently relocating to a leased building nearby in the face of sluggish sales.
It sold four shops, Nos 6 to 9, on the ground floor of The Galleria at 9 Queen’s Road for HK$670 million ($85 million) to a group of companies under the name of Infinite Gain, according to Land Registry data. Infinite Gain is wholly owned by real estate fund Chelsfield Asia. The deal, to be completed by the end of this month, represented HK$89,300 ($11,389) per square foot. Read more>>
HK Air Mail Centre to Expand 4-5x Amid Ecommerce Boom
The operating capacity of the Hong Kong Air Mail Centre is being increased by four or five times to cope with the increasing demand brought on by the booming business of buying online and postal deliveries, Secretary for Commerce and Economic Development Edward Yau Tang-wah said.
That follows on from Financial Secretary Paul Chan Mo-po revealing last month that the government had earmarked HK$5 billion ($638 million) to rebuild the facility at Chek Lap Kok near the airport. Read more>>
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