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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 government doubles deposit for land tenders to HK$50 million after Goldin’s abandoned Kai Tak sale

The Lands Department said on Thursday it is doubling the deposit for government sites put up for tender to as much as HK$50 million (US$6.3 million) after a buyer walked away from a winning bid of HK$11.1 billion for a plot of prime land in June.The rule is effective immediately and the deposit would apply to all land sales with an estimated value of HK$400 million or more. Deposits for sites valued between HK$100 million to less than HK$400 million will range from HK$10 million to HK$40… Source link

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Can Kai Tak, Hong Kong’s former airport, take off as the city’s second business district?

The viability of repurposing Hong Kong’s former airport at Kai Tak into the city’s second business district by the 2020s is likely to fade further into the distant future, as the construction of basic amenities and infrastructure is delayed by a lengthy consultation process.A monorail network with 12 stations linking the former airport’s runway precinct with neighbouring Kwun Tong and Kowloon Bay remains on paper, as the commencement of construction planned for 2018 is stuck midway in a three… Source link

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Hong Kong’s new business hub at Kai Tak may fall years late as developers turn skittish

The bold vision to transform the former Kai Tak airport site into a second major business hub in Kowloon East may have to be put on hold for a while, as confidence in the project has been dealt a blow after a local developer judged it too risky to proceed with the purchase of a HK$11.1 billion (US$1.42 billion) site, according to industry experts.The government may opt to defer the sale of some commercial sites at the city’s former airport by up to two years until sentiment improves, a delay……

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Chinese developers snap up discounted Kai Tak land as Hong Kong’s mood for property sours amid protest rallies and trade war

Two mainland Chinese developers bought a plot of residential land on the runway of Hong Kong’s former Kai Tak airport, paying a lower-than-expected price for the oceanfront property as the city’s biggest public protests in decades sapped appetite for investments amid a US-China trade war.China Resources Land and Poly Property Group, two real estate units that belong to two of China’s largest state conglomerates, won a tender for the second-biggest parcel of land that is earmarked for building… Source link

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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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