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Old June 8th, 2010, 06:53 PM   #21
The Terminator
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Well theoratically, there *are* people who are willing to pay absurd prices for a *not so good* return. Regarding that @HK$20000/sqft, do you know about the tower called "Jadewater"? (It's on the other side of the typhoon shelter, right in front of the cemetary) People said sales could reach @HK$10000/sqft. But then, now it's still in the 7000-8000s. Kinda makes me think that Sun Hung Kai won't make much sales with that pricetag, but then, in JadeWater's case, no one wants to live right in front of a cemetary do they >_>)
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Old June 9th, 2010, 03:07 AM   #22
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Well comparing brand new development with public development is silly. The amenities, design, build quality, even resident quality are all vastly different.

But then the REAL point is that these prices aren't for HK people to buy anyways. It's for maybe the top 5% in HK, which is limited to maybe 50 powerful families, then the rest are for Chinese investors. It's just another gambling game for the rich. Why bother.
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Old June 9th, 2010, 03:23 AM   #23
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Quote:
Originally Posted by spicytimothy View Post
But then the REAL point is that these prices aren't for HK people to buy anyways. It's for maybe the top 5% in HK, which is limited to maybe 50 powerful families, then the rest are for Chinese investors. It's just another gambling game for the rich. Why bother.
That's the part that has pissed many HKer off. Most buildings that are built today are not targeted for living, but for investment, especially the mainlander investors. At the end, these buildings are not buy-able by the locals, or they are actually occupied, but sit empty for sales only when many people want a affordable flat for themselves.

I think 20k, or even 15k for this location is just bubble. Once the market settle, it would just be around 10k per sq. ft at most.
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Old June 9th, 2010, 10:50 AM   #24
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Eric: I think that statement only applies to HKers who don't own properties though. If one own's a property, why would he/she care if properties (even if they're in another location) are sold at absurd prices?

But then, many families rent apartments to live in. And those are the ones that gets pissed off and whine that property prices are too expensive for typical families to afford.

Btw, what's a bubble? I know it's 泡沫 in chinese but i never knew what it meant lol
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Old June 9th, 2010, 05:38 PM   #25
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That's the part that has pissed many HKer off. Most buildings that are built today are not targeted for living, but for investment, especially the mainlander investors. At the end, these buildings are not buy-able by the locals, or they are actually occupied, but sit empty for sales only when many people want a affordable flat for themselves.

I think 20k, or even 15k for this location is just bubble. Once the market settle, it would just be around 10k per sq. ft at most.
Then these prices filter through to middle-class housing.
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Old June 10th, 2010, 01:03 AM   #26
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Quote:
Originally Posted by The Terminator View Post
Eric: I think that statement only applies to HKers who don't own properties though. If one own's a property, why would he/she care if properties (even if they're in another location) are sold at absurd prices?

But then, many families rent apartments to live in. And those are the ones that gets pissed off and whine that property prices are too expensive for typical families to afford.
This is ultimately the conflict of opposite interest between homeowners and home buyers. Homeowners don't mind the investment market, because it drives the value of their properties up, either directly or at least by limiting "real" supply; while home buyers are stuck with less "real" supply and therefore higher prices.

I think it's the same problem with the assisted buying program they're discussing about right now. It's good for home buyers to get some help, but the ultimate effect is that it will drive prices further up by increasing demand and not fixing the root of the issue, which is inadequate supply.
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Old July 1st, 2010, 08:50 PM   #27
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Larvotto units to go on sale
The Standard
Wednesday, June 30, 2010

Sun Hung Kai Properties (0016) intends to start selling at least 50 flats at its Larvotto project in Ap Lei Chau in mid-July - when the World Cup is over.

The units in the first batch will be mainly large ones, Sun Hung Kai Real Estate Agency executive director Victor Lui Ting said yesterday.

The average selling price will be HK$25,000 per square foot.

Sales at Larvotto are being accelerated after more than 230 homes at Sino Land's The Hermitage in Tai Kok Tsui were snapped up last weekend.

And Cheung Kong Holdings (0001) will be selling more flats at Festival City in Sha Tin.

Cheung Kong plans to launch the second phase of Festival City in the fourth quarter to put 1,368 homes on the market, sales manager Iris Cho Kau-ming said.

The developer raised HK$150 million from the sale of 20 units in Festival City this month at prices ranging from HK$7,000 to HK$9,000 psf.

The average selling price was HK$8,500 psf, with each home going for between HK$7 million and HK$9 million.

Thirty percent of the homebuyers were from the mainland, partly due to a stronger yuan, Cho said. One thousand units at the Sha Tin project have been sold since its launch.
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Old July 13th, 2010, 12:29 PM   #28
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Larvotto to set luxury price benchmark in Island South
13 July 2010
SCMP

Sun Hung Kai Properties is to set a benchmark for a major luxury housing estate in Island South by releasing a project in Ap Lei Chau at an average price of HK$17,288 per square foot.

The first batch of 50 flats at Larvotto - a joint-venture development by SHKP, Kerry Properties and Paliburg Holdings - would go on sale on Saturday.

Prices of the flats, sized from 1,968 to 1,998 square feet, range from HK$31.11 million to HK$37.94 million, or between HK$15,811 and HK$18,992 per square foot.

"The launch price is a bit aggressive," Paul Louie, the regional head of property research at Nomura International, said.

The asking prices are higher than the HK$9,500 to HK$16,000 per sq ft in the secondary market at the 2,746-unit Bel-air Residence in Pok Fu Lam, which is the most expensive large housing estate in Island South.

Louie believes the 715-unit Larvotto project would appeal to mainland buyers, who account for sales of more than 20 per cent of apartments worth more than HK$20 million.

It would be the first major development put on sale since the Hong Kong Monetary Authority told banks last October to reduce the amount they lend to buyers of luxury homes priced above HK$20 million from 70 per cent to 60 per cent of a property's value. The move followed a surge of about 40 per cent in prices in the luxury sector last year, driven by low interest rates, limited supply and money flowing in from the mainland.

Eric Yuen Chi-fung, head of research at Guoco Capital, believes buyers of properties worth above HK$20 million would not rely heavily on mortgage financing.

"The good sales response to new projects has indicated a strong comeback in confidence," he said. "Developers will surely take advantage of the buoyant sentiment in both the primary and secondary market to launch their projects."

On Sunday, SHKP and the Urban Renewal Authority said they had sold 90 per cent of the 377-unit Lime Stardom in Tai Kok Tsui at an average price of HK$8,045 per sq ft.

Yuen expects the Larvotto developers could bring in total revenue of HK$18 billion to HK$20 billion if the whole project achieved an average selling price of HK$18,000 to HK$20,000 per sq ft.

In 1999, debt-ridden Paliburg was forced to sell a 70 per cent stake in the site, then designated for industrial use, to SHKP and Kerry Properties.

SHKP and Kerry, which each hold a 35 per cent stake in the project, agreed to pay a land premium of HK$3.9 billion or HK$4,300 per sq ft for the conversion of the site from industrial into residential land use in 2005. Kerry is controlled by the Kuok Group, the controlling shareholder of the SCMP Group, which publishes the South China Morning Post. With construction costs and interest expenses, Yuen said he believed the total development cost of the project, with a total gross floor area of one million sq ft, would be around HK$8,000 per sq ft.

Separately, Sino Land will release another batch of 50 standard units at The Hermitage in Tai Kok Tsui at an average price of HK$11,871 per sq ft.

It will also release a special unit - of 1,476 sq ft with a 860 sq ft roof top and a private pool - at HK$36.98 million or HK$25,060 per sq ft.
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Old July 19th, 2010, 05:05 PM   #29
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Two projects draw swords
The Standard
Monday, July 19, 2010

Two leading developers go head-to-head this week to take advantage of renewed appetite for new homes.

Sun Hung Kai Properties (0016) is selling another 100 flats at Larvotto in Ap Lei Chau and Sino Land (0083) will offer 50 at The Hermitage in Tai Kok Tsui.

SHKP released the price list for 50 Larvotto units yesterday. The homes sized about 1,400 square feet each and averaging HK$15,028 per square foot are in Tower 5 of the project SHKP built together with Kerry Properties (0683) and Paliburg Holdings (0617).

They are 2 percent dearer than the 50 apartments - including two special homes averaging HK$24,750 psf - whose price list was announced on Saturday. Ninety-two other homes were snapped up just hours after they were put on the market on Saturday.

Sun Hung Kai Real Estate Agency executive director Victor Lui Ting said the developers collected nearly HK$4 billion from the flats.

Two special units were bought by a mainlander and a local yesterday for a total of over HK$100 million.

Twenty percent of all Larvotto buyers so far are mainlanders.

Twenty percent of the homes sold so far were bought by investors, said senior sales and marketing manager Andy Chan. He said most investors were seeking long-term rental returns, which are expected to reach HK$50 psf.

Boosted by Larvotto's sales, homeowners at nearby Residence Bel-Air raised their asking prices by 5 to 30 percent, while other potential sellers withdrew their units, said Ricacorp assistant sales director Cathy Chiu Pui-ching.

One potential seller bumped up the asking price for a 2,400 sq ft home by 13 percent to HK$43 million.

Sino Land's latest batch of flats to go on the market at The Hermitage on Wednesday average HK$13,073 psf. They include the first 1,088 sq ft homes in Tower 8 costing from HK$10,024 psf.

Sino Land has sold about 90 percent of the 762 available homes in the project.

SHKP's sales tally at Lime Stardom rose to 371 after eight more units were sold on Saturday. Six special homes are still awaiting buyers.

SHKP also sold four apartments at Aria in Ngau Chi Wan, three at The Latitude in San Po Kong and eight at Yoho Midtown in Yuen Long, agents said.
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Old July 28th, 2010, 12:42 PM   #30
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Bullish developers keep hiking prices with new launches
22 July 2010
The Standard

The mood among developers is distinctly bullish, with more primary homes being put on the market.

Launching its third price list in two days, Emperor International (0163) plans to sell the latest batch of 12 units at The Java for an average of HK$13,779 per square foot.

This is 12 percent higher than the average HK$12,254 psf fetched by the second batch of 12 units and 21 percent higher than the first 30 homes, which went for HK$11,388 psf.

Sun Hung Kai Properties (0016) also released two price lists yesterday. Fifty homes in Tower 8 at Larvotto will go for an average of HK$13,638 psf. That is a rise of nearly 3 percent from the average HK$13,278 psf for the 22 homes at Tower 9 of the Ap Lei Chau project.

Not to miss out on the property boom, Pofield Holdings will put six unsold units at Grand Garden in Shau Kei Wan on the market on Saturday.

The average price is HK$8,850 psf, up around 30 percent from the relaunch price last year. The project was first launched in 2008. Four duplexes at the same property will target up to HK$19 million, or HK$14,000 psf.

More than 10,000 primary homes will likely be available in the second half, boosting registered deals by 50 percent and sales by 42 percent to HK$75.5 billion, Ricacorp said.

Phase 2 of Cheung Kong's Festival City and the Oceanaire development in Ma On Shan will each supply over 1,100 homes.
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Old August 8th, 2010, 06:02 PM   #31
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Sales slide sparks new flats supply
2 August 2010
The Standard

Primary home purchases over the weekend fell from the last few weeks due to a lack of new projects, but a rush of new flats will hit the market from Tuesday.

Sun Hung Kai Properties (0016) sold around 40 homes at Larvotto in Ap Lei Chau, 15 at Yoho Midtown in Yuen Long and two at The Latitude in San Po Kong over the weekend. Sino Land (0083) sold six units at The Hermitage in Tai Kok Tsui, according to realtors.

SHKP yesterday released three price lists for the Ap Lei Chau co-development, for 50 apartments.

The flats, with mountain views and sized at about 990 square feet, will go for an average of HK$12,495 per square foot on Wednesday at the earliest.

The entry threshold for the units will be HK$11.6 million, and HK$25.7 million for three special units measuring 1,425 to 1,686 sq ft, each with a flat roof. Sun Hung Kai Real Estate Agency director Victor Lui Ting noted SHKP and partners have reaped HK$10 billion from nearly 400 homes sold.

Sino Land (0083) will release 76 more homes at The Hermitage _ including 35 studio flats _ at an average HK$12,745 psf on Tuesday at the earliest. Sino and its partners have sold over 760 homes at the 964-unit project and reaped HK$9 billion, the firm said.

Meanwhile, Emperor International (0163) relaunched Harbour One in Sai Wan and started selling 23 homes on Saturday. There were three deals at Harbour One and sister project The Java in North Point over the weekend, agents said.

As for secondary homes, sales at 10 main projects stayed robust at 75 for the third weekend in a row, Midland Realty said. For the whole of July, there were 13.1 percent more deals to reach 1,208. Whampoa Garden saw a total of 120 deals in July, up 67 percent from June.

``Prices have risen to around HK$6,600 psf, from HK$6,350 psf,'' said Midland senior sales manager Lam Ko-wai.

Lam added supply is tight as around 15 percent of owners have temporarily pulled their homes off the market in the face of the auction for two sites in Hung Hom and Ho Man Tin on August 17.
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Old August 9th, 2010, 01:29 PM   #32
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Sun Hung Kai keeps hiking prices at Larvotto
The Standard
Monday, August 09, 2010

Sun Hung Kai Properties (0016) will sell 81 homes at Larvotto at HK$13,478 per square foot on average on Wednesday at the earliest.
Four Tower 2 units with sea views at the Ap Lei Chau project will go for HK$17,236 to HK$21,055 psf.

Sun Hung Kai Real Estate Agency executive director Victor Lui Ting said the other 77 flats - with mountain views - are 5 percent dearer than 66 similar units which were sold yesterday. They are sized at 592 to 990 square feet.

Lui said SHKP has sold more than 500 homes at Larvotto for HK$12.5 billion since July. The fewer than 100 homes that have yet to be launched may be offered at higher prices later.

Lai Sun Development (0488) launched 20 new units at The Oak Hill in Wan Chai on Saturday. It sold five homes over the weekend, a realtor said. Emperor International (0163) sold one apartment at The Java in North Point. In Kowloon, Sino Land (0083) recorded 10 deals at The Hermitage in Tai Kok Tsui, while Cheung Kong Holdings (0001) sold eight units at Celestial Heights in Ho Man Tin.

In the New Territories, 10 flats at SHKP's Yoho Midtown in Yuen Long were snapped up while Henderson Land (0012) sold two units at 8 Royal Green in Sheung Shui, agents said.

On the secondary home front, transactions at 10 major estates totaled 76 over the weekend, surpassing the 70-deal level for the ninth week in a row. The last time a similar run occurred was in late 2007, Midland Realty said. DEREK YIU
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Old August 9th, 2010, 01:33 PM   #33
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Now they're getting back onto something like 13.5k psf
Which I still think is too expensive for this location...
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Old August 17th, 2010, 01:29 PM   #34
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Cooling measures take effect
The Standard
Monday, August 16, 2010

The sudden announcement of new property curbs cooled sales across the primary and secondary home markets over the weekend.

Analysts feel Friday's announcement has set the stage for more tightening measures and purchase subsidies - to be revealed during October's policy address.

The introduction of three more sites for auction even led Ringo Lam Chun-chiu, valuations director at AG Wilkinson & Associates, to believe there may be regular land sales during the next financial year.

Secondary home transactions at 10 major projects plunged over 59 percent at the weekend, or to 31 from 76 the previous weekend, according to Midland Realty.

Deals at large developments that tend to attract investors, such as City One in Sha Tin, Mei Foo Sun Chuen and Kingswood Villas in Tin Shui Wai, dropped to single digits.

Meanwhile, a homeowner at Royal Peninsula in Hung Hom slashed the asking price for a 1,226-square-foot apartment by HK$1 million to HK$12 million. Another 684 sq ft home went for HK$4.5 million, after a HK$100,000 price cut.

Elsewhere, a flat at Provident Centre in North Point recently sold for HK$6.38 million, or HK$120,000 lower than the original price, Century 21 said.

Hong Kong Property also said owners of properties atop Kowloon Station are now willing to lower prices by 5 to 10 percent.

On the primary front, Sun Hung Kai Properties (0016) sold 20 of the 47 newly launched flats at Larvotto in Ap Lei Chau over the weekend, compared with its sale of all 66 homes the previous weekend.

Sino Land (0083) sold seven homes at The Hermitage in Tai Kok Tsui, down from 10, while sales at Yoho Midtown in Yuen Long went down from 10 to two.

An upbeat Sun Hung Kai Real Estate executive director Victor Lui Ting said the new measures will have little impact on sales as most Larvotto buyers are end-users or long- term investors. Any unsold homes at Larvotto will be pulled off the market from Wednesday, but SHKP will launch low-rise project Valais in Sheung Shui in September, Lui said.

Midland chief analyst Buggle Lau Ka-fai expects developers to revise launch tactics, lowering the number of primary homes available by 67 percent to around 500 this month.

Surveyor Tony Chan Tung-ngok said: "I expect a 3 to 5 percent drop in prices as a whole. The ban on the transfer of uncompleted homes will have a ripple effect [on the secondary market]."

The government has banned outright confirmor sales - or resale of homes before a deal is completed. And the Hong Kong Monetary Authority has lowered the loan-to-value ratio for homes worth HK$12 million to HK$20 million to 60 percent, from 70 percent.

Buyers must now spend no more than 50 percent of income on monthly mortgage.

Even mortgages for first-time buyers have been tightened, with the maximum loan-to- value ratio lowered to 90 percent, from 95 percent earlier.
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Old August 24th, 2010, 06:45 PM   #35
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Commercial

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Old August 24th, 2010, 07:19 PM   #36
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Here's an aerial view video provided by Midland HK I think I can see my home from there as well

http://www.youtube.com/watch?v=FNn1i...eature=related
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Old September 30th, 2010, 07:02 PM   #37
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SHKP earnings build by 12pc
21 September 2010
The Standard

Stronger rental contributions across the board sent Sun Hung Kai Properties' (0016) full- year underlying profit up 12 percent to HK$13.9 billion.

Profit for the year ended June for Asia's largest developer was largely in line with a Bloomberg consensus estimate of HK$14.3 billion.

Rental revenue surged 14 percent to HK$11.1 billion and net rental income gained 14 percent to HK$8.3 billion.

The completion of Shanghai IFC and Shanghai ICC will add 6.4 million square feet of retail, official and hotel space.

Vice chairman Thomas Kwok Ping- kwong said: ``The gross rentals of these projects alone will amount to HK$2 billion each year.''

Including a HK$16.5 billion gain on investment property revaluation, net profit nearly trebled to HK$28 billion.

In light of rising rental income, Kwok joked SHKP ``should'' increase its dividend payout in future. It declared a final dividend of HK$1.85 per share, bringing the full-year dividend to a better-than-expected HK$2.70.

Brokerages had expected net gearing to trend toward the SHKP policy cap of 20 percent owing to land purchases, but it stayed flat at 15.2 percent.

SHKP acquired six plots totaling 4.8 million sq ft during the reporting period. This took its local land bank to 44.2 million sq ft, sufficient for five years of development.

Kwok said the developer has accelerated mainland land acquisitions over the past year. Its land bank over the border increased by 25.2 million sq ft to 82.3 million sq ft.

Vice chairman Raymond Kwok Ping-luen said various residential properties will keep bringing in cash, with 35 percent-owned Larvotto recording HK$14 billion worth of sales in a month. Property sales and pre-sales of HK$23.2 billion last financial year were mostly from Yoho Midtown, Aria, The Latitude and The Cullinan.

Sun Hung Kai Real Estate Agency executive director Victor Lui Ting said the sales target this financial year is HK$26 billion.

Valais in Sheung Shui, Park Season in Tuen Mun and two other projects in Yuen Long and Tseung Kwan O will hit the market in the next nine months, providing 3,000 homes, Lui said.

Thomas Kwok said a larger land supply should be ``positively stabilizing for the market,'' praising the government for ``getting more transparent about what it's likely to do.''

SHKP shares closed up 1.4 percent yesterday at HK$122.10 before the results announcement.
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Old October 10th, 2010, 07:37 PM   #38
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Midland Realty Promotion Video

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Old October 10th, 2010, 08:16 PM   #39
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Midland Realty Promotion Video

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Old October 11th, 2010, 08:14 AM   #40
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The aerials are quite nice though.
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