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Sun Hung Kai raises price of Victoria Harbour flats by up to HK$1.5 million, shrugs off Beijing’s rebuke on unaffordable housing

Sun Hung Kai Properties, Hong Kong’s biggest developer, has raised the price of flats at its Victoria Harbour project by up to HK$1.5 million (US$191,000), even as Beijing singled out the city’s unaffordable housing as a “root cause” behind the anti-government protests.On Friday, SHKP put six units at the luxury development in the city’s North Point district on the market, raising the price by up to 7 per cent from the originally announced price. The price increase ranges from around HK$320,000… Source link

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Wheelock’s new flats in Tseung Kwan O get tepid reception as protests keep chipping away at sentiment

A batch of new flats at a project in Tseung Kwan O failed to hit the mark with investors on Wednesday as sentiment continues to dwindle amid violent protests that show no sign of abating.By 8.10pm Wheelock Properties had managed to sell just 177 out of 318 units that went on sale at its Marini and Grand Marini projects.Just 12 days earlier, buyers had snapped up 435 of 500 flats in the first batch at Marini. The contrast shows the alarming rate at which market sentiment is falling as the……

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Sun Hung Kai Properties bows to slumping market, pricing flats near protest-hit Sham Shui Po at 2017 rates

Hong Kong’s biggest developer, Sun Hung Kai Properties, has bowed to the pressure of a slumping housing market, pricing a batch of flats near protest-hit Sham Shui Po about 25 per cent below the prevailing market rate.The builder priced the first 235 flats at its Cullinan West III project in Nam Cheong at an average of HK$21,722 (US$2,770) per square foot after discounts – a quarter less than units sold recently in nearby estates. The price is about the same as it was two years ago for units in… Source…

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Hong Kong developers looking to build on farmland, sites of old buildings as government reduces land available for private flats

Hong Kong’s major developers are rushing to build more flats on farmland they already own and at urban sites where old buildings can be bought and torn down.The push comes as the city government is slowing down the amount of land it is making available for developers to buy for private residential projects.In June 2018, chief executive Carrie Lam Cheng Yuet-ngor announced that nine government sites – three in Kai Tak and six in Anderson Road Quarry – originally earmarked for private housing had… Source link

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Mainland Chinese developer Jiayuan says Hong Kong micro flats profitable despite price cuts, reports 23 per cent rise in interim profit

The mainland Chinese property developer behind Hong Kong’s smallest micro flats ever – smaller than a car park at 128 sq ft – said the development was profitable even after it cut prices by as much as 38 per cent to as low as HK$1.73 million (US$220,514) per unit in July.Jiayuan International, which acquired a 70.1 per cent stake in the TPlus project from Hong Kong retail magnate Tang Shing-bor for HK$657.5 million in May 2018, said it and Tang had generated about HK$1.1 billion in revenue from… Source link

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Luxury flats in Greater Manila town called Wak Wak aimed at Chinese, other wealthy buyers

An exclusive neighbourhood in Greater Manila known for its unusual name – Wack Wack – and its championship golf course is home to a new luxury home development that hopes to draw interest from buyers in China, Singapore, Malaysia and Japan.Shang Residences at Wack Wack, jointly developed by Shang Wack Wack Properties and Hong Kong-listed Kerry Properties, will have 430 luxury units.They will span 50 storeys that soar to 165 metres in height, offering views of the nearby Makati city skyline vast… Source link

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Hong Kong’s homebuyers snap up Billion Development’s Aurora flats in Tsuen Wan, attracted by lowest prices in neighbourhood

Hong Kong buyers snapped up every flat for sale in Tsuen Wan, delivering a second successful weekend for the developer that offered the project at one of the lowest prices in the district.Billion Development & Project Management sold all 216 apartments offered in the second batch of The Aurora complex, sales agents said. Last weekend, the developer sold all 354 units in one day, after selling them at a price that’s 10 per cent cheaper than the nearest project in the neighbourhood.“Flat demand… Source link

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Buyers shrug off Hong Kong rallies to snap up Aurora flats in Tsuen Wan, offered at 10 per cent discount to the neighbourhood

Homebuyers shrugged off a downpour and Hong Kong’s 11th week of street protests to snap up the flats offered at a discount by Billion Development & Project Management in Tsuen Wan.Billion sold 300 flats, or 85 per cent of the 354 available units on offer at The Aurora as at 5pm, sales agents said, adding that they expect the project to sell out by the end of the day.Prices at The Aurora start at HK$3.81 million (US$485,720), or HK$17,558 per square foot, for a 217-square foot (20 square metre)… Source…

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CK Asset postpones sale of luxury flats estimated to cost more than US$12.7 million citing social turmoil

CK Asset Holdings, the second largest developer by market value in Hong Kong, has become the latest builder to defer the sale of its luxury residential project, as 10 weeks of social turmoil has severely hurt consumer sentiment.The as-yet unnamed project at 21 Borrett Road, in Mid-Levels, was originally expected to be released for sale this month.Executive director Justin Chiu Kwok-hung said on Tuesday that the group had decided to postpone the sale of the luxury flats that would cost more than… Source link

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Converting old civil servants’ buildings multiplies the number of flats and could help relieve Hong Kong’s land shortage, say analysts

Flats built under a scheme to house civil servants in Hong Kong are being offered for private tender for the first time, in a move seen by industry experts as a highly efficient way to free up urban land for redevelopment.Thirteen out of 16 owners at the four-storey Orion Court in Kowloon Tong, built in 1960 under the Civil Servants Cooperative Building Society Scheme (CBS), have agreed to offer their homes for sale at an indicative price of HK$600 million (US$76.54 million).It is the first… Source link

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