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From the third runway to Lantau Tomorrow, Hong Kong’s ambition to build has one snag – the world is running out of sand

It seems we humans have an infinite capacity to make the infinite finite – to exploit to exhaustion every plausible resource in which we take interest. I’m not just talking about oil, or copper, or farmland, or tropical forests, or even fresh water. I’m talking sand. It seems, worldwide, we are now gobbling up the stuff – which a just-published report from the UN calls “the unrecognised foundational material of our economies” – at such a rate that we are “exceeding natural sand replenishment… 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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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The first commercial plot to be tendered on the runway of Hong Kong’s old airport at Kai Tak was withdrawn from sale on Wednesday, after the Lands Department announced it had rejected all nine tenders received for the land.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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Property 

Hong Kong sells third housing plot on disused airport runway at 12.7 per cent discount, in another sign of property market woes

Hong Kong’s government, which relies on land sales for a substantial part of its revenue, has sold its final residential plot for the year at a 12.7 per cent discount to market valuation, in a further sign of the city’s cooling property market. Kai Tak Area 4B Site 2, the third plot for sale in the former airport’s disused runway, sold for HK$8.03 billion (US$1.03 billion) to a unit of China Overseas Land & Investment, according to an announcement by the Lands Department. Six bids were submitted for the tender,…

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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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Singapore 

JSA EP9: An airport that used to have a water runway , Singapore News

Kallang Airport, Singapore’s first purpose-built civil airport, was opened on 12 June 1937 in the Kallang Basin area. Kallang Basin was formerly a huge mangrove swamp and it took a total of six years and $8 million for the airport to be built on this reclaimed land. In its early years, Kallang Airport was described as the “finest airport in the British Empire” on account of its superior facilities. However, the airport was only used for 18 years and ceased operations after the opening of Paya Lebar Airport in 1955.…

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Sigh of relief as second plot on Hong Kong’s Kai Tak runway fetches more than first

Hong Kong property observers breathed a sigh of relief on Wednesday when a piece of prime waterfront land at the city’s former airport fetched a higher price than a neighbouring plot sold a week earlier because of its superior sea views. Goldin Financial Holdings won the tender for the second residential site on the runway of Kai Tak airport for HK$8.9 billion (US$1.14 billion), or HK$15,497 per square foot, the Lands Department said on Wednesday. The price tag for the plot, known as Kai Tak Area 4B Site 4, is…

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Property 

Hong Kong builders pay US$1 billion for first plot on runway of old Kai Tak airport

A consortium of four major local developers won the auction for the first residential site on the runway of the former airport at Kai Tak for HK$8.33 billion (US$1.06 billion), 18 per cent lower than the previous auction for a plot here. Voyage Mile, a unit of Wheelock Properties, New World Development, Henderson Land Development and Empire Development Hong Kong won the bid, the Lands Department announced on Wednesday. At the last auction in May, Sun Hung Kai Properties paid a record HK$25.16 billion, or HK$17,776 per square feet compared…

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Property 

First land plot for sale on the former runway at Kai Tak receives ‘lacklustre’ response from developers

The first residential plot for sale on the runway of the city’s former Kai Tak airport received eight bids from property developers at the tender close on Friday, reflecting a weakening appetite for land acquisitions as the city’s property market comes under pressure amid a worsening US-China trade war and rising interest rates. Ahead of the tender, property analysts had cut estimates on the value of the site, with a gross floor area of up to 574,615 square feet, by as much as 15 per cent. “It is worse than…

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