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Weak response among property firms to Kai Tak residential plot a week after sale was cancelled due to Hong Kong protests

A residential plot at Hong Kong’s old airport received a lukewarm response from developers on Friday, with only about five bids submitted for the oceanfront piece of land by 7pm.The sale of Area 4C Site 1 on the Kai Tak runway was postponed last week because of mass protests in Hong Kong. The plot could yield 714,374 sq ft of gross floor area for an estimated HK$20,000 (US$2,560) per square foot, and is expected to set a price record.“It is a really bad reaction for a plot at such a…

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Land tender: Hong Kong government must introduce guarantors, higher deposits to prevent another Kai Tak fiasco

The aborted sale of a HK$11.1 billion (US$1.4 billion) prime land has exposed a serious flaw in the tender process that may cause the Hong Kong government to suffer a huge loss if it is unable to sell the site for the same price in a depressed market, according to market observers.They suggested that the government should increase the deposit amount steeply from the current HK$25 million to prevent a repeat of such an incident in the future and introduce a guarantor to complete the sale in case… Source link

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Hong Kong government indefinitely postpones tender of Kai Tak land as protests throw city out of gear

The Hong Kong government has indefinitely postponed the tender of a large waterfront residential site at the former Kai Tak airport after violent street protests against a controversial extradition bill rocked the city.“The Central Tender Board announces that the closing time for tenders to be received through the Government Secretariat Tender Box by noon tomorrow [June 14] will be extended until further notice, due to blockage of the public access to the Government Secretariat Tender Box,” the… Source link

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Hong Kong developer walks away from Kai Tak project, citing ‘social contradiction and economic instability’

The Hong Kong developer that beat out several of the city’s biggest and wealthiest property groups for a commercial plot at the former Kai Tak Airport in May has had a change of mind after less than a month, saying it will abandon the offer, citing “social contradiction and economic instability”.Goldin Financial Holdings told a telephone conference on Tuesday that it was rescinding its HK$11.1 billion (US$1.42 billion) winning bid for C Site 4 at Kai Tak at the city’s former airport, forfeiting… Source link

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First seafront commercial plot of land on Kai Tak runway sells for record HK$11.1 billion

The first seafront commercial plot of land on the runway of Hong Kong’s former airport, Kai Tak, has sold for a record HK$11.1 billion (US$1.41 billion), the city’s Lands Department said on Wednesday.Hong Kong developer Goldin Financial Holdings shrugged off the turmoil of an escalating trade war to win the tender for Kai Tak 4C Site 4, the second commercial plot on the runway to be offered for sale. At HK$12,888 per square foot, the sale was broadly in line with a forecast of HK$13,000 per… Source link

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Developers are lukewarm on Kai Tak’s commercial plot as trade war impasse creates an anticlimax to a week of record home sales

The second commercial property plot on the runway of Hong Kong’s former airport received fewer bidders when a government tender closed on Friday, as the absence of a resolution in the US-China trade war provided an anticlimax to a week of record-breaking sales in the city’s home market.Area 4C Site 4 on the Kai Tak runway, valued at HK$11.2 billion (US$1.4 billion), or HK$13,000 per square foot for the 863,000 square feet (80,175 square metres) of gross floor area, received six bids, according… Source link

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Kai Tak’s third-largest plot of residential land goes to Henderson-led consortium for record HK$12.6 billion

A consortium of six developers including Henderson Land Development agreed to pay HK$12.6 billion (US$1.6 billion) for the third-largest residential plot at the runway of Hong Kong’s former Kai Tak airport. The total price translates to HK$19,636 per square foot, which means a flat complex built on the site will sell for at least HK$30,000 per sq ft, inclusive of a construction cost of HK$5,000 per sq ft and a 20 per cent profit margin for the developer. Besides Henderson, the consortium… Source link

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Developers rush to bid for Kai Tak’s latest residential land plot as bull market returns to Hong Kong’s real estate

Developers submitted seven bids for the third-largest residential plot at Hong Kong’s former Kai Tak airport, as April sales data showed home transactions jumping by 52.8 per cent from March, in a clear sign of the bull market’s return to the world’s most expensive city.Kai Tak’s Area 4C Site 2, a sliver of land sitting on the former Kai Tak runway, can yield 641,168 square feet (59,566 square metres) of gross floor area. It is valued at HK$11.5 billion (US$1.47 billion), or HK$18,000 per… Source link

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Hong Kong’s biggest developer Sun Hung Kai commits 30 billion yuan toward 10 property projects in the Greater Bay Area

Sun Hung Kai Properties, Hong Kong’s largest developer by value, said it has commit 30 billion yuan (US$4.45 billion) toward 10 real estate projects in the “Greater Bay Area”.A fifth of that budget will be spent on its first commercial project in the Nanshan district in Guangzhou city, featuring two office towers of 2.36 million square feet, a shopping centre with 860,000 sq ft and 210,000 sq ft in a transport terminal for long-distance buses.“Nansha will transform into an innovation and… Source link

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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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