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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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Micro-sized housing project in Sham Shui Po offers discounts… and cheapest new homes in the city since 2016

Hong Kong’s newest micro-sized housing project has been priced at levels that represent a double-digit percentage discount to similar offerings released only a few months earlier. The offer of cut-price micro flats reflect the eagerness of the developer to adopt an aggressive pricing ­strategy as the residential market continues to cool. The 22-storey residential block named AVA 228 – a project in Sham Shui Po featuring 160 flats – has priced the smallest of an initial batch of units, measuring 151 square feet, at HK$18,563 per square foot, or HK$2.8…

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New ‘tiny home’ benchmark for Kowloon as developer rolls out Sham Shui Po project in layouts beginning at 129 sq ft

Hong Kong’s Kowloon district is about to realise a new benchmark for tiny home sizes that will test the market’s tolerance for what’s considered liveable space, with one developer set to launch a project in Sham Shui Po featuring layouts starting at 129 square feet, the smallest on record for the area. The 22-storey residential block named AVA 228 will feature 160 units with sizes ranging from 129 sq ft to 249 sq ft, according to the website of Magic Sight Holdings, a privately held developer owned by property investor…

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Is Hong Kong’s housing market recovering? Plot of land in Tai Po attracts more bids than expected

A parcel of residential land for sale in Tai Po fetched more bids than anticipated in a possible sign that Hong Kong’s developers are becoming more optimistic about the flagging market. The plot at Pak Shek Kok had received 10 bids when the tender closed at noon on Friday, beating Knight Frank’s estimate of five to eight bids. The builders that submitted bids included Sun Hung Kai Properties, CK Asset Holdings, Henderson Land Development, Wheelock Properties, K Wah International, K&K Property, Far East Consortium, KWG Property and a joint venture…

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Sino Land offers aggressive discounts at Tai Po development to woo buyers

Hong Kong developer Sino Land is offering up to 30 per cent discounts at a development in Tai Po to try to drum up sales amid a weakening housing market in the city. The developer is selling the first batch of 108 units of its Mayfair by the Sea development 8 in Tai Po district, New Territories, at an average price of HK$13,228 (US$1,686.65) per square foot, it said Monday. In comparison, The St Martin by Sun Hung Kai Properties, about a 10-minute walk away, sold for an average HK$18,698…

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Tai Po villa, occupied by wife and daughter of Zimbabwe’s former president, sold in Hong Kong for a 15 per cent loss

A luxury villa previously occupied by the wife and daughter of Zimbabwe’s former strongman Robert Mugabe – itself the subject of a dispute in the Hong Kong courts – has been sold for a 15 per cent loss, according to sales agents. House 3 of JC Castle has been sold for HK$34 million (US$4.3 million), a loss of 15 per cent from its 2008 purchase price of HK$40 million, according to Century 21 Deluxe Home Property, which handled the transaction. The agency did not identify the property’s buyer. The villa’s…

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