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Old October 4th, 2005, 04:52 PM   #1
hkskyline
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Hong Kong : Highcliff For Sale

Dizzying prices for Peak luxury apartments
Central Development Group, a local private property investor, plans to sell 30 percent of its HK$10 billion HighCliff on the Peak, Hong Kong's tallest apartment building.

Raymond Wang
Hong Kong Standard
Tuesday, October 04, 2005



Central Development Group, a local private property investor, plans to sell 30 percent of its HK$10 billion HighCliff on the Peak, Hong Kong's tallest apartment building.
The 250-meter, 73-story newly completed luxury property was originally retained as a long-term investment, but the market boom has prompted the developer to sell part of the project in phases.

The development, located at 41D Stubbs Road, comprises 113 units with sizes ranging from 3,676 to 7,500 square feet. It has a market value of more than HK$10 billion, according the developer. Construction costs were up to HK$1.5 billion, said CL Ho, assistant general manager of Central Development Group.

Ho said the first batch of not more than 10 units will be offered for sale later this year with a target price starting from HK$20,000 psf. The next batch of units and the price tag have yet to be decided.

Central Development plans to offer about 70 percent of the 440,000 sqft development for lease at asking monthly rents of HK$55 to HK$60 psf, generating an annual rental income of more than HK$200 million.

The remaining 30 percent will be offered for sale, estimated to be worth more than HK$3 billion. It previously sold two apartments in the project for about HK$70 million each, or nearly HK$20,000 psf. "Demand for luxury property is expected to boom in the coming years as high-value land supply is shrinking," Ho said.

Real estate property consultant Jones Lang LaSalle said luxury residential prices rose 7.6 percent in the first half of the year after jumping 62 percent last year. The average rental of properties on The Peak saw an above-average increase of 18 percent in the first half of the year. Rents for homes at the Island South and the Mid-Levels grew by 13 percent and 14 percent, respectively, in the same period, it added.

Jones Lang LaSalle expects rents to climb further as corporates continue to expand office space and headcounts, and leasing stock continues to drop.
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Old October 4th, 2005, 04:56 PM   #2
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let me break my piggy bank.......5....10...20
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Old October 5th, 2005, 08:12 AM   #3
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maybe if we combine our money, we'll have enough to buy a square foot!
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Old October 5th, 2005, 03:50 PM   #4
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HighCliff a steep proposition
The developer feels the market can take the increase but property agents say demand will be limited

Ernest Kong
5 October 2005
South China Morning Post

Central Development's Hui family is offloading units in its landmark residential building HighCliff at an aggressive price to take advantage of improved sentiment following the government land auction.

The project, in Stubbs Road, is arguably one of the most innovative residential buildings in Hong Kong.

The project comprises 109 apartments of 3,676 sqft to 3,816 sqft and four penthouse units of 7,429 sqft each.

According to real estate agents, the developer offered lower-floor apartments for lease at the beginning of last year and has sold two apartments on upper floors for a unit price of about $18,000 per sqft.

"The developer has suspended sales since the end of last year because buyers did not make offers that could meet the target prices," said a director of a property agency.

The developer is offering units on 10 middle floors at an even heftier price, starting from $20,000 per sqft.

Ho Chun-lam, an assistant general manager at Central Development, said the building obtained its occupation permit in 2003 but was only fully completed last year after enhancement work on the clubhouse and apartment interiors.

"Even non-traditional luxury districts can achieve a similar unit price so we are confident with our pricing," he said.

However, he would not comment on the number of units in the project the firm plans to offload.

Real estate agents said the price was relatively steep for an apartment project of this size.

"Because the apartments are all of substantial size, investors with this budget may prefer buying a home which offers better capital appreciation potential," an agent said.

"End users with this budget may prefer some special units in Leighton Hill because it is a more convenient location. Special units in the Leighton Hill project are going for about $14,000 to $15,000 per sqft," he said.

The only comparable property near HighCliff is Hang Lung Properties' The Summit, which the developer is holding for long-term investment.

Meanwhile, Sun Hung Kai Properties is selling some units in its luxury project Pacific View, in Island South.

Mavis Kang Min, general manager of Signature Homes, Sun Hung Kai's rental arm for luxury homes, said: "We have no plan to offload other luxury investment properties. The luxury residential market has been particularly strong this year as our business remained stable even after September, when sales usually drop, as most expatriates move to Hong Kong before school starts."
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Old October 6th, 2005, 04:46 AM   #5
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Is it the world's mot expensive residential building?
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Old October 6th, 2005, 04:51 AM   #6
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10,000,000,000.00 HKD
Hong Kong Dollars =
1,289,333,573.38 USD
United States Dollars

If you were wondering like I was.
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Old October 7th, 2005, 03:40 AM   #7
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i wonder who can live in it....
certainly not the average tourist thats for sure
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Old October 7th, 2005, 07:38 AM   #8
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Quote:
Originally Posted by spyguy999
10,000,000,000.00 HKD
Hong Kong Dollars =
1,289,333,573.38 USD
United States Dollars

If you were wondering like I was.
Don't panic. This dizzying figures are for 30% of all the units.
I recently read from papers that the one mid-level unit was sold for a sq.meter price of around USD25,000 "ONLY".
But I just wonder the high-floor units should have an unmatchable, wonderful Victoria seaview with metro view of both sides of the harbour.
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Old October 7th, 2005, 08:47 AM   #9
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Quote:
Originally Posted by Cliff

Is it the world's mot expensive residential building?
I think THE ARCH in West Kowloon of HK is the most expensive residential building.
It started selling this summer. The most expensive unit is the triplex unit on the top of the building with private swimming pool and fantastic Victoria Harbour view. It's sold at about US$42,000 per sq.meter.
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Old October 8th, 2005, 05:03 AM   #10
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Quote:
Originally Posted by Marathoner
I think THE ARCH in West Kowloon of HK is the most expensive residential building.
It started selling this summer. The most expensive unit is the triplex unit on the top of the building with private swimming pool and fantastic Victoria Harbour view. It's sold at about US$42,000 per sq.meter.

..........
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Old October 8th, 2005, 12:06 PM   #11
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Quote:
Originally Posted by Marathoner
I think THE ARCH in West Kowloon of HK is the most expensive residential building.
It started selling this summer. The most expensive unit is the triplex unit on the top of the building with private swimming pool and fantastic Victoria Harbour view. It's sold at about US$42,000 per sq.meter.
which is around US$ 4200 per sq ft
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Old October 8th, 2005, 08:00 PM   #12
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^Actually it's almost exactly $3,900/sqft.
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Old October 12th, 2005, 04:20 AM   #13
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The top floors of Highcliff can see past the southern part of HK Island all the way to Lamma Island.
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Old August 8th, 2010, 06:50 PM   #14
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Partition wall to stay, court tells flat owners
9 January 2010
South China Morning Post

The owners of two flats in the ultra luxury residence, The Highcliff, may not knock down the partition wall between the flats because the wall is a common area, a judge at the Court of First Instance has ruled.

The court yesterday heard an application by the management company of the 75-storey residential tower on Stubbs Road in Mid-Levels for a restraining order against the owners, Light Field Investment and Way Vision Investments.

Deputy Judge Louis Chan Kong-yiu said the partition wall belonged to a common area under the Building Management Ordinance.

Under the deed of mutual covenant, the plaintiff, Central Management, has the right to enter the flats to conduct repairs and maintenance, and replace the common area.

The court was told that the companies bought two units, flats A and B, on the 53th floor of The Highcliff in 2007 for HK$133 million.

A provisional agreement was made in July 2007 and the transaction was completed in September.

The defendants claimed that the Buildings Department had approved their application for removing the partition wall, the court was told.

They made a counter-claim on Highcliff Investment for HK$1.52 million, saying that the plaintiff had agreed to their request to remove the wall after their purchase. But the judge dismissed their action, ruling that there was no misrepresentation during the purchase.

He also ordered the defendants to pay the cost for the hearing.

The Highcliff, built by the Central Developments, comprises 109 flats of 3,676 to 3,816 sq ft and four penthouse units covering 7,429 sq ft each.

Highcliff rises 252.4 metres and dwarfs the surrounding low-rise blocks.

It commands 360-degree views over Happy Valley, Victoria Harbour and Island South.
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Old August 12th, 2010, 03:57 PM   #15
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Expensive, but it's worthy
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Old January 29th, 2013, 11:21 PM   #16
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I'm afraid to live there!
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Old July 25th, 2017, 05:35 PM   #17
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Modern Architecture - Hong Kong by Eugene Zhukovsky, on Flickr
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Old July 26th, 2017, 08:42 AM   #18
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you bumped the thread only to post the building? please, post in rate our talls
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Old July 29th, 2017, 08:11 PM   #19
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I wonder who lives there now. Probably a bunch of local luminaries.
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