Steak house Lawry’s The Prime Rib finds a new home at The Galleria in Central
With anti-extradition law protests rocking the core of Hong Kong, the property market in the world’s least affordable place to live has gone quiet in the past week.
With activity slowing, a US steak house has found a spot in Central at an 80 percent discount to lead our latest roundup of Hong Kong news, while a garments mogul has muscled up his portfolio with the purchase of a Causeway Bay property.
In other news around the unsettled streets of the city that has turned its attention away from real estate for the moment, a Christian school hopes for redemption on a resurrected planning proposal and a home sale in the New Territories breaks a record.
Keep reading for these stories and more from the world’s most expensive real estate market.
Lawry’s Carves 80% Off Queen’s Road Rental Rate
Lawry’s The Prime Rib, the upmarket American restaurant that delivers beef to diners’ tables on a silver cart, has just moved to its new home on the third floor of The Galleria in Central, where it will be leasing a 6,500 square foot space for HK$150,000 per month.
At the equivalent of HK$23 per square foot per month, the fancy restaurant will be paying 80 percent less than the previous tenant, who vacated the premises on the corner of Queen’s Road and Ice House Street three years ago. Read more>>
Garments Mogul Buys Causeway Bay Flat for HK$68M
Henry Tan, chief executive officer of the largest garments manufacturer on the Hong Kong stock exchange, Luen Thai Holdings, purchased a 2,560 square foot flat in Causeway Bay for HK$68 million.
Tan, who is also a Hong Kong deputy to the National People’s Congress, paid HK$26,563 per square foot for the mid-zone apartment in Fontana Gardens on Tai Hang Road. Read more>>
United Christian College Re-Submits Development Proposal
The United Christian College, a middle school in Kowloon, has re-submitted a planning application for a 289,000 square foot residential and educational development after the Town Planning Board rejected a similar proposal last year due to height restrictions.
The school has asked for permission to build a 41 storey housing block, two-storeys less than last year, as well as educational and religious buildings, on its 25,900 square foot site at 5, 7 and 11 Tong Yam Street in Shek Kip Mei.
The residential block will comprise 310 small- to medium-sized flats of 322 square feet each, at a combined total of 142,200 square feet of gross floor area, while the school and religious buildings will have a combined gross floor area of 146,800 square feet. Read more>>
Tin Shui Wai Flat Sells for HK$3M in the New Territories
A 435 square foot flat in a public housing estate in the northwestern New Territories town of Tin Shui Wai sold for HK$3 million. At the equivalent of HK$6,782 per square foot the buyer paid the highest price ever in Tin Yau Court the for the middle-floor property.
A ten minute walk from Tin Shui Wai metro at 1 Tin Shing Road, the previous owner purchased the flat in 1999 for HK$730,000. Read more>>
HK$155M Chai Wan Industrial Units for Sale
Seven units and two car parking spaces in the Tak King Industrial Building in Chai Wan have been put up for sale by tender with a reserve price of HK$155 million, or HK$5,578 per square foot.
Located at 20 Cheung Lee Street, five minutes’ walk from Chai Wan metro station in an area of factories, the units are currently occupied. The current owner is selling the properties, which total 27,790 square feet, on a sale and leaseback basis, with the tender deadline falling on June 12. Read more>>
Tune in again soon for more Hong Kong real estate news and be sure to follow @Mingtiandi on Twitter, or bookmark Mingtiandi’s LinkedIn page for headlines as they happen.
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