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Old December 13th, 2009, 06:07 PM   #1
hkskyline
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HONG KONG | Larvotto | 34-37 fl x 9 | Com

Island South seaside luxurious development named Larvotto
Spectacular yacht design concept and rare 270° yacht club sea view

SHKP Press Release
9 December 2009





A new exquisitely luxury development in Island South will be named Larvotto. Its prime waterfront location and breathtaking 270° sea view are sure to make it one of the most sought-after properties in the territory. Sun Hung Kai Real Estate Agency held a ceremony at The Aberdeen Marina Club today (9 December) to introduce the name and the concept behind the project. The gala began with a magnificent Oceanus Mirage show.

Echoing the stunning sea view and majesty of Larvotto, the airborne dance show was orchestrated in the theme of Oceanus Mirage. Dancing to the music and in full costume, performer took off to the sky symbolizing Larvotto as a pearl in the property market.

Sun Hung Kai Real Estate Agency Executive Director Victor Lui said, "Larvotto is in Island South's most exclusive area where the seashore and location provide an unparalleled sense of privacy and comfort. The fact that the development will face means that residents will enjoy a 270° view from the Aberdeen Marina Club to Ocean Park and Aberdeen Channel. It's a premium seaside luxury property for the privileged few, and the best option for buyers looking for a perfect living environment or an ideal investment."

Mr Lui continued saying: "New residences in Island South are always in short supply and large apartments over 1,000 square feet are literally a blessing. The market has endured a long drought of large seaside luxurious development in the area, let alone southeast-facing waterfront premium properties with an unrivalled yacht club view. The developer is optimistic about the long term luxury property market and Larvotto is our latest high-end residence on Hong Kong Island after The Leighton Hill in Happy Valley. This will have an amazing sea view and the finest material, facilities and architecture. It will undoubtedly be the standard-bearer of local luxury residential market in every respect.

Sun Hung Kai Real Estate Agency Senior Sales and Marketing Manager Andy Chan said: "The inspiration behind the name of Larvotto is Monte Carlo's Larvotto Beach, one of the world's most beautiful seashores. The development's European namesake is also the world's most extravagant area; Avenue Princess Grace nearby has ranked at the top of the Wealth Bulletin in 2008 and 2009 as the world's most expensive street, populated by successful entrepreneurs, blue bloods and social elites. We found these characteristics and the seaside location are an ideal resemblance of our development. The development's Chinese name denotes the prime location in Island South and integrates perfectly with the coastline and its place as a top luxury residence."

Mr Chan further said: "We have put much thought into the architecture to maximize Larvotto's geographical advantage. Inspired by the shape of a yacht, the foundation of the development is like a streamlined cruiser. With the buildings atop and the contoured coastline, the development will look like a 320-meter vessel under full sail. What's more, all the sea view units of the property will have window walls that allow residents to enjoy the enchanting view to its fullest. It's a design you can only find at Larvotto."

About Larvotto

Larvotto is being jointly developed by Sun Hung Kai Properties, Kerry Properties and Paliburg Holdings. The site is on the prime Island South seashore with a 270° sea view stretching from Aberdeen Marina Club to Aberdeen Channel and Ocean Park and a rolling mountain view. The project will contain over 180,000 square feet in nine low-density luxury buildings in a 320-meter single line to offer perfect views for each of the 700 plus apartments. Most of the units will measure between 1,000 and 2,600 square feet, with special units also available.
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Old December 14th, 2009, 12:24 AM   #2
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how tall???
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Old December 14th, 2009, 01:13 AM   #3
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Originally Posted by spicytimothy View Post
how tall???
29-32 floors, 126 to 136 meterPD
Soruce: http://hk.myblog.yahoo.com/lei-tung/article?mid=2188

Last update:
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Quote:
Another Chinese article about the project.
Quote:
鴨洲南灣 入場費料千萬
新地嘉里百利保合作新盤 春節後發售

【明報專訊】由新地(0016)、嘉里建設(0683)及百利保控股(0617)合作發展,位於港島南區鴨洲的住宅項目,正式命名為「南灣」(英文名為Larvotto),預期明年農曆新年後可推售,售價參考現時二手巿價平均每平方呎1.8萬元水平的跑馬地禮頓山,但預期大部分單位平均呎價逾2萬元,入場費逾1000萬元。

新地代理執行董事雷霆表示,該樓盤設於中環國金中心的示範單位正在趕製中,預期明年農曆年後完成及可推售該樓盤,但由於港島區其他新樓盤供應稀少,故南灣明年內不會一次過推售,而將分階段推出。

售價方面,現時主要參考跑馬地「禮頓山」二手巿場的平均呎價1.8萬元水平,但估計該樓盤大部分單位平均呎價逾2萬元;入場費逾1000萬元。資料顯示,南灣提供3幢住宅,涉及單位715伙,預期2011年3月落成。雷稱,該樓盤單位面積由1000至2600平方呎不等。

售價參考跑馬地「禮頓山」

新地代理高級銷售及市務經理陳漢麟表示,南灣的特色單位佔總單位量約一成,即約共有70多伙。

雷霆續表示,新地旗下另一位於沙田豪宅樓盤「壹號雲頂」第3期已命名為「頂峰別墅」,提供13幢獨立別墅,面積由4000至5000平方呎不等,大部分別墅都設有泳池,他期望該批別墅售價平均每平方呎達1.6萬元,較第2期平均呎價介乎1.3萬至1.4萬元高出約20%,預期每幢金額由6500萬元至1億元不等,計劃聖誕前推售。

雷霆指出,今年本港樓市由第2季開始興旺,主要受惠對樓巿有利條件﹕包括低息及資金充裕的環境帶動,近期巿場上亦較少其他新樓盤推售,他認為現時「磚頭」是投資的最佳選擇。

壹號雲頂3期聖誕前推

雷霆又指出,近期本港寫字樓租務巿場較之前好,以中環國金中心及九龍站的環球貿易廣場為例,紛錄得續租擴充樓面及增加新租客情,因此,他預期明年豪宅巿場將有較多公司客戶租住物業,料明年本港豪宅租金較今年上升10%至20%,同時可吸引較多豪宅物業投資者入巿,並將帶動明年整體樓巿表現暢旺。雷補充,新地今年賣樓的業績亦較去年有增長。

(明報記者鄧雅各報道)
Source: http://property.mpfinance.com/cfm/pa...paa01/lad1.txt

Key points in addition to the above English article:
- Opening sales after Chinese New Year 2010 (Second half of February)
- Estimated unit price is over HK$20,000 per square
- Units sold at at least HK$10m
- Showroom is being set up at IFC
- Units to be sold in stages
- Move in date: March 2011

I can't believe it's going to be over 20k/sq ft in Apleichau... that's crazy...
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Old December 14th, 2009, 06:20 AM   #4
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Strange the SHKP website didn't even have those statistics on the press release - height and # floors!
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Old December 30th, 2009, 11:18 AM   #5
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January launches to show prices up 30pc on year
28 December 2009
The Standard

Property projects put on the market next month are expected to be 30 percent dearer than those in January this year.

Kerry Properties (0683) is launching Island Crest in Sai Ying Pun, while Sun Hung Kai Properties' (0016) 1,890-unit YOHO Midtown in Yuen Long and Soundwill Holdings' (0878) Warrenwoods in Tai Hang will hit the market in January at the earliest.

Hong Kong Property Services chief executive Richard Lee Chi-shing said both prices and volumes are ``sure to be higher'' than January this year.

Midland Realty director Andy Ho Ming-pui said some developers are waiting for sales consents and today's land auction results while others will launch projects after the Lunar New Year.

Developers were conservative at the beginning of 2009 because of the financial crisis and launched only smaller-scale single-building projects, such as Vista in Sham Shui Po.

Amazing Properties Company director Douglas Yeung Kin-man said that around March people gradually felt the crisis did not directly hit Hong Kong. Low interest rates also made property a better investment.

Lee said sales picked up from May after banks loosened mortgage policies. Centaline sales director Raymond Li attributed the recovery to the flow of funds from the mainland.

There was a conspicuous boom when the large-scale Lake Silver in Wu Kai Sha and Le Prestige in Tseung Kwan O turned in satisfactory results, Lee noted.

Sino Land (0083) unloaded more than 1,600 homes within five days in late May while buyers snapped up all 1,688 units at Le Prestige from Cheung Kong (Holding) (0001) within three weeks. In September, a flat at The Masterpiece, developed by New World Development (0017), fetched HK$30,025 per square foot, a Hong Kong record for a new one- bedroom unit.

Henderson Land (0012) sold a duplex apartment at 39 Conduit Road in October for a split-floor world record of HK$88,000 psf in salable area.

``No one had expected these records,'' said Yeung, adding luxury projects such as Hopewell Holdings' (0054) Broadwood Twelve in Happy Valley, Sino Land's Serenade in Tai Hang and KWah's Shiu Fai Terrace project in Mid-Levels East are some of the highlights next year.

Li and Ho both believe SHKP's Larvotto in Ap Lei Chau will be able to command high prices. Yeung and Lee say both the New Territories and Hong Kong Island will see more projects next year. Li noted that there will be a higher supply, especially of low-rise developments, in Tai Po and Sha Tin in the next two years because of earlier auctions.
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Old February 6th, 2010, 04:02 PM   #6
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Larvotto highly anticipated with over 2,000 enquiries
Exceptional ceiling heights and windows to offer 270° panoramas

SHKP Press Release
4 February 2010

The new Larvotto will be the epitome of a luxury seaside residential development in prestigious Island South with sweeping 270° harbour views. The Sun Hung Kai Real Estate Agency announced latest information on the project today (4 February).

Sun Hung Kai Real Estate Agency Executive Director Victor Lui said: "Larvotto is in a prime waterfront area of Island South and sure to make it one of the most sought-after sea view properties in the territory. It will face southeast to offer a breathtaking 270° panorama spanning the Aberdeen Marina Club, Ocean Park and the Aberdeen Channel. We have seen an encouraging response since sending a property information card to target buyers, recording over 2,000 enquiries. More than 30% of the interested buyers were from outside of Hong Kong, and large units of 2,400 to 2,600 square feet were most frequently asked about. There is a high demand for quality luxury residential developments in Island South. Larvotto is set to raise the bar for luxury property when it goes on sale."

Mr Lui continued that Larvotto will be one of the few large luxury residential developments in Island South. It is in a premium waterfront location and will face southeast to offer unparalleled sea views. The site has a backdrop of two million square feet of lush greenery. First-rate building materials, complementary facilities and detailed architecture will make it an example of luxury residential development in the area. The market hasn't seen many large-scale luxury seaside developments on Hong Kong Island for a considerable time, making the property with its large units of over 1,000 square feet extra special. Larvotto is expected to attract buyers who are after a prestigious lifestyle.

Sun Hung Kai Real Estate Agency Senior Sales and Marketing Manager Andy Chan said: "The unique architectural design of Larvotto inspired by the shape of a yacht is meant to highlight its geographical advantage. Units facing the sea will have large windows that let in ample natural light and allow sweeping 270° panoramas. Most units will feature exceptionally large balconies, the largest over 50 square feet, to let residents enjoy the rolling mountain scenery and elegant living space. High ceilings of 3.3 to 3.5 metres will offer spaciousness. The extraordinary ceiling heights will be rare on Hong Kong Island. Varied architecture details and design layouts will suit different needs, and Larvotto will be crafted into an ideal home for the discerning few."

About Larvotto

Larvotto is being jointly developed by Sun Hung Kai Properties, Kerry Properties and Paliburg Holdings. The site is on the prime Island South seashore with a 270° sea view stretching from Aberdeen Marina Club to Aberdeen Channel and Ocean Park and a rolling mountain view. The site of project will have over 180,000 square feet in nine low-density luxury buildings in a 320-meter single line to offer perfect views for each of the 700 plus apartments. Most of the standard units will measure between 1,000 and 2,600 square feet, with special units also available.
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Old February 6th, 2010, 10:09 PM   #7
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More than 30% of the interested buyers were from outside of Hong Kong, and large units of 2,400 to 2,600 square feet were most frequently asked about.
WTH, 30% of the interested buyers of this monster on the world most populated island isn't local??
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Old February 25th, 2010, 04:22 AM   #8
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Toast to life in a majestic seafront environment
Larvotto balances proximity and access to the heart of the city, with the sense of serenity and seclusion that come from closeness to nature and the pull of the ocean
11 February 2010
South China Morning Post

An exclusive location and first-class amenities will give residents of Larvotto the perfect opportunity to practise the "art of coastal living". The stunning luxury development, with a prime waterfront setting in Island South and spectacular 270-degree views, is destined to become one of Hong Kong's most prestigious addresses.

Without doubt, Larvotto can be said to offer the best of both worlds. It balances proximity and easy access to the heart of the city with the sense of serenity and seclusion that come from closeness to nature and the timeless pull of the oceans.

That represents a special attraction at a time when many people are reassessing priorities and rethinking their lifestyles. They understandably aspire to the style and conveniences of a luxury home and exquisite surroundings. But they also realise the importance of achieving inner harmony through appreciating the beauties of the natural world and slowing down enough to cultivate new interests and spend quality time with family and friends.

Larvotto allows them to do just that. It provides an unparalleled sense of comfort and privacy, with all the facilities and services expected of a state-of-the-art development designed to present a great living environment and an attractive investment.

What truly sets it apart, though, is the majesty of the seafront position. Commanding views that stretch across a breathtaking arc - encompassing the Aberdeen Marina Club, Ocean Park and all the waterborne activity of the Aberdeen Channel - affords residents an endlessly changing panorama.

Victor Lui, executive director of Sun Hung Kai Real Estate Agency, says that the residential development is a special project. He says Larvotto is designed for people who love the ocean and appreciate the good things in life. "We hope to attract top-class buyers who love seaside living," he says.

Lui says the architecture of the project is special as the exterior walls are shimmering, which keeps the exterior safe from corrosion.

In the foreground are all the comings and goings of yachts, luxury motor cruisers and, every June, the excitement of dragon boat races. While beyond, a vista characterised by green mountainsides, islands, sunlight glinting off the ocean and spectacular sunsets extends as far as the eye can see.

The development has a backdrop of 2 million sqft of lush greenery. First-rate building materials, complementary facilities and detailed architecture will make it an example of luxury residential development in the area. Larvotto flats have a curtain wall to enjoy the full seaview, and balcony to enjoy the mountain scenery.

For those seeking a life that balances work and leisure, career and family, activity and relaxation, Larvotto has everything one desires. Just a short drive from the financial hub of Central are international schools and all the bustle of Asia's world city. It is also within easy striking distanceof country parks, jogging trails, beaches, marinas, golf courses and country clubs. By taking full advantage of these opportunities, residents will be able to find greater personal well-being in mind, body and spirit, and to enjoy a more rewarding life through pursuing new passions. As an expression of the art of coastal living, this may well include venturing out on the water as a sailor or yacht owner, riding the wind and waves through lazy days or, perhaps, in adrenaline-charged regattas.

Given Hong Kong's burgeoning reputation as a centre for international yachting, there are few better ways to relax, explore, socialise or compete, depending on individual preference and the seasons of the year.

With the enticing combination of luxury living in an urban context, a waterside location and spectacular views, Larvotto has much in common with some of the great residential areas around the world. One thinks, for example, of places such as South Beach in Miami, often referred to as "America's Riviera", or Riverside Boulevard on New York's Upper West Side, with the backdrop of Manhattan complemented by open spaces and riverfront walks.

Then there is the French Riviera. Avenue Princess Grace in Monaco has long been one of the world's most exclusive addresses, lying just a stone's throw from the blues of the Mediterranean and the golden sands of Monte Carlo's Larvotto Beach.

Hong Kong's own Larvotto is now set to join that proud tradition. Residents of each of the 700-plus apartments, in nine low-density towers, will be in the perfect position to experience all that is best in a 21st-century lifestyle.
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Old February 25th, 2010, 04:42 AM   #9
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I can't believe Larvotto is being rated/advertised at such high class and luxury complex... Apleichau is not such a high-end place...
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Old February 27th, 2010, 04:26 PM   #10
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I can't believe Larvotto is being rated/advertised at such high class and luxury complex... Apleichau is not such a high-end place...
I don't understand either. It's facing a typhoon shelter!
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Old February 27th, 2010, 08:47 PM   #11
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I don't understand either. It's facing a typhoon shelter!
At least it's facing the good side of the typhoon shelter looking at the back of Jumbo and the marina, rather than the ugly looking fishing boats.
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Old March 13th, 2010, 06:31 PM   #12
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Ap Lei Chau flats tipped to sell at record prices
24 February 2010
South China Morning Post

The developers of a luxury residential project in Island South hope to ride on the latest wave of demand for upmarket properties and launch their project at record prices for the area as early as next month.

Larvotto, located on the east coast of Ap Lei Chau, comprises nine 34- to 37-storey residential towers. Its 715 flats will range in size from 1,000 square feet to 2,600 sq ft and the first batch will be pitched at prices above HK$60 million each.

"We will initially offer 25 units only in Towers One and Two next month or in April. The sizes of the units range between 2,400 and 2,600 sq ft and the average price will be about HK$25,000 per sq ft," said Victor Lui Ting, executive director at Sun Hung Kai Real Estate Agency, a subsidiary of Sun Hung Kai Properties.

That will put an entry-level price tag of HK$60 million on the project, which is due for completion in the first half of next year and will be the first new release in Island South since Residence Bel-Air was launched at Cyberport.

Transaction data from Centaline Property Agency show that units in Residence Bel-Air are now changing hands in the secondary market at prices ranging between HK$10,448 and HK$19,576 per sq ft, which pitches Larvotto at a premium of at least 28 per cent to prices on the secondary market in the area.

The project is being developed by Sun Hung Kai Properties, Hong Kong's largest developer by market value; developer and property services group Paliburg Holdings; and Kerry Properties, controlled by the Kuok Group, controlling shareholder of the SCMP Group, which publishes the South China Morning Post.

Sun Hung Kai and Kerry Properties each hold a 35 per cent stake in the venture, and Paliburg holds the remaining 30 per cent.

In addition to capitalising on the surge of demand revealed in the strong support for the launch last week of Sun Hung Kai's Yoho Midtown residential project in Yuen Long, the developers are pitching Larvotto as the only luxury residential development in Island South this year. The next release in the area is only due in 2012.

The next new project in the area will be in Aberdeen, developed by a consortium of Sino Land, Nan Fung Development and K Wah International. The project is scheduled for completion in 2012, according to K Wah's annual report.

Cathy Chiu Pui-ching, a senior district manager at Ricacorp Properties, expects Larvotto to record strong sales. "The market positioning and development of Larvotto is similar to Residence Bel-Air. They are among only a few new housing estates in the area that provide flats of over 1,000 sq ft with sea views," she said.

Sales data show that an average of 30 deals have been done over the last three months in Residence Bel-Air. In January some 40 flats were sold at prices that were some 30 per cent up on last year.

Victor Lui said the construction cost of Larvotto was more than HK$4,000 per sq ft, similar to The Cullinan, another luxury residential project developed by Sun Hung Kai Properties and the MTR Corporation above the Kowloon station in West Kowloon.

"Larvotto is one of our highest-spending developments. We used high-end materials such as marble and the units are fitted with the international luxury brands," he said. "All have curtain walls, giving the residents better sea views. The balcony will be at the back of the flats."

Traffic used to be a key concern in Ap Lei Chau as the island's only road link is Ap Lei Chau Bridge. However, the MTR Corp plans to build South Island Line (East), which will connect Ap Lei Chau and Admiralty with a travel time of only nine minutes. Work is expected to be completed in 2015.

Home sales in the secondary market dropped 39 per cent last week as buyer attention switched to the launch of Yoho Midtown.

A total of 137 transactions were recorded from February 15 to 21 in the 50 major housing estates monitored by Ricacorp Properties, compared with 225 deals in the previous week. However, the average price rose 0.8 per cent from a week earlier.
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Old April 8th, 2010, 05:47 PM   #13
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Sun Hung Kai 1H Core Net Jumps; Optimistic On Outlook
11 March 2010

HONG KONG (Dow Jones)--Sun Hung Kai Properties Ltd. (0016.HK) reported Thursday a 44% rise in July-December underlying net profit because of strong rental income and property sales, and said it expects 2010 to be 'another good year' for both home prices and transactions amid a buoyant Hong Kong real-estate sector.

The blue-chip company, Hong Kong's largest developer by market capitalization, also said rents in the retail and office sectors are both likely to grow steadily this year, supported by rising spending by mainland China tourists and the global economic recovery, respectively.

The company's first-half underlying net profit for the six months ended Dec. 31 rose to HK$6.51 billion (US$834.6 million) from HK$4.54 billion a year earlier, and was above the average HK$4.91 billion forecast of four analysts polled earlier by Dow Jones Newswires.

Analysts generally use underlying profit rather than net profit to gauge the performance of Hong Kong property companies because their earnings tend to be distorted by regular revaluations of investment properties.

First-half net profit surged to HK$14.34 billion from HK$692 million due to net gains of HK$8.61 billion from property revaluations. Revenue fell 12% to HK$13.27 billion from HK$15.12 billion.

The underlying profit increase came amid a 29% rise in Hong Kong home prices last year, as interest rates were low and supply was tight, while rents also rose. So far this year, home prices have risen another 5%.

The home price increases have raised concerns an asset bubble is forming in Hong Kong's property market, leading the government recently to pledge it would fine-tune its land-supply policy if necessary.

But Sun Hung Kai, whose recent property launches have drawn a strong response, said the city's home market remains healthy and a bubble hasn't formed.

'We're optimistic towards Hong Kong's property market in the long term. There is room for development in the city's real-estate sector,' Vice Chairman Thomas Kwok told reporters at a news conference.

During its first half, the firm sold or pre-sold HK$9.16 billion worth of properties, up 22% from the year-earlier period. Of that amount, nearly HK$7 billion derived from sales at its luxury Hong Kong projects The Cullinan and The Latitude, both situated in Kowloon.

So far this year, the firm has sold over HK$7.5 billion worth of properties, mainly at Yoho Midtown in the New Territories, which drew a better than expected response, analysts said. The company said it expects its homes sales in 2010 to reach HK$25 billion.

Riding on the market uptrend, Sun Hung Kai is planning to launch several projects in the next nine months, including luxurious residential project Larvotto in Hong Kong Island's Aberdeen district, Valais in Sheung Shui in the New Territories, and Lime Stardom in Kowloon.

The developer said it will continue to boost its land bank in Hong Kong, especially through the conversion of farmland to residential sites, and will adopt a selective approach to expansion in China.

As of Dec. 31, its Hong Kong land bank totaled 44.1 million square feet, and it also held about 25 million square feet of agricultural land that could be converted into developable area.

Its China land bank amounted to an attributable 88.3 million square feet.

Hong Kong developers have been actively replenishing their land banks in the land-scarce city through various means such as government auctions, project tenders offered by the Urban Renewal Authority and rail operator MTR Corp., as well as the redevelopment of dilapidated buildings.

In February, Sun Hung Kai bought a site in Tseung Kwan O of the New Territories in a government land auction with a bid of HK$3.37 billion.

Sun Hung Kai, which operates premium investment properties including International Finance Center in the Central district of Hong Kong Island and International Commerce Center in the West Kowloon district, expects the retail and office leasing markets to improve this year.

'Demand for quality office space is anticipated to show gradual improvement amid the global economic recovery,' it said. 'Rents for top-quality office space in core areas such as Central are likely to fare better due to limited supply.'

The company's gross rental income in the first half rose 12% to HK$5.36 billion, driven by rental rate increases in its retail and office portfolios, especially at International Finance Centre.

Occupancy of the firm's rental portfolio stood at 93% at the end of December, the same level as at the end of June.

The developer proposed a first-half dividend of HK$0.85, up from HK$0.80 the previous year.
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Old April 8th, 2010, 11:20 PM   #14
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The Chinese name is both uninspired and misleading. Isn't there an actual "South Bay" on Hong Kong Island not too far from there??
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Old April 26th, 2010, 03:56 AM   #15
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Quote:
Originally Posted by EricIsHim View Post
At least it's facing the good side of the typhoon shelter looking at the back of Jumbo and the marina, rather than the ugly looking fishing boats.
The ugly looking fishing boats are right in front of Larvotto. And because of 'noise concerns' they've made the windows unopenable...

http://webb-site.com/articles/larvotto.asp

Quote:
And the Oscar for most outrageous property launch goes to...Larvotto, a luxury industrial-cum-residential development 15 years in the making, which was auctioned in 1995 for $255 per gross sq ft (gsf), converted to residential use in 2005 for $4,336/gsf, constructed for (let's say) $2,000/gsf and is now being touted at HK$25,000/gsf (including your share of the common areas, the cross-sectional area of the walls, etc). At that price, the whole thing is tagged at HK$22.8bn (US$2.94bn). You can't blame them for trying, but if this isn't evidence of a bubble, then what is?

"How well do you know Ocean?", "View the Ocean, Feel the Ocean" says the marketing, for a development which faces North-East across Aberdeen typhoon shelter, behind some noisy boatyards and sawmills which one day will likely be redeveloped, potentially blocking the view. Most residents will have to crane their necks to see the South China Sea which is, not unnaturally, to the South.

"The Gem on Hong Kong Island" says the Post Office-circulated spam, but it's not on Hong Kong Island, it's on Ap Lei Chau (which apparently means "duck tongue island" on account of its shape), an island connected by road bridge to Hong Kong Island. Here's a 2007 satellite view of the project:



Auctioned to one bidder in 1995 as Industrial
The Larvotto site is Ap Lei Chau Inland Lot 129, or ALCIL129 for short. With a land area of 180,511 sf, it was originally sold for industrial use, in a government land auction on 25-Jan-1995 at the opening bid of HK$230m to Paliburg Holdings Ltd (Paliburg, 0617), via its then wholly-owned subsidiary, Cheerjoy Development Ltd (Cheerjoy). In the 1994 annual report, Paliburg said it planned to build a "modern industrial complex" called "Hong Kong Industrial Trade Plaza" with a floor area of 1,714,800 gsf at a plot ratio of 9.5, so the accommodation value of the land was just $134/gsf.

By the 1996 report, with site formation work nearing completion, Paliburg was beginning to change its mind and by the 1997 report, the application for rezoning for "comprehensive development comprising residential, hotel and commercial components" was "being further pursued". On 3-Oct-1997, the Town Planning Board (TPB) rejected the application, partly because of the noise and the "fugitive industrial emissions" from the boatyards across the road. The application changed to "residential and commercial" by the 1998 report.

SHKP and Kerry Properties buy in
On 30-Jul-1999, the TPB approved rezoning to permit residential development, restricting the site to a plot ratio of 5, so the original premium for industrial use now equated to 9.5/5 x $134=$255/gsf, before conversion. At the same time, the TPB looked across the Ap Lei Chau Praya Road to the site occupied by the Ap Lei Chau Boatyards, which was proposed to be rezoned from "I" (Industrial) to "U" (Undetermined). The developer had got what it wanted.

Two weeks later, on 14-Aug-1999, facing financial pressure, Paliburg sold 70% of Point Perfect Investments Ltd (BVI), which owned Cheerjoy, to Twin Luck Worldwide Ltd (BVI), a 50:50 joint venture between Sun Hung Kai Properties Ltd (0016) and Kerry Properties Ltd (Kerry Properties, 0683). The value of the site was agreed at $570m before conversion to residential use, so Paliburg would receive $399m for the 70% stake, and the new partners would procure financing for the development at market rates of interest or 1.5% over HIBOR (whichever was higher), relieving Paliburg of that burden. $99m of the payment was deferred pending publication of the zoning approval.

Given that this was announced just 2 weeks after the Town Planning Board approval, it would be interesting to know whether negotiations were already underway at the time of the approval, and if so, whether any of the members of the TPB had any commercial relationship with the two new partners.

Zoning, planning and boatyard noise
The Outline Zoning Plan reflecting approved Residential (Group E) zoning was amended on 3-Mar-2000, and required further TPB approval of the actual residential development plan "with a view to minimizing the possible industrial/residential interface problems". However, there were numerous objections from the boatyard operators, and the TPB reverted the zoning of the boatyard site to "I" (Industrial) on 26-Sep-00. The Outline Zoning Plan was approved by the Chief Executive in Council on 2-Mar-01.

Meanwhile, the developer pressed on with the planning application. On 8-Mar-02, the TPB rejected a plan for 1290 units in towers up to 50 stories, because of the noise from the boatyards and the "visual impact on Aberdeen Harbour and its coastal area". On 25-Jul-03, the Metro Planning Committee (MPC) of the TPB rejected a plan for 1336 units in 5 blocks up to 38 stories on a 3-storey podium, again because of the noise problem.

However, on 16-Jan-04, the TPB overruled the MPC and approved the plan, which by now included an additional 1,000 square metres of retail space (increasing the plot ratio to 5.06) and 3,000 square metres of club house (which is exempt from plot ratio), despite the objections of the Environmental Protection Department.

In a classic bureaucratic override, the TPB had approved the project even though the Environmental Protection Department did "not support" it. In bureau-land, they never use the word "object". The EPD was opposed because the noise from the "unauthorized" steel boat repairing activities in the boatyards, which are only 30 metres away, exceeded the noise limit in the Hong Kong Planning Standards and Guidelines (HKPSG).

The noise problem had been discussed at the TPB meeting on 16-Jan-2004 when the scheme was first approved on review. The applicant had incorporated "mitigation measures" including "non-openable windows", but towers 1 to 3 of the 9 Towers would still exceed the HKPSG noise limit and nothing further could be done. It was noted that the boatyards provided "supporting services to the Aberdeen fishing industry" and that the Short Term Tenancies of the boatyards prohibited steel boat repair (presumably allowing wooden boats), but this was "difficult to enforce".

The minutes of TPB and MPC meetings were not published before 17-Jun-2005, as meetings were not open to the public. The disagreement of the EPD with the 2004 approval is finally revealed in the MPC minutes of 7-Apr-2006 (p21-25) and 27-Apr-2007 (p24-29). Enjoy!

The negotiations on the land premium for lease modification to residential use continued, and on 9-Nov-2005, a land premium of HK$3,913.88m was agreed, so the conversion premium was $4,336/gsf. The MPC gave approval on 25-Nov-05 to amend the plan to 816 larger units, which was reduced on 7-Apr-06 to 776 units in 9 towers, on 27-Apr-07 to 770 units, and on 8-Jul-09 to 715 units. As you can see, they were adjusting to larger flats as demand in the luxury market changed. In its 2006 report, Kerry Properties put the completion date as "third quarter of 2009", slipping to "fourth quarter of 2010" in its 2007 report and "first quarter of 2011" in its 2008 report.

In a Planning and Lands Department report in 2006, the boatyard site was considered further. There is a small sliver of land, just 0.05ha (or about 5,300 sf) visible on the ownership plan on page 3 of the PDF, which is under single private ownership and used for "temporary" shipyard. The remaining 2.34ha is Government land leased out on Short Term Tenancies for "temporary" shipyards and two sawmills. The shipyards had been there for "over 15 years" (now over 19 years) and there are "practical difficulties" in their relocation.

Politics
Why should anyone on a short-term tenancy expect permanent occupation rights? Could it be that there are other interests at stake here, such as the redevelopment potential of those boatyard sites and demands for compensation?

We pause to note that the Agriculture and Fisheries sector has 40 seats in the 800-member committee which elects HK's Chief Executive, or 5% weighting, vastly disproportionate to the sector's economic significance - it accounts for just 0.1% of GDP. The 40 seats were returned uncontested in 2006. The electorate comprised just 160 organisations in that year, 77 of which are named in Appendix B of the guidance notes on registration. This neatly illustrates one of the design features of HK's Election Committee. Apart from tycoon representatives, it is stuffed with over-weighted sectors which depend heavily on government support, such as agriculture, fisheries, sports, performing arts and culture. There is inevitably reciprocity in government policy in return for political support.

Larvotto is named after a region and beach in Monaco, a place about as densely populated as Ap Lei Chau, so it is fitting in that sense, but unless you enjoy "unopenable windows" or the pleasant sound of saws on steel in the mornings, you might prefer not to pay $25,000 per sq ft (plus stamp duty), or anything like that, for this "inherent supremacy blessed by nature" - especially when it's only on a 37-year lease. Ah yes, Hong Kong's dwindling leaseholds - we'll get to that another day.

© Webb-site.com, 2010
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Old May 20th, 2010, 08:05 PM   #16
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Watchdog revises rules for sales of new flats
7 May 2010
South China Morning Post

The estate agents' watchdog has announced a new set of rules to cover sales of new flats to protect prospective buyers against unscrupulous sales tactics.

"The aim is to ensure that the sale of first-hand properties is in order and more transparent, hence to make sure that prospective buyers are well protected," Rosanna Ure Lui Hang-sai, chief executive of the Estate Agents Authority, said.

The rules, issued in circulars, contain guidelines for agents' conduct when selling new flats.

The authority had issued circulars before but many of the guidelines have been rewritten.

They outline what information agents should give to buyers and what agents should not do to avoid creating a nuisance to the public.

Estate agents are required to inform prospective buyers in writing about whether their company acts for the developer, buyer or both. They are also prohibited from offering loans or proposing to offer loans to prospective buyers.

Agents are not allowed to use their clients' identity cards and credit cards to pay deposits unless they get the buyers' written consent. They should not collect a deposit from a prospective buyer without the developer's authorisation.

The new rules follow a recent investigation of 14 agents from two companies, who allegedly accepted cheques as deposits from prospective buyers of the luxury residential project Larvotto without the developers' consent, as well as distributing inaccurate floor plans of the new development.

The guidelines also come after the government announced nine measures last month aimed at making developers increase transparency during flat sales.

Anthony Wong Wai-fung, the authority's director of operations, said real estate firms would comply with the new regulations. He was speaking after meeting representatives of five big estate agencies, which employ about 30 per cent of the city's 28,000 agents.

Wong said the authority would organise courses to brief agents on the new directives. Developers would also receive a copy of the guidelines.

Jeffrey Ng Chong-yip, a director at Midland Realty, worried that the new guidelines would be too rigid and lack flexibility, as they did not know the full details yet.

Ng said some rules - such as requiring agency companies to provide a controller to oversee staff assigned to a first-sale site and providing a staff list to the authority at least a day before the launch of a sales project - would increase administrative costs and work for real estate firms.

But he agreed that the rules would help to improve sales of new flats.
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Old June 1st, 2010, 04:18 PM   #17
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5/31 - fire is from a nearby shipyard



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Old June 7th, 2010, 05:51 PM   #18
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By 鄧麗欣之戀 from skyscrapers.cn :

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Old June 7th, 2010, 07:22 PM   #19
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It definitely ain't going to HK$25000/sqft. First off, it's right next to a public housing estate that costs like a few thousand to rent?

Secondly, Bel-Air, which provides an unblocked seaview, is still around 15,000's/sqft (for the standard 1700 sqft apartments). Larvotto, on the other hand, does not provide a full seaview (maybe with the exception of block 1 and 2). Though it might the edge over Bel-Air a bit by having access (bear in mind, it's slightly indirect) to the MTR's Lei Tung station in the future.

On Ap Lei Chau, none of the flats sell over 10,000/sqft (with the exception of penthouses or flats joined together). Shum Wan Towers (the current most expensive estate) sell at lower than $8000/sqft, while South Horizons (2nd expensive) sell at ~7500 (Sea), ~6500 (Mountain), $6000 or lower for others.

i don't see how these apartments could cost $20000+/sqft, but then, if it's the buyer's choice, we couldn't stop them.
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Old June 8th, 2010, 04:34 AM   #20
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Quote:
Originally Posted by The Terminator View Post
It definitely ain't going to HK$25000/sqft. First off, it's right next to a public housing estate that costs like a few thousand to rent?

Secondly, Bel-Air, which provides an unblocked seaview, is still around 15,000's/sqft (for the standard 1700 sqft apartments). Larvotto, on the other hand, does not provide a full seaview (maybe with the exception of block 1 and 2). Though it might the edge over Bel-Air a bit by having access (bear in mind, it's slightly indirect) to the MTR's Lei Tung station in the future.

On Ap Lei Chau, none of the flats sell over 10,000/sqft (with the exception of penthouses or flats joined together). Shum Wan Towers (the current most expensive estate) sell at lower than $8000/sqft, while South Horizons (2nd expensive) sell at ~7500 (Sea), ~6500 (Mountain), $6000 or lower for others.

i don't see how these apartments could cost $20000+/sqft, but then, if it's the buyer's choice, we couldn't stop them.
Well ... the irony is also there for Bel Air, which is next to the Wah Fu public housing estate, and also the astronomical prices at Yoho Midtown of late.

I really wonder whether there are that many fools out there willing to pay this kind of money?
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