The project is located on Broadwood Road, Happy Valley, Hong Kong.
It has a total GFA of approx. 113,900 sq. ft. Currently planned investment is about HK$700 million*.
Currently Planned completion - 2Q CY2010
Site Area - Approx. 2,000 sq. m. (22,800 sq.ft.)
Gross Floor Area - Approx. 10,580 sq. m. (113,900 sq.ft.)
Emperor set for Mid-Levels project
4 August 2007
The Standard
Emperor International Holdings (0163) has completed a land purchase transaction for a luxury residential project in Mid-Levels by acquiring the site's remaining interest at an auction at the reserve price of HK$464 million.
Emperor had triggered the auction after securing at least 90 percent ownership _ the level at which a sale can be forced under the Land (Compulsory Sale for Redevelopment) Ordinance.
Emperor International, controlled by Albert Yeung Sau-sing, was the 10th developer to successfully make use of the ordinance for its HK$1.5 billion project at 9A-9H Seymour Road.
Last year, Kerry Properties (0683) completed a deal for a luxury housing project in Happy Valley by acquiring the remaining interest at the reserve price of HK$661 million.
Hopewell Holdings (0054) also completed a transaction last year for a site at 12 Broadwood Road in Happy Valley, which will be developed as a luxury residential rental property at a cost of about HK$500 million.
After a decade of trying to buy out reluctant owners for a residential project in the Mid-Levels, Swire Properties finally managed to trigger a similar auction in 2005.
Emperor International executive director Donald Cheung Ping-keung said the company will develop the Seymour Road site and an adjacent site at Ying Fai Mansion together. The sites cover a combined area of nearly 20,000 square feet, which could yield a gross floor area of about 153,000 sq ft.
The company plans to build a luxury residential project, comprising 80 apartments of 1,800 sq ft each.
Cheung estimated total investment for the project will be about HK$1.5 billion. The company plans to sell the flats at between HK$12,000 per square foot and HK$13,000 psf when completed in 2011.
Conglomerate Emperor International reported net profit for the year ended March fell 8.27 percent to HK$488 million year on year.
The company's shares closed Friday at HK$2.30, down 1.3 percent.
Hopewell profit soars
The Standard
Friday, February 05, 2010
Hopewell Holdings (0054) posted a 171 percent surge in interim net profit from a year ago to HK$2.5 billion thanks to fair value gain from a Happy Valley project amid a property boom.
Core profit for the six months to December was up 9 percent from HK$554 million.
Hopewell has not decided whether to sell or lease Broadwood Twelve, which will be completed in the second quarter.
"We didn't borrow money for developing Broadwood Twelve, and the cost is only HK$6,000, HK$7000 per square foot," said executive director William Wong Wing-lam. "Whether the market booms or not, it is the same to us."
Managing director Thomas Wu Man-san said Happy Valley sales have been stable. Hopewell has a net cash position of HK$5.63 billion.
It will invest HK$9 billion in the Lee Tung Street redevelopment and Hopewell Centre II over the next five or six years. And it will invest another HK$1 billion in Hopewell New Town, a residential-commercial project in Guangzhou.
Hopewell will book HK$400 million in revenue this financial year from selling over 90 percent of the 100 homes to be completed in the Guangzhou project. Wu expects office occupancy to improve and retail occupancy to fare quite well this year. Interim net profit for subsidiary Hopewell Highway Infrastructure (0737) fell 13 percent to HK$504 million as interest income declined.
Aggregate daily expressway toll revenue rose 3 percent to 9.8 million yuan (HK$11.15 million) and traffic jumped 8 percent to 375,000 vehicles.
The unit will invest HK$1.4 billion in phases II and III of the Western Delta Route.
Wu played down the adverse effects of the rival Coastal Express on its Guangzhou-Shenzhen Superhighway, but admitted that some trucks may switch roads as the competitor's tolls are lower.
Hopewell declared an interim dividend of 45 HK cents and the unit 17 HK cents.
Hopewell Holdings (0054) sold the first six homes at Broadwood Twelve in Happy Valley yesterday at an average HK$21,818 per square foot, marking the beginning of a new wave of launches.
That wave, agents said, is likely to see more than 1,000 homes made available in the coming month.
Broadwood Twelve drew strong interest, with more than 1,500 prospective buyers turning up at its launch.
A jeweler was reported to have offered HK$330 million for two duplexes, or HK$51,005 psf, which is a record for the district.
Henderson Land (0012) will release the price list for the 163-house Beverly Hills Phase 3 in Tai Po today and sell the first units on Friday, a source said. Henderson will be going head to head with Sino Land (0083), which is releasing the 79-unit Balmoral project in the same district on Friday as well.
Meanwhile, Sun Hung Kai Real Estate Agency executive director Victor Lui Ting said the 715-home Larvotto in Ap Lei Chau will be sold after the FIFA World Cup ends in the middle of next month now that pre-sale consent has been secured.
Hong Kong Property senior manager Simon Tai Hok-man said Sino Land chairman Robert Ng Chee Siong viewed show flats of the 852-home The Hermitage in Tai Kok Tsui yesterday.
``Sino's busy with its Balmoral project, so sales for this one may not start for a while,'' Tai said. ``Presumably it will start sales along with Larvotto after the World Cup.''
But Sun Hung Kai Properties (0016) may need to discuss strategy with the Urban Renewal Authority before sales on their 377-unit joint venture, Lime Stardom, can begin, Tai said.
Centaline Properties district manager Tommy Cheung Wing-cheung said Nan Fung Development is also in similar talks with the URA over the 96-home Queen's Cube in Wan Chai.
Auction sparks flat launches
11 June 2010
The Standard
More developers are brimming with confidence following the satisfactory auction of a Ho Man Tin site on Tuesday and are putting homes on the market.
Hopewell Holdings (0054) plans to sell six flats at Broadwood Twelve in Happy Valley at an average HK$21,818 per square foot on Sunday.
The project looks set to be the first to hit the market since official presale rules took effect earlier this month.
Sino Land (0083) intends to sell The Balmoral in Tai Po on Thursday.
Hopewell's 76-home project is a completed building and does not need to abide by the new rules, but the firm said it will follow them as best as it can.
The six three-bedroom flats to first go on sale measure around 1,650 square feet. They are priced at HK$35.5 million to HK$36.6 million, or HK$21,515 to HK$22,117 psf.
At least 30 buyers have expressed interest, with some planning to buy two or more, a source told Sing Tao Daily, sister publication of The Standard.
Average prices of leading projects in Happy Valley range from HK$12,000 psf for apartments in The Ventris to HK$21,000 psf at The Leighton Hill, Midland Realty said. Hong Kong Property chief executive Richard Lee said developers are speeding up launches with confidence in the outlook and prices of first homes being reasonable.
Meanwhile, Sino Land released the sales brochures for its 79-flat low-rise Balmoral development in Tai Po yesterday. Homes are sized from 1,200 sq ft to 2,300 sq ft.
Salenda Lau, sales and marketing general manager, said the developer will base prices on the HK$8,000 to HK$10,000 psf fetched by some new homes in Sha Tin.
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