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Far East picks up the smallest land plot at Kai Tak at discount, as public unrest deters developers from long-term investments

Hong Kong’s government sold the smallest land parcel at the former Kai Tak airport at a discount to market expectations, as the city’s 10 consecutive weeks of public unrest deterred developers from committing to long-term investments.The commercial site, located next to the Kai Tak Sports Park built over the former airfield, sold for HK$2.45 billion (US$312 million), 9.4 per cent less than the lower end of the HK$2.7 billion to HK$3.6 billion range that valuers were looking for. Far East… Source link

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Sun Hung Kai, MTR defer sale of 1,172-flat Cullinan West III project as Hong Kong’s protest rallies take their toll on market mood

Hong Kong’s biggest residential property developer is postponing the sale of its next mega project, in the latest sign that nine weeks of public unrest and almost daily clashes between police with protesters are taking an ever-bigger toll on consumer sentiment.Sun Hung Kai Properties (SHKP) and MTR Corporation would offer the 1,172 flats at the Cullinan West III project atop the Nam Cheong subway station upon their completion, said David Tang, the property director of the project’s joint… Source link

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Hong Kong’s top builders spot a bargain as they submit tenders for Kai Tak plot whose value has been slashed

The tender for a plot in Kai Tak on Friday attracted better-than-expected response as one surveyor cut the estimated value of commercial land on the site of Hong Kong’s former airport by up to 20 per cent after a high-profile sale was abandoned in June.The Lands Department said on Friday that 10 developers submitted bids.The Post found that the bidders included Sun Hung Kai Properties, CK Asset Holdings, Wheelock Properties, Sino Land, China Overseas Land& Investment, Great Eagle Holdings, Far… Source link

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Hong Kong government doubles deposit for land tenders to HK$50 million after Goldin’s abandoned Kai Tak sale

The Lands Department said on Thursday it is doubling the deposit for government sites put up for tender to as much as HK$50 million (US$6.3 million) after a buyer walked away from a winning bid of HK$11.1 billion for a plot of prime land in June.The rule is effective immediately and the deposit would apply to all land sales with an estimated value of HK$400 million or more. Deposits for sites valued between HK$100 million to less than HK$400 million will range from HK$10 million to HK$40… Source link

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CK Asset, Sun Hung Kai compete for homebuyers’ cheques in Sham Shui Po, in a battle that can set the course for Hong Kong’s market

Two of Hong Kong’s largest property developers are poised to compete head to head next month for the chequebooks of the city’s homebuyers, in a battle that will determine the course of the world’s most expensive real estate market.CK Asset Holdings, founded by the city’s wealthiest man Li Ka-shing, will start selling the 876-unit Seaside Sonata residential project in Sham Shui Po, its first sale in 2019 and a third of the 2,400 apartments on its contract book. Sun Hung Kai Properties (SHKP)… Source link

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Hong Kong sells biggest plot of Kai Tak’s land at discount as city’s unrest drives investors to the sidelines and saps risk appetite

Hong Kong’s government sold the biggest plot of residential land at the former Kai Tak airport at lower than expected price, as seven consecutive weeks of increasingly violent street protests drove many developers to the sidelines and sapped their appetite for long-term investments.Dragon Star H.K. Investments, a consortium of three major developers, paid HK$12.74 billion (US$1.63 billion), or HK$11,841.70 per square foot, for Kai Tak Area 4A Site 1, according to an announcement by the Lands… Source link

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Sun Hung Kai, Hongkong Land apply to build 11,000 flats on New Territories plot originally slated for 300 villas

Two of Hong Kong’s biggest property developers plan to squeeze more than 11,000 homes onto a parcel of land they had originally earmarked for 300 villas, as government schemes to boost land supply face delays.Sun Hung Kai Properties and Hongkong Land Holdings have applied to increase the plot ratio – the gross floor area of a project compared to the size of the plot – of a newly-converted piece of farmland in the New Territories.They want to raise the ratio by more than 13 times so that the 1.5… Source…

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Can Kai Tak, Hong Kong’s former airport, take off as the city’s second business district?

The viability of repurposing Hong Kong’s former airport at Kai Tak into the city’s second business district by the 2020s is likely to fade further into the distant future, as the construction of basic amenities and infrastructure is delayed by a lengthy consultation process.A monorail network with 12 stations linking the former airport’s runway precinct with neighbouring Kwun Tong and Kowloon Bay remains on paper, as the commencement of construction planned for 2018 is stuck midway in a three… Source link

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Hong Kong’s new business hub at Kai Tak may fall years late as developers turn skittish

The bold vision to transform the former Kai Tak airport site into a second major business hub in Kowloon East may have to be put on hold for a while, as confidence in the project has been dealt a blow after a local developer judged it too risky to proceed with the purchase of a HK$11.1 billion (US$1.42 billion) site, according to industry experts.The government may opt to defer the sale of some commercial sites at the city’s former airport by up to two years until sentiment improves, a delay……

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Chinese developers snap up discounted Kai Tak land as Hong Kong’s mood for property sours amid protest rallies and trade war

Two mainland Chinese developers bought a plot of residential land on the runway of Hong Kong’s former Kai Tak airport, paying a lower-than-expected price for the oceanfront property as the city’s biggest public protests in decades sapped appetite for investments amid a US-China trade war.China Resources Land and Poly Property Group, two real estate units that belong to two of China’s largest state conglomerates, won a tender for the second-biggest parcel of land that is earmarked for building… Source link

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