HONG KONG | Wedding Card Street Redevelopment

[Ribarca]

Originally Posted by hkskyline

I passed by it today and saw some pilings in the ground, but no signs of any structure appearing yet. Yes, it's surprisingly slow.

Especially compared to how fast they normally build here!

Are all the housing units rented out or sold already?

[hkskyline]

Originally Posted by Ribarca

Especially compared to how fast they normally build here!

Are all the housing units rented out or sold already?

I don't think they've started pre-sales.

[Ribarca]

Originally Posted by hkskyline

I don't think they've started pre-sales.

I always feel they delay these projects on purpose since the prices are expected to rise.

[spicytimothy]

Originally Posted by Ribarca

I always feel they delay these projects on purpose since the prices are expected to rise.

Yah probably true...

But sometimes if they waited too long, they have to pay some kind of fee to the gov't right?

[hkskyline]

But they are under construction, just that the buildings haven't risen yet.

[hkskyline]

Hopewell banks on office spread to lift rent levels
The Standard
Tuesday, August 21, 2012

The managing director of Hopewell Holdings (0054), Thomas Wu, expects rents at the company's offices properties to continue to rise as more firms shift from long-established business districts.

Rents at flagship property Hopewell Centre in Wan Chai increased 19 percent to an average of HK$37 a square foot in the 12 months to June 30. It has an occupancy rate of 97 percent.

"Rents for some [units] even soared above HK$40 psf after rental contracts were renewed," Wu said. "So we can expect office rents to rise above the HK$37 psf level."

Office rents are considerably more in neighboring districts. Pacific Place in Admiralty charges HK$110-HK$120 psf while Lee Gardens in Causeway Bay is HK$60-HK$75 psf.

Rents at another Hopewell property, KITEC in Kowloon Bay, rose 22 percent from HK$9.8 psf to HK$12 psf in the 12 months to June.

"Rents will be our main source of the profit in the future," Wu said.

Other projects in Wan Chai are also on the move. Hopewell Centre II is set for completion by 2018 and the Lee Tung Street redevelopment by 2015.

Construction will be under way on the 1.09-million-sq-ft Hopewell Centre II by year's end, Wu said, and pre-sales commence for the 1,300 residential units in the Lee Tung Street project in the first half of next year.

Hopewell' core net profit rose 11 percent to HK$1.35 billion in the 12 months to June 30 while revenue fell 6 percent to HK$6.56 billion.

It proposed a final dividend of 54 HK cents per share, plus a special dividend of 40 HK cents to celebrate group's 40th anniversary this year.

Net profit at subsidiary Hopewell Highway Infrastructure (0737) rose 0.5 percent to HK$1.02 billion. It proposed a final dividend of 16 cents per share.

Shares of Hopewell Holdings rose 1.06 percent to HK$23.75 while that of HHI advanced 1.58 percent to HK$3.85.

[Chad]

This is the Hopewell center II?

[hkskyline]

Originally Posted by Chad

This is the Hopewell center II?

Here's the dedicated Hopewell Mega Tower thread.

Believe there should be renderings in there.

[hkskyline]

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