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Old October 24th, 2008, 07:00 AM   #61
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Quote:
Originally Posted by EricIsHim View Post
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.
Agree. Even if I was wealthy enough to buy one of those houses, I wouldn't. You can't even go out of your house without thousands of people watching your every move. The whole point of a house is an element of privacy and personal space, which this development totally disregards.
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Old October 24th, 2008, 08:00 PM   #62
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The side facing the water should be OK since the highrises behind are not visible. Build a huge garden on the roof and block the tens of thousands out.
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Old November 9th, 2008, 06:08 PM   #63
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Bel-Air prices dive 40pc as demand falls
Pok Fu Lam development loses allure amid stock market crash and economic gloom

5 November 2008
South China Morning Post

Once the favourite of property investors and home-seekers, Residence Bel-Air in Pok Fu Lam is being shunned as prices and sales plunge in the secondary market.

Prices fetched by sales at the Cyberport development last month were down more than 40 per cent from their peak in the first quarter, data shows.

Despite the big fall in prices, buyers remained in short supply and transaction volumes last month were 50 per cent lower than those recorded in September.

Property agents said the success of Bel-Air had been built on its attractive investment returns when it was launched in February 2003. But it has now become a victim of that success as investor demand dries up.

As was the case with many other Hong Kong housing properties, the decline in prices and deal volumes was also the result of slowing demand as buyers stayed out of the market in the face of falling stock prices and the uncertain outlook for property and the broader economy.

Adding to the decline in sales and prices was a rush by many owners to give up their properties, the agents said.

"But the trigger point for the fall was a transaction of a 1,688 square foot unit in Phase 2 clinched at the end of September when an investor cut prices sharply to HK$7,700 per square foot," said Phoebe Leung Yuk-ching, a manager at Midland Realty's Bel-Air district.

"I had never imagined that the price would drop to that level. Remember that prices in Phases 1 and 2 once surged to HK$13,000 per square foot at the beginning of the year."

The transaction set a new benchmark for Bel-Air's secondary market. On Monday, one unit of a similar size in Phase One was sold for $7,360 per square foot.

Meanwhile, monthly deals in the secondary market in the development fell to seven last month from 16 in September. This compared with a peak deal volume of 80 clinched in the fourth quarter of last year.

"There are a number of investors holding more than one unit in Bel-Air. They want to offload assets by lowering prices because of the uncertainty," Ms Leung said.

Another example of how investor-buyers were pushing down prices was recorded in the sixth phase development due for completion by the end of the year.

Agents estimated that one-third of buyers in Phase 6 were investors when the developer launched the new units in the fourth quarter of last year.

Then they bought units at an average price that reached as high as HK$15,000 per square foot. Now they are selling in the secondary market at about HK$10,000 per square foot, according to Douglas Yeung Kin-man, a senior manager at Ricacorp Properties' Mid-Levels district.

About 240 units of the 709-unit Phase 6 development have been offered for resale. More than 10 were being offered at below original buy-in costs as investors did not want to complete the deals or failed to get mortgages because of the worsening economic environment, agents said.

Mr Yeung said investors had fancied the development, lured by prospects of high rental returns.

"The developer had successfully built up a community with good facilities and a nice environment to draw a large number of expatriates and professionals," he said. "Rental yields have so far been sustained at 4 to 6 per cent over the years."

As a result, prices had continued to rise to a peak of HK$15,000 per square foot over the past five years since the developer launched the first batch of three-bedroom units at an average of HK$4,028 per square foot for cash payment.

Compared with the broader property market, the rental market at the project performed relatively strongly. "Most of the tenants are professionals such as accountants and lawyers. Investment bankers accounted for a small portion," Mr Yeung said.

According to agents, there were about 30 leasing deals last month with rental averaging HK$34 per square foot, compared with HK$38 in September. The figure was down more than 20 per cent from last year.
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Old November 20th, 2008, 05:35 PM   #64
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Falling prices fan interest in Bel-Air units
Pok Fu Lam development offers opportunities for end-users and investors, say estate agents

19 November 2008
South China Morning Post

With home prices in the secondary market down more than 40 per cent from peak levels reached in the first quarter of this year - or back to 2005 levels - the Bel-Air development in Pok Fu Lam may now offer value to end-users and investors, say estate agents.

From an investor perspective, they point out, falling prices have lifted rental yields to between 4 and 5 per cent, compared with 3 to 4 per cent when prices were at their peak.

"The extent of the price decline has been greater than in many other districts, so many potential buyers who live in other upmarket locations have come here to view flats over the past few weekends," said Cathy Chiu Pui-ching, a manager at Ricacorp Properties.

As part of the long-term Cyberport development, Bel-Air consists of six phases, all of which are now completed.

In the past two weeks, deals have shown a rebound.

"There were nine transactions in the secondary market in Bel Air last month and we have already seen 10 deals clinched in the first 17 days of this month," Ms Chiu said. "The buyers have been attracted by the decline in home prices in the development."

Transacted prices fell to a low of HK$6,900 per square foot this month, the lowest since 2005, and ranged upwards to about HK$10,000 per square foot.

Phoebe Leung Yuk-ching, a manager at Midland Realty's Bel-Air district office, said transacted rentals fell slightly to HK$32 per square foot from last month's HK$34 per square foot.

Supply of rental units increased with the completion of the 709-unit Phase 6 development, she said.

If falling home prices, rising job cuts and declining economic activity have not shaken your view of the market when it comes to buying a home, a Bel-Air address may be for you.
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Old December 5th, 2008, 04:31 AM   #65
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image hosted on flickr


image hosted on flickr


source: http://www.flickr.com/photos/linkup/...7610679927380/
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Old December 5th, 2008, 12:45 PM   #66
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Luxury residential - Hong Kong style.
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Old December 5th, 2008, 03:46 PM   #67
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Disgusting stuff.


Didn't they want to place a ban on building that kind of highrise walls?
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Old December 5th, 2008, 04:03 PM   #68
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Yea, it's hilarious.

So you get the NIMBYs and everyone up against any lone building of considerable height (e.g., 200m) proclaiming the end of the world, and yet the REAL skyscraper walls - several buildings of any height with barely any distance between them - continue to be built at gay abandon.

That's Hong Kong for you though - the public are mostly a bunch of wankers. Those in charge, no better (if not actually worse). And the developers are the worst of them all.
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Old December 6th, 2008, 04:11 AM   #69
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gorgeous.. i loved the pool
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Old December 7th, 2008, 10:29 AM   #70
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Actually, this development is probably one of the better-located walls, since the hillsides are sparsely populated and there's nobody immediately behind Bel Air. The nearest residents are either further down the coast in Wah Fu (public housing, who cares what happens to the poor people), or further up along the hillsides who won't be blocked out anyway.
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Old December 7th, 2008, 12:17 PM   #71
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It still looks like crap.

And the mere fact that this is even designed by Foster...
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Old December 7th, 2008, 12:22 PM   #72
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I think on its own, the three Foster towers don't look so bad.

Its the surrounded by the other drab that brings out the worst.
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Old December 8th, 2008, 01:53 PM   #73
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Typically Hong Kong. When are they gonna change?

The colors of the towers remind me of Vancouver for some reason.
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Old December 8th, 2008, 05:54 PM   #74
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Quote:
Originally Posted by gladisimo View Post
Typically Hong Kong. When are they gonna change?

The colors of the towers remind me of Vancouver for some reason.
Yes!



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Old January 2nd, 2009, 10:17 AM   #75
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Property deals to tumble this year as economic woes sideline buyers
2 January 2009
South China Morning Post

Property sales could tumble in Hong Kong this year as rising unemployment, higher mortgage rates and a bearish stock market sideline buyers.

According to Midland Realty, property transactions would continue to decline to below 100,000 this year, with a drop in total value to HK$300 billion.

This represents a decline of more than 11 per cent from an estimated 112,956 transactions for the whole of last year and a fall in value of about 27 per cent from HK$411.2 billion.

In 2007, the number of registered property transactions reached 145,691, with a value of HK$525 billion.

"Property transactions will be subdued by the deepening economic crisis under the weight of the global financial turmoil," said Midland Realty chief analyst Buggle Lau Ka-fai.

The provisional figures included transactions in residential, retail and commercial property and parking spaces. Official figures for last year have not yet been announced.

For the residential sector, both Hong Kong Property Services (Agency) and Ricacorp Properties predicted sales in the primary and secondary markets would account for 85,000 deals this year.

"Buying sentiment will remain poor in the first quarter, as residential prices still have room for a 5 to 10 per cent downward adjustment," said Fredy Wu Yat-fat, the chief executive of Hong Kong Property.

Last year, residential prices in the secondary market plummeted up to 35 per cent at some new projects dominated by speculators.

Transaction prices at Bel-Air Residences in Pok Fu Lam had dropped to an average HK$9,000 per square foot from the peak level of HK$13,000 early last year, Mr Wu said.

Home seekers are expected to become cautious at a time of higher jobless rates and an evaporation of wealth, given that Hong Kong stocks would be unlikely to rebound significantly, he said.

Lots of capital had been tied up in the stock market, which slid 48.27 per cent last year.

At the same time, mortgage rates have increased to 1 percentage point below prime and now stand at 5 or 5.25 per cent, compared with the previous 2 percentage points below prime, as banks tightened home lending. Mr Wu forecast borrowing costs would be even higher this year, as homebuyers could be charged a mortgage rate as high as prime.

Ricacorp Properties executive director Willy Liu Wai-keung said the market would be determined by the economy's performance, particularly in the second half of this year.

The primary residential market would be more active than last year, Mr Liu said, as developers tried to speed up marketing of new residential projects to improve cash flow.
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Old January 2nd, 2009, 01:14 PM   #76
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Wall of windows.
Good 'ol Hong Kong!
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Old August 25th, 2009, 07:17 PM   #77
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By fatshe :

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Old August 25th, 2009, 09:39 PM   #78
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The whole Cyberport idea was a distraction from the actual Bel-Air development. I've been there many times over the past few years; even so they managed to surprise me with wall after wall of new phases. Nice clubhouses, though!
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Old August 25th, 2009, 09:43 PM   #79
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Quote:
Originally Posted by superchan7 View Post
The whole Cyberport idea was a distraction from the actual Bel-Air development. I've been there many times over the past few years; even so they managed to surprise me with wall after wall of new phases. Nice clubhouses, though!
Did you get that the other around?
Cyberport were supposed to be the main development there, and Bel-Air is the side development. But somehow it turned out the other way around....
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Old August 25th, 2009, 09:55 PM   #80
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Did you get that the other around?
Cyberport were supposed to be the main development there, and Bel-Air is the side development. But somehow it turned out the other way around....
(end sarcasm) The fact that Foster's No. 8 looks so outstanding just highlights the uninspiring wall-of-bay-windows design of the other phases.

Photos taken 2005-2006 by me:



Inside a unit in the towers.





I've been in that swimming pool...it's kind of weird having huge towers and thousands of residents looking over me when I'm trying to relax in the water. Can you spot the vintage car? It looks like some sort of Rolls or Daimler.





Rear side of phase 2





View from phase 3 podium

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