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No takers for Sun Hung Kai Properties’ Park Yoho Napoli project in Yuen Long

The first day of the Easter holiday has proved to be big disappointment for Sun Hung Kai Properties.Hong Kong’s largest developer by market value sold just five out of 113 flats on offer at its Park Yoho Napoli project in Yuen Long – the worst for any builder since late November when only two out of 27 units were sold at Jiayuan International Group and Stan Group’s T Plus micro flats project in Tuen Mun.Market watchers said the poor sales reflects prospective buyers’ wait and see attitude, as a… Source…

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HK$10 billion Kai Tak site attracts six bids as firms say they are positive about Hong Kong housing market

Six developers have submitted tenders for a site in Kai Tak, Hong Kong’s Lands Department said on Friday, with companies saying they remained positive about the city’s housing sector following a recent pick up in prices and dovish monetary policy that has rekindled a cooling market.Among the companies vying for Area 4B Site 1 in Kai Tak are Sun Hung Kai Properties, CK Asset, Chinachem Group, K&K Property and a joint venture between K Wah International and Sino Land. A consortium of New World… Source link

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Sun Hung Kai speeds up Greater Bay Area expansion, buys site in Guangzhou’s Nansha district for US$178m

Sun Hung Kai Properties, Hong Kong’s most valuable builder, said that it has bought a commercial plot near the high-speed railway station in Nansha – the geographic heart of the Greater Bay Area in Guangzhou – for 1.19 billion yuan (US$178 million).The site, close to Qingsheng station on the Guangzhou-Shenzhen-Hong Kong Express Rail Link, will yield a gross floor area of 262,619 square metres, according to Guangzhou Public Resources Trading Center, a department of Guangdong province that… Source link

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Sun Hung Kai Properties posts 31.2pc drop in interim profit as it adopts new accounting standard

Sun Hung Kai Properties, Hong Kong’s biggest developer by market value, reported a 31.2 per cent fall in underlying profit for the six months to December because of a change in accounting policy, it said in a filing to the Hong Kong stock exchange on Wednesday.The company said that from July 1, 2018, it had been recognising revenue from property sales in Hong Kong only after delivering the property to buyers.Its interim core profit, excluding revaluation gains on investment properties, was HK… Source link

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Sun Hung Kai Properties wins Tai Po land parcel at auction for HK$6.31 billion

Sun Hung Kai Properties won a residential parcel in Tai Po for a higher-than-expected HK$6.31 billion (US$804 million) on Friday, its second successful government land tender in a month. The price translates to HK$6,646 per square foot, 69 per cent higher than the previous site in the area which sold for HK$3,932 per square foot in 2016 to Sino Land but still 8.8 per cent lower than the peak of HK$7,284 per square foot paid by Sino Land in 2009 for the site now home to Mayfair by The Sea…

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Singapore 

Parliament: Bionix did not stop reversing in CFC Liu Kai incident despite repeated commands, says Ng Eng Hen, Singapore News

SINGAPORE – The Bionix armoured vehicle which collided into the Land Rover that Corporal First Class Liu Kai was driving, leading to his death, did not stop reversing despite repeated commands for its driver to do so, Defence Minister Ng Eng Hen revealed in Parliament on Monday (Feb 11). In the Nov 3 accident, the Bionix Infantry Fighting Vehicle stopped only after it mounted the driver’s side of the Land Rover – about eight seconds after it started reversing, said Dr Ng. An independent Committee of Inquiry (COI), as well…

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HNA will sell its last Kai Tak parcel to Wheelock for HK$7.44 billion

HNA Group will sell its last plot of development land at Hong Kong’s former Kai Tak airport site to Hong Kong developer Wheelock & Co, as the one-time high-flying Chinese conglomerate rushes to sell assets to repay debts. The listed unit of the Hainan-based company, Hong Kong International Construction Investment Management Group, sold the plot to Wheelock at a price likely below the cost it paid almost two years ago, reflecting the slowdown of the residential property market in Hong Kong, according to two sources familiar to the matter. HNA…

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First commercial plot on Kai Tak runway fails to take off as Hong Kong rejects all nine bids for site

The first commercial plot to be tendered on the runway of Hong Kong’s old airport at Kai Tak was withdrawn from sale on Wednesday, after the Lands Department announced it had rejected all nine tenders received for the land. That all tenders failed to meet the government’s requirements suggests developers were still cautious about the Hong Kong commercial market, despite comments by analysts that home prices in the city could rise this year. Sun Hung Kai pays US$1.43 billion for Kai Tak residential plot in subdued tender that underscores downbeat…

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Property 

First mix-use land plot at former Kai Tak airport runway gets the collective shrug from developers as property market cools

Hong Kong’s government received a lukewarm response in its sale of the first commercial land plot on the former Kai Tak Airport’s runway, as developers refrained from building offices and hotels in an area that lacks amenities, while the overall property market was cooling. Six bids were received when the call for tender closed on Friday, from Sun Hung Kai Properties, CK Asset Holdings, Great Eagle Holdings, K&K Property, Sino Land and the Far East Consortium, according to agents and valuers familiar with the submissions. The oceanfront plot, located near…

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Sun Hung Kai pays US$1.43 billion for Kai Tak residential plot in subdued tender that underscores downbeat market

Sun Hung Kai Properties, Hong Kong’s biggest developer, has won a government tender for the fourth plot of residential land at Kai Tak, paying HK$11.26 billion (US$1.43 billion) for the parcel at the city’s former airport. At HK$17,360 per sq ft, the winning price for Kai Tak Area 4C Site 3 was the highest paid for a purely residential plot in the area, close to the lower end of the price range expected by valuers, of between HK$10.4 billion and HK$13 billion, or HK$16,000 to HK$20,000 per sq ft. “The…

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