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Old November 15th, 2007, 03:51 PM   #41
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These are closer to the truth though - fantastic ocean views from there, although perhaps not as exaggerated as the rendering makes out.

Then again, this is the Bel Air complex - rememember the controversy two years ago about their advertisements?
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Old November 15th, 2007, 03:53 PM   #42
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That pink house in France thing? The developers are still using misleading ads today.
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Old November 15th, 2007, 03:57 PM   #43
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Originally Posted by hkskyline View Post
That pink house in France thing? The developers are still using misleading ads today.
That's the one. Just saying - we shouldn't expect better; they have a history of misleading adverts.
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Old November 16th, 2007, 04:35 AM   #44
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I remember seeing their brochures with a huge house overlooking a coastal French city. I don't know whether to criticize or just sit and laugh--I wonder if any potential clients have actually been turned off by such blatant misrepresentation.
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Old May 5th, 2008, 04:47 AM   #45
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Bel-Air developer criticised for demolishing HK$100m pavilion
30 April 2008
South China Morning Post

The developer of the Bel-Air luxury residential development at Cyberport in Pok Fu Lam has come under fire from an environmental group after demolishing a luxury waterfront pavilion.

The pavilion, which cost the developer HK$100 million to build, decorate and furnish and was used to promote phase eight of the project, had been in use for less than two years before it was demolished in January.

Located outside the Cyberport shopping complex, the large single-storey structure was made of concrete with a landscaped garden and a model luxury clubhouse next to it.

Housing four types of flat, totalling 9,300 sq ft, the pavilion had been deserted for months after nearly all 700 flats in the luxury apartment were sold in the second half of last year.

"When it was built, I thought it was something to be made permanent for the residents but later I found out it was purely for showroom purposes," said Ms Fok, a resident who filed a complaint about the demolition to Friends of the Earth.

"It is a complete waste as the unit was actually a livable house. It would have been better if it was kept there without being dismantled. Now that the whole site has been bulldozed it is as if nothing had ever been built there."

A spokeswoman for the developer, Pacific Century Premium Developments, said it had tried its best to reuse and recycle items installed inside the show flats - mostly luxury and designer brands - as much as possible.

But she could not provide details about what had actually been reused or disposed of. She said that while some items were purchased by residents or moved to the development's clubhouse, it was inevitable that some un-recyclable items might end up in landfills.

"Since the flats are pre-sold before completion, a show flat is built," she said.

"We believe there is nothing special about this practice, which is similarly adopted by other developers."

She added that the developer had at one time considered keeping the structure but it had to be removed because the site was government land and had to be vacated for a drainage project.

Friends of the Earth environmental affairs officer Michelle Au Wing-tsz said she was disappointed the developer had failed to take into account the need to avoid unnecessary wastage. "The developer could still have achieved the marketing purpose with a traditional show flat constructed indoors," she said.
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Old May 5th, 2008, 04:51 AM   #46
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$100 million for a showroom.......... so you can imagine how much is the developer making off the 700 apartments and flats there.
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Old August 26th, 2008, 06:50 PM   #47
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PCPD sees brighter outlook after interim profit tumbles 99pc
22 August 2008
South China Morning Post

Pacific Century Premium Developments (PCPD), PCCW's property arm, is poised to book more profit from property sales in the second half after securing occupation permits from the government for 700 units that have already been sold.

PCPD posted a 99.2 per cent plunge in net profit to HK$5 million for the six months to June from HK$606 million a year ago.

Turnover for the first half fell 70.6 per cent to HK$618 million from HK$2.1 billion a year earlier.

Earnings per share were 20 HK cents. The company did not declare an interim dividend.

It said the sharp profit fall was mainly because the flats sold last year were still waiting for government certificates of compliance, or occupation permits.

Property companies can only book profit and revenue from flats they have sold after they have been issued with the permits.

Deputy chairman Alex Arena said the group sold 700 units at the Bel-Air No8 project for HK$12 billion and the pre-sale of One Pacific Heights was well received in the market, with 95 per cent of the pre-sale units sold. One Pacific Heights is the firm's first project from the redevelopment of PCCW's telephone exchange tower.

The project, in Central, is targeted for completion next year. The company sold 141 residential units in advance, generating HK$1.16 billion.

PCPD booked a net surplus from the Cyberport project of HK$197 million in the period, while the government's share accounted for HK$358 million.

A project in Beijing's Chaoyang district, with 210 luxury apartments, is on schedule for completion in 2010.

PCPD also has several long-term projects, including resort complexes in Hokkaido in Japan and Phang-Nga in southern Thailand.

Shares in PCPD yesterday fell 0.72 per cent to HK$2.77.
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Old September 13th, 2008, 04:57 PM   #48
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FOCUS-China's 'nouveaux riches' dumping Hong Kong luxury apartments
4 September 2008
Xinhua Financial Network (XFN) News

HONG KONG (XFN-ASIA) - As China's economy grew at a robust pace in the 1990s, property billionaire Li Ka-shing had what was certainly not his first great idea -- he decided to market luxury Hong Kong apartments built by his flagship firm Cheung Kong (Holdings) to the mainland's newly rich.

The novel strategy reaped handsome dividends, prompting Hong Kong's other major property developers to follow Cheung Kong's lead. Real estate agents got into the act too, bringing in busloads of wealthy mainland investors on property buying sprees, mainly at the luxury end of the market.

Hong Kong would be periodically titillated by tales of mainlanders pressing bundles of cash into the hands of startled estate agents in order to secure that dream home. For a good number of these free-spenders, however, the love affair may be souring. Analysts say hundreds of mainland investors have recently put luxury apartments up for sale, at a loss in some cases.

Some observers say the sellers have been panicked into believing that the Hong Kong housing market is being sucked down with the global economy.

Others say, however, that they are mostly just speculators grappling with an occupational hazard -- inability to raise the funds needed to complete purchases under deferred payment schemes.

"About 80 of some 200 mainland investors who have purchased apartments at The Arch, Residence Bel Air and Grand Waterfront projects are currently offering to sell their units at 5-10 pct below their purchase prices," Ricacorp Properties research manager Patrick Chow said. "However, they've had little success so far because sentiment in the local property market is poor and local people are not interested in buying even if the offer prices are below acquisition costs," he said.

The Arch is a luxury residential complex built by Sun Hung Kai Properties atop Kowloon Station in West Kowloon, while the equally posh Residence Bel Air is in Pokfulam, where it was built by Pacific Century Premium Developments, a unit of PCCW Ltd. Grand Waterfront, though not quite in their league, is still upmarket enough. It was built by Henderson Land Development Co in Tokwawan, Kowloon.

Chow said some mainlanders are "keen to sell, even at a loss because they don't want to get caught by a possible downturn of the local housing market." The only problem is, there is not much evidence to support the belief that the Hong Kong luxury housing market is headed for catastrophe.

Luxury apartments were still on an uptrend as recently as two months ago, underpinned by tight supply and strong demand. In July, a Swiss entity named Zeromax paid 226.1 mln hkd -- or 41,118 hkd per square foot, a local record -- for a 5,498 sq ft penthouse at The Arch. Luxury flats usually go for 12,000-17,000 hkd psf. Sherman Lai, vice chairman of the ubiquitous Hong Kong real estate agency chain Centaline (Holdings) Co, does not believe that mainland owners are panicking.

Although a significant number are looking to dispose of their units for quick gains, a bigger number is digging in for the long run. "About 60 pct of mainland investors who purchased luxury apartments in Hong Kong last year and the first half of this year intend to hold them for the long term, especially those with children who are studying here and who need accommodation," he said. "They are usually wealthy, with businesses in Hong Kong, and they have no difficulties completing their purchases. They are intent on keeping their units long-term.

"But the rest of the mainland investors belong to the middle-class who were persuaded by estate agents to buy units here on promises of quick gains," he said. "Many of them paid deposits of 10 to 30 pct and are unable to raise enough cash to complete their purchases. It's either they don't have enough money of their own or they can't get loans from local banks that's why they are anxious to sell," he said.

Lai estimates that about 1,000 luxury apartments are sold in Hong Kong every year. Some of the deferred payment schemes offered to them by local developers will expire soon. It is possible that scores will have to forfeit their deposits for failure to raise enough money to pay off the balances, he said.

Henderson Land has reportedly offered buyers at the Grand Waterfront up to 328 days from payment of the deposit to complete their purchases. Some analysts said extended payment schemes often attract speculators who need only pay a deposit and believe they can turn a quick profit by selling before their purchase formalities are even completed.

"Those who paid deposits of 30 pct will strive to complete their purchases, but those who paid smaller down payments may simply walk away from transactions," Lai said.

He said wealthy mainlanders continue to buy luxury apartments in Hong Kong, regardless of the negative property market forecasts of some analysts. Up until late last year, Lai said, some developers were still enlisting Centaline's services to aggressively market Hong Kong homes to prospective buyers among the wealthy and the upper middle-class in southern China.

"Many of the wealthy mainland investors are end-users and the short- to medium-term outlook for the local housing market is of little consequence to them," he said. He said prices in the luxury residential sector grew 10-15 pct in the first quarter of this year, but flat to minimal growth characterized the second and third quarters. Prices in the sector rose 20-25 pct last year.

"Prices of luxury apartments will remain steady in the second half, but units in the mass market may see some decline," he said. Midland Realty (Holdings) chief analyst Buggle Lau Ka-fai said that while scores of mainland investors may be looking to sell apartments they bought here, talk of a serious housing market downturn and massive selldown is unfounded.

"In 1997, the housing market was overheated because each speculator bought as many as 10 to 20 apartments. As the Asian financial crisis set in, they found their ability to arrange mortgage loans failing, forcing them to sell down their holdings," he said. The housing market was pressured further by the government's decision to set an annual supply target of 85,000 units, he said. "Hong Kong's housing market has much stronger fundamentals today. Investors are more prudent and their financial holding power is much stronger than in 1997," he said. Salaries are still growing, the labor market remains healthy, mortgage rates are low and supply of new apartments is low, he said.

Lau estimates that prices for second-hand apartments have risen by 2-3 pct year-to-date, while prices in the first-hand mass residential market have gone up by as much as 20 pct, although price increases vary from one project to another. He noted that while the housing market might see some weakening in the second half, a big drop in prices is unlikely.

Lau said ascertaining the extent of buying by mainland investors is difficult. "No one compiles data on this. Hong Kong is a free market and anyone, regardless of country of origin, can come in and invest in the housing market," he said. While certain housing projects have reportedly drawn buyers from the mainland, developers do not normally disclose their identity, he said. Scores of homebuyers also use corporate names in making purchases, adding to the difficulty of identification, he said.
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Old October 5th, 2008, 04:20 AM   #49
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Old October 18th, 2008, 06:39 PM   #50
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Doesn't look so special for a Foster creation. Anyone got pictures of the back side?
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Old October 18th, 2008, 06:51 PM   #51
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Not up to Foster standards, but definitely better than avg HK apartments, not as tightly packed as I thought (could be better though). It almost feels a little Vancouver-esque
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Old October 18th, 2008, 11:19 PM   #52
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Not very exciting at all.

I'm guessing this is the show room that was demolished (as I search through my archive):




I thought it would be a private club house.
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Old October 18th, 2008, 11:22 PM   #53
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nice design, but why does HK always have to do it in bulk like that?
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Old October 19th, 2008, 04:25 PM   #54
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Quote:
Originally Posted by RON-E View Post
nice design, but why does HK always have to do it in bulk like that?
Many plots of 'new' land for development are fairly large, hence development tends to encompass multiple towers, which is why they appear in bulk style. However, redevelopments tend to be quite small, so we see some pencil towers pop up on the Kowloon side especially.
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Old October 22nd, 2008, 04:38 AM   #55
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Number of HK buyers walking away from deals to increase
8 October 2008
South China Morning Post

Defaults on Hong Kong home sales agreements remain low for the moment - but if the market slowdown deepens the number of buyers walking away from contracts could grow significantly by the second quarter of next year, property experts have warned.

Concerns have been raised by the big increase in property releases in the pipeline, with 5,000 pre-sold flats ready for delivery between April and June next year.

Property consultants said developers of the new flats and houses could find that growing numbers of buyers might over-extend themselves and then walk away from uncompleted deals if prices continued to tumble.

Home prices have so far dropped about 8 per cent on average from a peak reached in the first quarter of the year, and analysts expect values could continue to fall by another 30 per cent.

Buyers who put down between 10 per cent and 30 per cent of purchase prices as deposits could find that when the time comes to take transfer of their homes they will still owe more than their homes are worth if they completed the purchases. In the circumstances, some might consider forfeiting their deposits and walking away from the deals, analysts said.

"It is likely that this will happen, since the housing market is not expected to recover before the end of 2009," said Alva To Yu-hung, the director of the research department at property consultant DTZ. He did not expect home prices to bottom out and stabilise until 2010.

Buyers caught in this predicament who did not respond by walking away from agreements could also choose to sell the units at below purchase price in order to cut their losses, Mr To said, with the extra supply driving prices further down.

According to DTZ, about 5,000 units in new projects are scheduled for completion in the second quarter of next year.

New completions on the way include the Capitol in Tseung Kwan O, Celestial Heights in Ma Tau Wai, the Palazzo in Ho Man Tin, One Pacific Heights in Sheung Wan, Island Lodge in North Point, and York Place in Wan Chai, according to estate agents.

Ricacorp Properties research manager Patrick Chow Moon-kit said a small number of defaults in both the new and secondary markets had already occurred. But agents said the number was so far insignificant since only a few new projects had been released.

In addition, some developers had extended delivery dates so that buyers did not need to complete their purchases at the moment. Projects to be completed or recently completed include Harbour Place and the latest phase of Residence Bel-Air in Pok Fu Lam.

Agents said the occupation date of the latest phase of Residence Bel-Air had been delayed to next month from the end of last month.

Ricky Poon Wai-ki, a director of residential sales at Colliers International, said buyers in the project had paid between HK$13,000 and HK$14,000 per square foot, but in the meantime average prices of Residence Bel-Air in the secondary market had fallen to less than HK$11,000 per square foot.

"Many buyers may exit from the deals when the development is completed and owners are required to complete their purchase agreements and move in," he said.

In the secondary market, buyers are required to complete purchase agreements within two months, while buyers in new pre-sale projects enjoy a longer transaction period until the projects are completed.

"That's why so many investors are attracted to new projects even though they cannot afford it because they hoped to sell the units before taking delivery," Mr Poon said.

Mr Chow said the result was that a number of investors were now on the verge of walking away from deals against a background of tighter credit conditions and rising interest rates.

"If the global financial market continues to worsen, or we see another big financial institution going bust, I would expect to see defaults becoming a major phenomenon next year."
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Old October 23rd, 2008, 10:49 AM   #56
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Old October 23rd, 2008, 03:19 PM   #57
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It's nice and a dream to have a single detached house. But I think it's gonna be weird to live in such a house in between thousand of other flats surrounding you. It's like whatever you do on your roof, thousands are looking at you.
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Old October 23rd, 2008, 03:44 PM   #58
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Angles, needs new angles.
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Old October 24th, 2008, 05:13 AM   #59
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I honestly don't understand why people bother with this low-rises... they're ugly and like others said here, no privacy. It just looks SO out of place.

Anyways, No.8 is another wall, but at least we can slap a starchitect's name on it :-)
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Old October 24th, 2008, 06:49 AM   #60
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it turns out this estate is so... ew.
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