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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The first commercial plot to be tendered on the runway of Hong Kong’s old airport at Kai Tak was withdrawn from sale on Wednesday, after the Lands Department announced it had rejected all nine tenders received for the land.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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Scenic site at Kai Tak draws fewer than expected bids from property developers

The fourth residential plot at the city’s former Kai Tak airport, regarded as the most scenic, has missed analyst expectations, as slightly fewer than expected developers submitted tenders on Friday, reflecting downbeat sentiment as home prices come under further pressure. The 117,900 square foot plot, located on land jutting out into Victoria Harbour on what was Hong Kong airport’s former runway, fetched six bids at the closure of tender at noon, falling short of Knight Frank’s expectation of seven to 10 bids. Thomas Lam, executive director at Knight Frank attributed…

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Tsuen Wan, Tseung Kwan O and Kai Tak – three districts where renters can find cheap bargains

Renters can look for bargains in Tsuen Wan, Tseung Kwan O and Kai Tak as a few thousand flats will soon be available for leasing, further adding downward pressure on rents. In Kai Tak, some 2,400 flats will be ready for occupation in the first half, with 424 listings available already, according to Centaline Property Agency. These include the 822-unit Victoria Skye, 930-unit Vibe Centro and 648-unit Oasis Kai Tak. In Kai Tak, owners of the 900-unit K City began taking possession of their flats this month. The development has…

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Property 

China developer’s net profit at Hong Kong’s old Kai Tak airport to lose altitude amid turbulence in property market

China Overseas Land & Investment is likely to see about a 15 per cent profit margin on its latest HK$8.03 billion parcel acquisition at the city’s old airport site, far less than the windfall it made five years ago on its first purchases there, analysts say. China Overseas was the first developer to buy land at Kai Tak, site of the city’s old airport known for nail-biting manoeuvring by pilots to avoid mountains and buildings. That was in 2013, when the developer paid far less per square foot for two…

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Fewer developers submit bids for Kai Tak runway plot even as valuation is slashed to January 2017 levels

The third residential parcel on Kai Tak’s runway missed market expectations as fewer than expected developers submitted tenders, while one surveyor slashed its valuation of the plot to January 2017 levels because of downbeat sentiment, lack of full sea view and retail component. The 97,393 square feet plot on the site of Hong Kong airport’s former runway fetched six bids at the close of tender on Friday noon, missing expectations from surveyors who had expected at least eight bids. Intrepid 98-year-old woman buys US$1.9 million flat as Sino Land’s discounted…

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