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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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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’s New World Development takes advantage of Hangzhou land price curbs, wins plot for 9.8 billion yuan

Hong Kong property company New World Development took advantage of a newly introduced price cap to win a commercial-residential plot of land in downtown Hangzhou for 9.8 billion yuan (US$1.4 billion), a shade higher than the starting bid of 9.6 billion yuan, it said on Tuesday. The deal represents New World’s first foray into Hangzhou.The 93,364 square metre plot, the latest among nine sites the Hangzhou government is offering during a two-day auction, was also the first to be sold under the… 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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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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Henderson Land marks Lee Shau-kee departure with record-breaking purchase of 3 billion yuan residential plot in Beijing

Hong Kong developer Henderson Land Development kicked off the post-Lee Shau-kee era with its first foray in Beijing’s residential market in 15 years, winning a 39,479 square metre plot in the Chinese capital’s Chaoyang district for 3 billion yuan (US$440 million) on Tuesday.It is a surprise win for Henderson Land – it outbid 11 mainland Chinese companies, including Ping’an, Country Garden and Longfor, having been absent from Beijing’s land market for more than a decade. The last project it won… 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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