http://img201.imageshack.us/img201/407/bl1dn8.png

http://img183.imageshack.us/img183/3527/bl2us2.png

http://img183.imageshack.us/img183/6852/bl4do8.png

http://img183.imageshack.us/img183/9268/b33ey6.png

Quite nice that, if it looks like anything as it does in the renders.

Actually they are built already. However I haven't been there yet because that place is a bit remote for me.

That's one massive great wall there. What lies behind this building? Other buildings that no longer have a view? Some poor mountainside that is now cut off and no longers offers views over the sea? Also wherabouts is this? Somewhere on the south side of HK Island perhaps??

^ Near Cyberport, Pok Fu Lam.

Phases 5 and 6 are under construction. These are lonely buildings near the water, and won't block anyone else since there's nothing in the hills above.

Very nice looking residential buildings, for once!

^ Course, they're major luxury ones, not to mention designed by Sir Norman.

appear to me, RC profile as soft as fabric. It will give the facade feel like textiles.

Nice curves.I don't like the wall effect,but almost all the residentials in HK look like that.

ooo someone should put this in the main construction update forum!

That looks amazing :banana:
I wanna be the first fresh prince of this building :lol:

Any pics of the site?

http://www.globalphotos.org/hongkong/20070714/IMG_7750.jpg

http://www.globalphotos.org/hongkong/20070714/IMG_7753.jpg

http://www.globalphotos.org/hongkong/20070714/IMG_7754.jpg

i agree with another post i saw in here, finally, some good looking multi tower condos!!!

dear god.... that´s an a amazing view from the sea....

Imagine the curve line of those Condos mixed with the flash of the sun with sea, and that effect that imitate the wind.... is quite genius desing...:D

The last render is stunning.
http://www.laserdisken.dk/billeder/forsidealm/867939640469002.jpg

A very nice design!

What's the exact height? Please use the correct format for thread titles.

Wow. :eek: This looks absolutely stunning.

I think I will start a fund that people can donate to so I can buy one of these condos. Does anyone want to contribute? :)

These look great!

Would love to live there.

Bel-Air flat sales generate $8.8b
17 May 2007
Hong Kong Standard

Pacific Century Premium Developments (0432), the property arm of Richard Li Tzar-kai's PCCW (0008), said it has generated HK$8.8 billion from sales for the latest phase of its Bel-Air residential project at Cyberport.

Executive director Wendy Gan Kim-see said that since the phase six sales launch last March, it has pre- sold 500 units worth HK$8.8 billion.

But the company will not be able to book that revenue until the second half of next year, when it is completed. Developers cannot book revenue until they have completed and delivered a unit.

The company is building phase five, comprising 29 townhouses for completion next year.

Gan said the houses are unlikely to be pre-sold this year and that the company would prefer to sell and book the revenue next year as the supply of luxury units remained tight.

For this year, the company still holds ``a small part'' of the units at Maison Bel-Air, which is block five of phase three Bel-Air.

``Some of these could be booked [ this year],'' Gan said.

Maison Bel-Air, with 80 units in one block, was first launched for sale in April 2005 at prices of about HK$13,000 per square foot

An agent said about 80 percent of the block has been sold.

Secondary market prices are about HK$11,000 psf.

Chief operating officer Benjamin Lam Yu-kin said the company is still looking for projects in the mainland and Southeast Asia.

PCPD will pre-sell 220 to 250 units of its Beijing residential project next to its Pacific Century Place in the first half of next year.

Apart from the redevelopment of a telephone exchange at Wo Fung Street in Sheung Wan, Gan said PCPD is looking at three schemes but gave no details.

An average of HK$17.6 million for each apartment then.

Bel Air 8
http://www.bel-air.com.hk/cyberport/jsp/no8/en/images/towerplan02.jpg
http://www.bel-air.com.hk/cyberport/jsp/no8/en/images/towerplan03.jpg

http://www.bel-air.com.hk/cyberport/jsp/no8/en/images/masterlayout01.jpg
http://www.bel-air.com.hk/cyberport/jsp/no8/en/images/masterlayout02.jpg
http://www.bel-air.com.hk/cyberport/jsp/no8/en/images/masterlayout03.jpg

see this project for the first time. looks beautiful, go Hongkong!!

Pacific Century Sells Bel-Air Tower to Mirae for US$240 Million

HONG KONG, Oct 12 Asia Pulse - Pacific Century Premium Developments (SEHK:0432), the property division of Hong Kong communications giant PCCW Limited (SEHK:0008), Thursday announced that it has sold Tower 6 of Bel-Air No 8 to a South Korean company for HK$1.86 billion (US$240 million).

It marks the first Hong Kong venture for Mirae Asset Investment Management, which is under the umbrella of South Korea's Mirae Asset Financial Group.

According to media reports, the high-end residential tower will be retained as an investment property, with forecast rental revenue of between HK$5 million to HK$6 million per month.

Pacific Century sold the 102 units with total area of 150,000 square feet at an average HK$12,500 per square foot, a discount of 16.67 per cent from the targeted HK$15,000 per square foot.

http://img183.imageshack.us/img183/9268/b33ey6.png

International Landmark? A Timeless Masterpiece? You got to be kidding me. It's nothing more than just another ugly 250m giant wall :bash: I can't believe Foster did sth like this. Those disgusting wall-scrapers should be forbidden in HK :ohno:

I think they look fabulous.

btw, does anyone have any actual pics of these buildings?

Saturday, Oct. 6. Taken by me. Clear cerulean sky? :lol:
http://x28.xanga.com/115c144226d30152684193/w113981005.jpg

International Landmark? A Timeless Masterpiece? You got to be kidding me. It's nothing more than just another ugly 250m giant wall :bash: I can't believe Foster did sth like this. Those disgusting wall-scrapers should be forbidden in HK :ohno:

They're not 250m tall, and neither are they as bad as you're making out to be (nor as timeless as the advertisements make them out to be ..)

Is there a site (with more pictures) of this beautiful project?

Is there a site (with more pictures) of this beautiful project?

Developer's site : http://www.bel-air.com.hk/

These are good, but the holes are kind of fug. (I might have said that before I dunno). Would've been better with more imagination

11/10

http://www.globalphotos.org/hongkong/20071110/IMG_0150.jpg

Love it :)

Someone should update the thread title to U/C.

Anyone have something to say about those houses in front of it? my picture shows them, and I feel that they lack any architectural quality considering their exorbitant asking prices.

They're sandwiched in between a wall of 50 storeys. I wouldn't imagine having much privacy at all.

Quite nice that, if it looks like anything as it does in the renders.

I don't know...what's with that pool-flume on the right there? I think someone flunked a perspective exam in visual literacy.



http://img183.imageshack.us/img183/9268/b33ey6.png

The environment on HK renderings is anything but real. The actual location environment is a big factor in determining the market value of such flats.

^^ quite rightly, I remember seeing a small tower construction right across from Kai Tak, with a very interesting rendering that placed green all around it :)

^^ These are closer to the truth though - fantastic ocean views from there, although perhaps not as exaggerated as the rendering makes out.

Then again, this is the Bel Air complex - rememember the controversy two years ago about their advertisements?

That pink house in France thing? The developers are still using misleading ads today.

That pink house in France thing? The developers are still using misleading ads today.

That's the one. Just saying - we shouldn't expect better; they have a history of misleading adverts.

I remember seeing their brochures with a huge house overlooking a coastal French city. I don't know whether to criticize or just sit and laugh--I wonder if any potential clients have actually been turned off by such blatant misrepresentation.

Bel-Air developer criticised for demolishing HK$100m pavilion
30 April 2008
South China Morning Post

The developer of the Bel-Air luxury residential development at Cyberport in Pok Fu Lam has come under fire from an environmental group after demolishing a luxury waterfront pavilion.

The pavilion, which cost the developer HK$100 million to build, decorate and furnish and was used to promote phase eight of the project, had been in use for less than two years before it was demolished in January.

Located outside the Cyberport shopping complex, the large single-storey structure was made of concrete with a landscaped garden and a model luxury clubhouse next to it.

Housing four types of flat, totalling 9,300 sq ft, the pavilion had been deserted for months after nearly all 700 flats in the luxury apartment were sold in the second half of last year.

"When it was built, I thought it was something to be made permanent for the residents but later I found out it was purely for showroom purposes," said Ms Fok, a resident who filed a complaint about the demolition to Friends of the Earth.

"It is a complete waste as the unit was actually a livable house. It would have been better if it was kept there without being dismantled. Now that the whole site has been bulldozed it is as if nothing had ever been built there."

A spokeswoman for the developer, Pacific Century Premium Developments, said it had tried its best to reuse and recycle items installed inside the show flats - mostly luxury and designer brands - as much as possible.

But she could not provide details about what had actually been reused or disposed of. She said that while some items were purchased by residents or moved to the development's clubhouse, it was inevitable that some un-recyclable items might end up in landfills.

"Since the flats are pre-sold before completion, a show flat is built," she said.

"We believe there is nothing special about this practice, which is similarly adopted by other developers."

She added that the developer had at one time considered keeping the structure but it had to be removed because the site was government land and had to be vacated for a drainage project.

Friends of the Earth environmental affairs officer Michelle Au Wing-tsz said she was disappointed the developer had failed to take into account the need to avoid unnecessary wastage. "The developer could still have achieved the marketing purpose with a traditional show flat constructed indoors," she said.

$100 million for a showroom.......... so you can imagine how much is the developer making off the 700 apartments and flats there.

PCPD sees brighter outlook after interim profit tumbles 99pc
22 August 2008
South China Morning Post

Pacific Century Premium Developments (PCPD), PCCW's property arm, is poised to book more profit from property sales in the second half after securing occupation permits from the government for 700 units that have already been sold.

PCPD posted a 99.2 per cent plunge in net profit to HK$5 million for the six months to June from HK$606 million a year ago.

Turnover for the first half fell 70.6 per cent to HK$618 million from HK$2.1 billion a year earlier.

Earnings per share were 20 HK cents. The company did not declare an interim dividend.

It said the sharp profit fall was mainly because the flats sold last year were still waiting for government certificates of compliance, or occupation permits.

Property companies can only book profit and revenue from flats they have sold after they have been issued with the permits.

Deputy chairman Alex Arena said the group sold 700 units at the Bel-Air No8 project for HK$12 billion and the pre-sale of One Pacific Heights was well received in the market, with 95 per cent of the pre-sale units sold. One Pacific Heights is the firm's first project from the redevelopment of PCCW's telephone exchange tower.

The project, in Central, is targeted for completion next year. The company sold 141 residential units in advance, generating HK$1.16 billion.

PCPD booked a net surplus from the Cyberport project of HK$197 million in the period, while the government's share accounted for HK$358 million.

A project in Beijing's Chaoyang district, with 210 luxury apartments, is on schedule for completion in 2010.

PCPD also has several long-term projects, including resort complexes in Hokkaido in Japan and Phang-Nga in southern Thailand.

Shares in PCPD yesterday fell 0.72 per cent to HK$2.77.

FOCUS-China's 'nouveaux riches' dumping Hong Kong luxury apartments
4 September 2008
Xinhua Financial Network (XFN) News

HONG KONG (XFN-ASIA) - As China's economy grew at a robust pace in the 1990s, property billionaire Li Ka-shing had what was certainly not his first great idea -- he decided to market luxury Hong Kong apartments built by his flagship firm Cheung Kong (Holdings) to the mainland's newly rich.

The novel strategy reaped handsome dividends, prompting Hong Kong's other major property developers to follow Cheung Kong's lead. Real estate agents got into the act too, bringing in busloads of wealthy mainland investors on property buying sprees, mainly at the luxury end of the market.

Hong Kong would be periodically titillated by tales of mainlanders pressing bundles of cash into the hands of startled estate agents in order to secure that dream home. For a good number of these free-spenders, however, the love affair may be souring. Analysts say hundreds of mainland investors have recently put luxury apartments up for sale, at a loss in some cases.

Some observers say the sellers have been panicked into believing that the Hong Kong housing market is being sucked down with the global economy.

Others say, however, that they are mostly just speculators grappling with an occupational hazard -- inability to raise the funds needed to complete purchases under deferred payment schemes.

"About 80 of some 200 mainland investors who have purchased apartments at The Arch, Residence Bel Air and Grand Waterfront projects are currently offering to sell their units at 5-10 pct below their purchase prices," Ricacorp Properties research manager Patrick Chow said. "However, they've had little success so far because sentiment in the local property market is poor and local people are not interested in buying even if the offer prices are below acquisition costs," he said.

The Arch is a luxury residential complex built by Sun Hung Kai Properties atop Kowloon Station in West Kowloon, while the equally posh Residence Bel Air is in Pokfulam, where it was built by Pacific Century Premium Developments, a unit of PCCW Ltd. Grand Waterfront, though not quite in their league, is still upmarket enough. It was built by Henderson Land Development Co in Tokwawan, Kowloon.

Chow said some mainlanders are "keen to sell, even at a loss because they don't want to get caught by a possible downturn of the local housing market." The only problem is, there is not much evidence to support the belief that the Hong Kong luxury housing market is headed for catastrophe.

Luxury apartments were still on an uptrend as recently as two months ago, underpinned by tight supply and strong demand. In July, a Swiss entity named Zeromax paid 226.1 mln hkd -- or 41,118 hkd per square foot, a local record -- for a 5,498 sq ft penthouse at The Arch. Luxury flats usually go for 12,000-17,000 hkd psf. Sherman Lai, vice chairman of the ubiquitous Hong Kong real estate agency chain Centaline (Holdings) Co, does not believe that mainland owners are panicking.

Although a significant number are looking to dispose of their units for quick gains, a bigger number is digging in for the long run. "About 60 pct of mainland investors who purchased luxury apartments in Hong Kong last year and the first half of this year intend to hold them for the long term, especially those with children who are studying here and who need accommodation," he said. "They are usually wealthy, with businesses in Hong Kong, and they have no difficulties completing their purchases. They are intent on keeping their units long-term.

"But the rest of the mainland investors belong to the middle-class who were persuaded by estate agents to buy units here on promises of quick gains," he said. "Many of them paid deposits of 10 to 30 pct and are unable to raise enough cash to complete their purchases. It's either they don't have enough money of their own or they can't get loans from local banks that's why they are anxious to sell," he said.

Lai estimates that about 1,000 luxury apartments are sold in Hong Kong every year. Some of the deferred payment schemes offered to them by local developers will expire soon. It is possible that scores will have to forfeit their deposits for failure to raise enough money to pay off the balances, he said.

Henderson Land has reportedly offered buyers at the Grand Waterfront up to 328 days from payment of the deposit to complete their purchases. Some analysts said extended payment schemes often attract speculators who need only pay a deposit and believe they can turn a quick profit by selling before their purchase formalities are even completed.

"Those who paid deposits of 30 pct will strive to complete their purchases, but those who paid smaller down payments may simply walk away from transactions," Lai said.

He said wealthy mainlanders continue to buy luxury apartments in Hong Kong, regardless of the negative property market forecasts of some analysts. Up until late last year, Lai said, some developers were still enlisting Centaline's services to aggressively market Hong Kong homes to prospective buyers among the wealthy and the upper middle-class in southern China.

"Many of the wealthy mainland investors are end-users and the short- to medium-term outlook for the local housing market is of little consequence to them," he said. He said prices in the luxury residential sector grew 10-15 pct in the first quarter of this year, but flat to minimal growth characterized the second and third quarters. Prices in the sector rose 20-25 pct last year.

"Prices of luxury apartments will remain steady in the second half, but units in the mass market may see some decline," he said. Midland Realty (Holdings) chief analyst Buggle Lau Ka-fai said that while scores of mainland investors may be looking to sell apartments they bought here, talk of a serious housing market downturn and massive selldown is unfounded.

"In 1997, the housing market was overheated because each speculator bought as many as 10 to 20 apartments. As the Asian financial crisis set in, they found their ability to arrange mortgage loans failing, forcing them to sell down their holdings," he said. The housing market was pressured further by the government's decision to set an annual supply target of 85,000 units, he said. "Hong Kong's housing market has much stronger fundamentals today. Investors are more prudent and their financial holding power is much stronger than in 1997," he said. Salaries are still growing, the labor market remains healthy, mortgage rates are low and supply of new apartments is low, he said.

Lau estimates that prices for second-hand apartments have risen by 2-3 pct year-to-date, while prices in the first-hand mass residential market have gone up by as much as 20 pct, although price increases vary from one project to another. He noted that while the housing market might see some weakening in the second half, a big drop in prices is unlikely.

Lau said ascertaining the extent of buying by mainland investors is difficult. "No one compiles data on this. Hong Kong is a free market and anyone, regardless of country of origin, can come in and invest in the housing market," he said. While certain housing projects have reportedly drawn buyers from the mainland, developers do not normally disclose their identity, he said. Scores of homebuyers also use corporate names in making purchases, adding to the difficulty of identification, he said.

by Bextra from skyscrapers.cn

http://i142.photobucket.com/albums/r90/jt921211/IMG_4442.jpg

Doesn't look so special for a Foster creation. Anyone got pictures of the back side?

Not up to Foster standards, but definitely better than avg HK apartments, not as tightly packed as I thought (could be better though). It almost feels a little Vancouver-esque

Not very exciting at all.

I'm guessing this is the show room that was demolished (as I search through my archive):
http://img116.imageshack.us/img116/1246/img0221tn2.jpg

http://img530.imageshack.us/img530/4066/img0227jk7.jpg

^^ I thought it would be a private club house.

nice design, but why does HK always have to do it in bulk like that?

nice design, but why does HK always have to do it in bulk like that?

Many plots of 'new' land for development are fairly large, hence development tends to encompass multiple towers, which is why they appear in bulk style. However, redevelopments tend to be quite small, so we see some pencil towers pop up on the Kowloon side especially.

Number of HK buyers walking away from deals to increase
8 October 2008
South China Morning Post

Defaults on Hong Kong home sales agreements remain low for the moment - but if the market slowdown deepens the number of buyers walking away from contracts could grow significantly by the second quarter of next year, property experts have warned.

Concerns have been raised by the big increase in property releases in the pipeline, with 5,000 pre-sold flats ready for delivery between April and June next year.

Property consultants said developers of the new flats and houses could find that growing numbers of buyers might over-extend themselves and then walk away from uncompleted deals if prices continued to tumble.

Home prices have so far dropped about 8 per cent on average from a peak reached in the first quarter of the year, and analysts expect values could continue to fall by another 30 per cent.

Buyers who put down between 10 per cent and 30 per cent of purchase prices as deposits could find that when the time comes to take transfer of their homes they will still owe more than their homes are worth if they completed the purchases. In the circumstances, some might consider forfeiting their deposits and walking away from the deals, analysts said.

"It is likely that this will happen, since the housing market is not expected to recover before the end of 2009," said Alva To Yu-hung, the director of the research department at property consultant DTZ. He did not expect home prices to bottom out and stabilise until 2010.

Buyers caught in this predicament who did not respond by walking away from agreements could also choose to sell the units at below purchase price in order to cut their losses, Mr To said, with the extra supply driving prices further down.

According to DTZ, about 5,000 units in new projects are scheduled for completion in the second quarter of next year.

New completions on the way include the Capitol in Tseung Kwan O, Celestial Heights in Ma Tau Wai, the Palazzo in Ho Man Tin, One Pacific Heights in Sheung Wan, Island Lodge in North Point, and York Place in Wan Chai, according to estate agents.

Ricacorp Properties research manager Patrick Chow Moon-kit said a small number of defaults in both the new and secondary markets had already occurred. But agents said the number was so far insignificant since only a few new projects had been released.

In addition, some developers had extended delivery dates so that buyers did not need to complete their purchases at the moment. Projects to be completed or recently completed include Harbour Place and the latest phase of Residence Bel-Air in Pok Fu Lam.

Agents said the occupation date of the latest phase of Residence Bel-Air had been delayed to next month from the end of last month.

Ricky Poon Wai-ki, a director of residential sales at Colliers International, said buyers in the project had paid between HK$13,000 and HK$14,000 per square foot, but in the meantime average prices of Residence Bel-Air in the secondary market had fallen to less than HK$11,000 per square foot.

"Many buyers may exit from the deals when the development is completed and owners are required to complete their purchase agreements and move in," he said.

In the secondary market, buyers are required to complete purchase agreements within two months, while buyers in new pre-sale projects enjoy a longer transaction period until the projects are completed.

"That's why so many investors are attracted to new projects even though they cannot afford it because they hoped to sell the units before taking delivery," Mr Poon said.

Mr Chow said the result was that a number of investors were now on the verge of walking away from deals against a background of tighter credit conditions and rising interest rates.

"If the global financial market continues to worsen, or we see another big financial institution going bust, I would expect to see defaults becoming a major phenomenon next year."

By bextra from skyscrapers.cn

http://i142.photobucket.com/albums/r90/jt921211/IMG_4436.jpg

http://i142.photobucket.com/albums/r90/jt921211/IMG_4441.jpg

^^ It's nice and a dream to have a single detached house. But I think it's gonna be weird to live in such a house in between thousand of other flats surrounding you. It's like whatever you do on your roof, thousands are looking at you.

Angles, needs new angles.

I honestly don't understand why people bother with this low-rises... they're ugly and like others said here, no privacy. It just looks SO out of place.

Anyways, No.8 is another wall, but at least we can slap a starchitect's name on it :-)

it turns out this estate is so... ew.

^^ It's nice and a dream to have a single detached house. But I think it's gonna be weird to live in such a house in between thousand of other flats surrounding you. It's like whatever you do on your roof, thousands are looking at you.

Agree. Even if I was wealthy enough to buy one of those houses, I wouldn't. You can't even go out of your house without thousands of people watching your every move. The whole point of a house is an element of privacy and personal space, which this development totally disregards.

The side facing the water should be OK since the highrises behind are not visible. Build a huge garden on the roof and block the tens of thousands out.

Bel-Air prices dive 40pc as demand falls
Pok Fu Lam development loses allure amid stock market crash and economic gloom
5 November 2008
South China Morning Post

Once the favourite of property investors and home-seekers, Residence Bel-Air in Pok Fu Lam is being shunned as prices and sales plunge in the secondary market.

Prices fetched by sales at the Cyberport development last month were down more than 40 per cent from their peak in the first quarter, data shows.

Despite the big fall in prices, buyers remained in short supply and transaction volumes last month were 50 per cent lower than those recorded in September.

Property agents said the success of Bel-Air had been built on its attractive investment returns when it was launched in February 2003. But it has now become a victim of that success as investor demand dries up.

As was the case with many other Hong Kong housing properties, the decline in prices and deal volumes was also the result of slowing demand as buyers stayed out of the market in the face of falling stock prices and the uncertain outlook for property and the broader economy.

Adding to the decline in sales and prices was a rush by many owners to give up their properties, the agents said.

"But the trigger point for the fall was a transaction of a 1,688 square foot unit in Phase 2 clinched at the end of September when an investor cut prices sharply to HK$7,700 per square foot," said Phoebe Leung Yuk-ching, a manager at Midland Realty's Bel-Air district.

"I had never imagined that the price would drop to that level. Remember that prices in Phases 1 and 2 once surged to HK$13,000 per square foot at the beginning of the year."

The transaction set a new benchmark for Bel-Air's secondary market. On Monday, one unit of a similar size in Phase One was sold for $7,360 per square foot.

Meanwhile, monthly deals in the secondary market in the development fell to seven last month from 16 in September. This compared with a peak deal volume of 80 clinched in the fourth quarter of last year.

"There are a number of investors holding more than one unit in Bel-Air. They want to offload assets by lowering prices because of the uncertainty," Ms Leung said.

Another example of how investor-buyers were pushing down prices was recorded in the sixth phase development due for completion by the end of the year.

Agents estimated that one-third of buyers in Phase 6 were investors when the developer launched the new units in the fourth quarter of last year.

Then they bought units at an average price that reached as high as HK$15,000 per square foot. Now they are selling in the secondary market at about HK$10,000 per square foot, according to Douglas Yeung Kin-man, a senior manager at Ricacorp Properties' Mid-Levels district.

About 240 units of the 709-unit Phase 6 development have been offered for resale. More than 10 were being offered at below original buy-in costs as investors did not want to complete the deals or failed to get mortgages because of the worsening economic environment, agents said.

Mr Yeung said investors had fancied the development, lured by prospects of high rental returns.

"The developer had successfully built up a community with good facilities and a nice environment to draw a large number of expatriates and professionals," he said. "Rental yields have so far been sustained at 4 to 6 per cent over the years."

As a result, prices had continued to rise to a peak of HK$15,000 per square foot over the past five years since the developer launched the first batch of three-bedroom units at an average of HK$4,028 per square foot for cash payment.

Compared with the broader property market, the rental market at the project performed relatively strongly. "Most of the tenants are professionals such as accountants and lawyers. Investment bankers accounted for a small portion," Mr Yeung said.

According to agents, there were about 30 leasing deals last month with rental averaging HK$34 per square foot, compared with HK$38 in September. The figure was down more than 20 per cent from last year.

Falling prices fan interest in Bel-Air units
Pok Fu Lam development offers opportunities for end-users and investors, say estate agents
19 November 2008
South China Morning Post

With home prices in the secondary market down more than 40 per cent from peak levels reached in the first quarter of this year - or back to 2005 levels - the Bel-Air development in Pok Fu Lam may now offer value to end-users and investors, say estate agents.

From an investor perspective, they point out, falling prices have lifted rental yields to between 4 and 5 per cent, compared with 3 to 4 per cent when prices were at their peak.

"The extent of the price decline has been greater than in many other districts, so many potential buyers who live in other upmarket locations have come here to view flats over the past few weekends," said Cathy Chiu Pui-ching, a manager at Ricacorp Properties.

As part of the long-term Cyberport development, Bel-Air consists of six phases, all of which are now completed.

In the past two weeks, deals have shown a rebound.

"There were nine transactions in the secondary market in Bel Air last month and we have already seen 10 deals clinched in the first 17 days of this month," Ms Chiu said. "The buyers have been attracted by the decline in home prices in the development."

Transacted prices fell to a low of HK$6,900 per square foot this month, the lowest since 2005, and ranged upwards to about HK$10,000 per square foot.

Phoebe Leung Yuk-ching, a manager at Midland Realty's Bel-Air district office, said transacted rentals fell slightly to HK$32 per square foot from last month's HK$34 per square foot.

Supply of rental units increased with the completion of the 709-unit Phase 6 development, she said.

If falling home prices, rising job cuts and declining economic activity have not shaken your view of the market when it comes to buying a home, a Bel-Air address may be for you.

http://farm4.static.flickr.com/3041/3080077818_09635e8458_o.jpg

http://farm4.static.flickr.com/3160/3079242047_37fdbb624e_o.jpg

source: http://www.flickr.com/photos/linkup/sets/72157610679927380/

^^

Luxury residential - Hong Kong style.

Disgusting stuff.


Didn't they want to place a ban on building that kind of highrise walls?

Yea, it's hilarious.

So you get the NIMBYs and everyone up against any lone building of considerable height (e.g., 200m) proclaiming the end of the world, and yet the REAL skyscraper walls - several buildings of any height with barely any distance between them - continue to be built at gay abandon.

That's Hong Kong for you though - the public are mostly a bunch of wankers. Those in charge, no better (if not actually worse). And the developers are the worst of them all.

gorgeous.. i loved the pool

Actually, this development is probably one of the better-located walls, since the hillsides are sparsely populated and there's nobody immediately behind Bel Air. The nearest residents are either further down the coast in Wah Fu (public housing, who cares what happens to the poor people), or further up along the hillsides who won't be blocked out anyway.

It still looks like crap.

And the mere fact that this is even designed by Foster... :ohno:

I think on its own, the three Foster towers don't look so bad.

Its the surrounded by the other drab that brings out the worst.

Typically Hong Kong. When are they gonna change?

The colors of the towers remind me of Vancouver for some reason.

Typically Hong Kong. When are they gonna change?

The colors of the towers remind me of Vancouver for some reason.
Yes!

http://www.globalphotos.org/vancouver/20040904/DSCN1707.jpg

http://www.globalphotos.org/vancouver/20040906/DSCN2346.jpg

Property deals to tumble this year as economic woes sideline buyers
2 January 2009
South China Morning Post

Property sales could tumble in Hong Kong this year as rising unemployment, higher mortgage rates and a bearish stock market sideline buyers.

According to Midland Realty, property transactions would continue to decline to below 100,000 this year, with a drop in total value to HK$300 billion.

This represents a decline of more than 11 per cent from an estimated 112,956 transactions for the whole of last year and a fall in value of about 27 per cent from HK$411.2 billion.

In 2007, the number of registered property transactions reached 145,691, with a value of HK$525 billion.

"Property transactions will be subdued by the deepening economic crisis under the weight of the global financial turmoil," said Midland Realty chief analyst Buggle Lau Ka-fai.

The provisional figures included transactions in residential, retail and commercial property and parking spaces. Official figures for last year have not yet been announced.

For the residential sector, both Hong Kong Property Services (Agency) and Ricacorp Properties predicted sales in the primary and secondary markets would account for 85,000 deals this year.

"Buying sentiment will remain poor in the first quarter, as residential prices still have room for a 5 to 10 per cent downward adjustment," said Fredy Wu Yat-fat, the chief executive of Hong Kong Property.

Last year, residential prices in the secondary market plummeted up to 35 per cent at some new projects dominated by speculators.

Transaction prices at Bel-Air Residences in Pok Fu Lam had dropped to an average HK$9,000 per square foot from the peak level of HK$13,000 early last year, Mr Wu said.

Home seekers are expected to become cautious at a time of higher jobless rates and an evaporation of wealth, given that Hong Kong stocks would be unlikely to rebound significantly, he said.

Lots of capital had been tied up in the stock market, which slid 48.27 per cent last year.

At the same time, mortgage rates have increased to 1 percentage point below prime and now stand at 5 or 5.25 per cent, compared with the previous 2 percentage points below prime, as banks tightened home lending. Mr Wu forecast borrowing costs would be even higher this year, as homebuyers could be charged a mortgage rate as high as prime.

Ricacorp Properties executive director Willy Liu Wai-keung said the market would be determined by the economy's performance, particularly in the second half of this year.

The primary residential market would be more active than last year, Mr Liu said, as developers tried to speed up marketing of new residential projects to improve cash flow.

Wall of windows.
Good 'ol Hong Kong!

By fatshe :

http://api.photoshop.com/home_11e5fbb8309740b9aa8ad5872ce63dff/adobe-px-thumbnails/f370600db1d54cebb075d00cec94930f/fullsize.jpg

The whole Cyberport idea was a distraction from the actual Bel-Air development. I've been there many times over the past few years; even so they managed to surprise me with wall after wall of new phases. Nice clubhouses, though!

The whole Cyberport idea was a distraction from the actual Bel-Air development. I've been there many times over the past few years; even so they managed to surprise me with wall after wall of new phases. Nice clubhouses, though!

Did you get that the other around?
Cyberport were supposed to be the main development there, and Bel-Air is the side development. But somehow it turned out the other way around.... :ohno:

Did you get that the other around?
Cyberport were supposed to be the main development there, and Bel-Air is the side development. But somehow it turned out the other way around.... :ohno:

(end sarcasm) The fact that Foster's No. 8 looks so outstanding just highlights the uninspiring wall-of-bay-windows design of the other phases.

Photos taken 2005-2006 by me:



Inside a unit in the towers.

http://i687.photobucket.com/albums/vv234/superchan7/Random%20HK/IMG_0029.jpg



I've been in that swimming pool...it's kind of weird having huge towers and thousands of residents looking over me when I'm trying to relax in the water. Can you spot the vintage car? It looks like some sort of Rolls or Daimler.

http://i687.photobucket.com/albums/vv234/superchan7/Random%20HK/IMG_0030.jpg



Rear side of phase 2

http://i687.photobucket.com/albums/vv234/superchan7/Random%20HK/IMG_2788.jpg



View from phase 3 podium

http://i687.photobucket.com/albums/vv234/superchan7/Random%20HK/IMG_2793.jpg

Swimming pool? Imagine those poor bastards in one of those villas!

哈哈

Bel-Air proves to be profitable for buyers
7 August 2009
South China Morning Post

Residence Bel-Air on Cyberport Road in Pok Fu Lam is popular among luxury property buyers and tenants since the launch of the first of six phases in 2003.

Some owners have sold properties for short-term gains. A 2,378 sqft four-bedroom flat with sea view sold for HK$30 million last week.

The seller bought the flat in 2007 for HK$24.58 million, netting a capital gain of 22 per cent over two years.

Another transaction was for a 1,560 sqft three-bedroom flat with sea view. The seller bought the flat two years ago for HK$16.38 million during the launch.

The flat was sold in June for HK$18.64 million, netting a gain of 13.4 per cent.

Centaline Agency district associate director Patrick Lam, who oversaw these transactions, said that the majority of sellers, who bought the properties during the launch, were able to make a profit on resale, especially over the past few months. "Bel-Air has a wide appeal," Mr Lam said.

"It has the whole package - good infrastructure and facilities. It has gained an international reputation."

The clubhouse offers residents the use of facilities such as a gym, playground, saunas, squash courts, swimming pool and tennis courts.

Cyberport is about 15 minutes from Central and 10 to 20 minutes from the beaches of Deep Water Bay, Repulse Bay and Stanley.

Bel-Air offers a range of different types of property, including high-rise flats, duplexes and detached houses. Buyers can choose from a smaller property, such as an 835 sqft flat with an average price per sqft of about HK$9,000.

Or choose either a two-storey or three-storey detached house. Some properties of more than 9,000 sqft come with a price tag of between HK$80 million and HK$100 million.

There are still a few new properties available which were held by the developer.

But interested buyers can find more than 250 properties available for sale in the secondary market. Average price per sqft for larger flats is between HK$12,000 and HK$14,500.

A 1,601 sqft three-bedroom flat with sea view and parking space was sold for HK$20.15 million last week - the average price per sqft was HK$12,586.

Mr Lam said the supply of detached houses was limited.

The lowest price per sqft for a detached house in the secondary market is at least HK$20,000. And some sellers are asking for HK$30,000, according to Mr Lam.

He said rents had been stable. The average rent is about HK$28 per sqft for smaller flats and can go up to HK42 per sqft for larger properties.

Although recent buyers were mostly end-users, Mr Lam said that Bel-Air had also been popular among tenants.

More than 40 properties were rented out in July.

one of my fav project inside HK . Any new updates on this one please ?!