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Old August 30th, 2010, 06:36 PM   #1
hkskyline
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HONG KONG | The Coronation | 38 fl x 6 | Com

Profit will depend on high flat prices, say agents
9 May 2007
The Standard



Estate agents reckon the consortium that bagged the residential site at Yan Cheung Road in West Kowloon will have to sell flats for at least HK$8,000 per square foot to make a profit.

Midland Realty chief analyst Buggle Lau Ka-fai said that with accommodation value at HK$6,147 psf, break-even price would be about HK$7,000 psf.

``With a 20 percent margin, the selling price would be about HK$8,000 (psf),'' Lau said.

While the site may not compare with the location of the Waterfront at Kowloon Station for example, the projected selling price represents a 20 percent premium on secondary market prices in the area.

Although the site's final price of HK$4 billion was on the low end of market estimates, it was still a good outcome, Lau said.

He noted the site's accommodation value was about 14 percent higher than two plots sold at auction in September 2005 when two adjoining sites opposite Hoi Fu Court and Park Avenue fetched between HK$5,300 and HK$5,400 psf.

It was also a consortium involving Sino Land (0083), Nan Fung Development, and Chinese Estates Holdings (0127), that won those sites.

Lau said the latest land sale may not stimulate secondary prices too much as the market had been over-optimistic with their estimates before the auction. ``With [the final price] at the lower end of the market, some owners may not be so aggressive in hiking their prices,'' Lau said.

Ricacorp Properties executive director Willy Liu Wai-keung agreed the lower-than-expected price would be healthier to the market.

He said if the site had sold for a higher price, then the Hoi Fai plot set for auction could be bid even higher.

``The market may not accept such price levels,'' Liu said, referring to secondary market owners possibly being too aggressive in pricing.

Hong Kong Property Services (Agency) reported that some owners are increasing asking prices by 2 to 6 percent after the auction.
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Old September 14th, 2010, 05:43 PM   #2
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See crane and construction site on right :



Aug. 28, 2010
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Old December 23rd, 2010, 05:28 PM   #3
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11/21

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Old March 24th, 2011, 06:07 PM   #4
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Revaluation loss hits Chinese Estates Holdings
24 March 2011
SCMP

Chinese Estates Holdings booked a big property revaluation loss last year, leading to a net loss of HK$8.86 billion during the period.

The real estate investment holding company said it wrote the fair value of its investment properties down by HK$10.83 billion as at December 31 following a revaluation of its property portfolio, compared with a valuation gain of HK$8.61 billion recorded in 2009.

The big write-down followed the sale by the company of various retail properties and shopping malls in Causeway Bay and Wan Chai to chairman Joseph Lau Luen-hung last year, at a time when retail rents were rising and the market outlook was positive.

The resulting net loss of HK$8.86 billion for last year followed a net profit of HK$10.02 billion in 2009.

Excluding the property revaluation loss, underlying profit grew 33.4 per cent from HK$1.42 billion to HK$1.89 billion. Revenue was up 24.2 per cent to HK$2.67 billion.

The developer recognised a profit of HK$408.9 million from property sales last year, 389 per cent more than the HK$83.6 million in the previous year. The profit was generated from the sales of MOD 595 in Mong Kok, i-home in Tai Kok Tsui, phase one of Splendid City in Chengdu and York Place in Wan Chai.

Its flats in phase one of The Metropolis in Chengdu and joint-venture project The Hermitage in Hong Kong were pre-sold last year and a 25 per cent interest in The Hermitage generated revenue of HK$2.87 billion from the pre-sale.

The revenue is expected to be recognised in the first half of this year. The company has so far generated 114.7 million yuan (HK$135.2 million) from pre-sales, which will be booked in late 2012.

Its joint-venture project at Hoi Wang Road in West Kowloon is scheduled for launch in the first half of this year.

The project comprises six residential towers comprising 740 flats and retail properties with a total floor area of 650,600 square feet. It will be completed in the middle of next year.


Rental income from retail properties grew 17.9 per cent to HK$761.2 million, while the income from non-retail properties was unchanged at HK$365.1 million.

Occupancy rate of its retail properties was 88.11 per cent last year, excluding the floor area under renovation.

Its new shopping mall, The One in Tsim Sha Tsui, opened in October last year and its occupancy reached 95 per cent by the end of the year.

The company declared a final dividend of one HK cent a share, same as previously.

Last year, in addition to the ordinary dividend, it declared a special dividend of 99 HK cents a share.
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Old April 1st, 2011, 06:43 AM   #5
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Old April 1st, 2011, 07:49 AM   #6
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Still remember the days when the site was still the sea (and stinks a little bit). Thinking back, I cannot imagine how things have changed so much ever since!
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Old April 16th, 2011, 10:03 PM   #7
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4/9

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Old May 7th, 2011, 05:57 PM   #8
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Does anyone have any idea of when this property will be completed? Are we talking about summer 2012, or 2013?
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Old May 10th, 2011, 06:47 PM   #9
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^ Mid 2012


See green scaffolding on the bottom right.

Source : http://www.flickr.com/photos/bolorocco/5656079645/

image hosted on flickr
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Old May 10th, 2011, 06:50 PM   #10
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That's a great photo of Kowloon. So much potential for future growth.
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Old May 10th, 2011, 09:13 PM   #11
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Quote:
Originally Posted by hkskyline View Post
^ Mid 2012


See green scaffolding on the bottom right.

Source : http://www.flickr.com/photos/bolorocco/5656079645/

image hosted on flickr
The NYC of the East!
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Old May 11th, 2011, 07:43 AM   #12
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While the site's proximity to Kowloon Station is good, I see two potential concerns:

1. The site is officially located in Yau Ma Tei?
2. Proximity to MTR is poor. Again, YMT station looks to be closest by?
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Old May 11th, 2011, 06:23 PM   #13
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Quote:
Originally Posted by gerhardz View Post
While the site's proximity to Kowloon Station is good, I see two potential concerns:

1. The site is officially located in Yau Ma Tei?
2. Proximity to MTR is poor. Again, YMT station looks to be closest by?
Walking to Yau Ma Tei might be more cumbersome as it means travelling into the urban area with many intersections and cars. I suspect they'll link it better with Kowloon Station somehow as a selling point, or offer a shuttle service. The distance to either station is about the same.
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Old May 31st, 2011, 10:22 AM   #14
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5/30 - notice the tiny speck of green scaffolding on the right



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Old June 27th, 2011, 06:19 PM   #15
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Source : http://www.fotop.net/dreamer/

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Old July 17th, 2011, 08:20 PM   #16
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7/15



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Old July 27th, 2011, 07:37 PM   #17
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7/24

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Old August 5th, 2011, 05:45 PM   #18
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Note green scaffolding on the left from : http://www.fotop.net/cchan

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Old August 14th, 2011, 04:58 PM   #19
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The Coronation (The Heritage)

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Old August 21st, 2011, 07:16 PM   #20
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8/14



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