daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > World Development News Forums > Highrises

Highrises Discussions of projects under construction between 100-199m/300-649ft tall.
» Proposed Highrises



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old July 6th, 2009, 09:02 PM   #21
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

港鐵(00066)西鐵南線票價落實,屯門至尖東16﹒8元
6 July 2009
經濟通新聞

《經濟通通訊社6日專訊》港鐵(00066)西鐵九龍南線將於8月底至9月初開始載客開通,全長僅3﹒8公里,把南昌站延長至紅磡站,中途新建柯士甸站,並經現時尖東站,以東鐵紅磡站為終點,把東鐵和西鐵的南面兩端連接起來。

票價方面,南昌站往柯士甸站成人八達通收費4﹒4元,往尖東5﹒4元,屯門往尖東16﹒8元,車程36分鐘。
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote

Sponsored Links
Old July 24th, 2009, 05:44 PM   #22
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

九龍南線第三季通車,屯門往尖東柯士甸站票價15﹒8元
10 July 2009

《經濟通通訊社10日專訊》港鐵公司(00066)旗下連接西鐵南昌站及東鐵尖東站之九龍南線,將於第三季通車。

港鐵表示,票價會與現時一致,由中環站到新設柯士甸站,成人八達通收費7﹒7元,由屯門到柯士甸站則為15﹒8元。

港鐵將推出月票,由屯門至紅磡470元。通車後,繁忙時間西鐵班次會由3分半鐘,加密至3分鐘一班,預計由新界西北至尖沙咀車程大約縮短20分鐘。

九龍南線投入服務後,現有接駁南昌至尖東巴士線會取消。
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old July 28th, 2009, 07:13 PM   #23
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Source : http://www.ushb.net

__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old September 4th, 2009, 06:32 AM   #24
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Passenger gripes mar MTR opening
17 August 2009
SCMP

A new rail link serving southwestern Kowloon peninsula opened yesterday, but was greeted by passenger complaints about confusing transfer and ticketing arrangements.

A technical glitch also put the electronic display boards at the Hung Hom terminus offline for two hours, throwing hundreds of transfer passengers into confusion.

But many Yuen Long and Tuen Mun residents welcomed the launch, saying they would save time taking the new link to Tsim Sha Tsui.

The HK$8.3 billion Kowloon Southern Link extends the West Rail Line from Nam Cheong to Hung Hom, with stops at Austin and East Tsim Sha Tsui. Hung Hom now becomes the terminus of both the West Rail and East Rail lines.

East Tsim Sha Tsui, which had been the East Rail terminus, now becomes an intermediate station on West Rail. East Rail passengers who want to go to East Tsim Sha Tsui now have to change at Hung Hom.

After trying the new line, regular train passenger Davis Yan, 24, said he would opt for the bus because it took too long to transfer at Hung Hom.

"I would have arrived in East Tsim Sha Tsui already under the old arrangement," he said. "It is so inconvenient and I have to spend extra time on transit."

The MTR Corporation estimated as many as 10,000 rush-hour commuters would face similar delays.

The 3.8-kilometre extension provides a direct link between the northwest New Territories and Tsim Sha Tsui, cutting travelling time by about 24 minutes. The MTR Corp anticipates the new extension will bring 30,000 extra passengers to West Rail.

Riders had to figure out on their own which platform to use after the boards were turned off by the company because the information displayed was inaccurate. It took technicians two hours to fix the glitch, during which time MTR staff had to display signs and direct passengers to the correct platforms.

And confusion over fares left passengers puzzled. A trip from Hung Hom to Austin costs HK$5 if an Octopus card is used, according to the updated MTR ticket fare table, but a longer ride from Hung Hom to Nam Cheong costs only HK$4.30. If passengers buy a single journey from Hung Hom to Austin, the price is HK$6, but the ride from Hung Hom to Nam Cheong costs only HK$5.

The MTR Corp said the fare to Austin was set equivalent to that to Kowloon, and the fares for other stations were unchanged.

Legislative Council transport panel deputy chairman Andrew Cheng Kar-foo said the MTR Corp should set fares according to distance from the terminus. He said he would bring the issue before Legco.

The hiccups, however, did not dampen the festive spirit displayed by hundreds of rail fans, some of whom got up in the wee hours to get to Hung Hom in time to jostle aboard the first train.

They took pictures of almost every corner of the platforms and train compartments, and quickly filled up the seats. They clapped and cheered as the crowded train departed at 5.53am.

The MTR Corp said it was satisfied the service opening had gone smoothly for the most part.

Its head of operations, Choi Tak-tsan, urged commuters to leave home early today to allow time to familiarise themselves with the changes. Some 400 staff will be deployed to help passengers.

Meanwhile, groups of district councillors and residents protested against the MTR Corp's plans to cancel free bus shuttle services between stations after the opening of the new link.

They claimed it was to force people to pay more. They were also dissatisfied with the increase in price of the monthly pass on West Rail.

It is the government's policy to make railways form the backbone of Hong Kong's transport system because it is considered more environmentally friendly than other forms of transport and is an efficient mass carrier.

Major rail line projects in recent years include the West Rail line, the Ma On Shan line, the Lok Ma Chau spur line and the Tseung Kwan O extension. The MTR Corp operates 10 commuter lines.

Other new lines in the pipeline include the South Island and West Island lines, and the Sha Tin-Central Link.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old October 25th, 2009, 04:39 PM   #25
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Flats could be built on community land as prices rise
20 October 2009
SCMP

Land earmarked for community use could be made available over the long term to build homes, the government said yesterday, but an expert dismissed the announcement as "basically nothing".

Taking a more conciliatory line, days after the chief executive flatly rejected talk that rising property prices were making homes increasingly less affordable, the secretary for development said the government would, if necessary, consider allowing flats to be built on New Territories land designated for community use.

However, this is not a new measure; sites designated for government, institutional or community (GIC) use are reviewed annually.

Moreover, the sites would be placed on the government's land application list. Developers can trigger an auction for a site on the list if they bid 80 per cent of the government's reserve price - which is not disclosed - but may be outbid for the site. Only two sites on the list have sold in the past two years.

Secretary for Development Carrie Lam Cheng Yuet-ngor said the government could also ask the Urban Renewal Authority (URA) and MTR Corporation to speed up the building of flats on sites they control, in particular at Nam Cheong and Yuen Long along the West Rail route.

Lam said she understood the public's concern about the impact on the property market of record-breaking flat sales and said the government would monitor market developments. Last week, a duplex at a new Henderson Land Development project at 39 Conduit Road sold for HK$439 million, or a world record HK$88,000 per square foot of saleable area. However, Lam said any government interference in the market could make prices more volatile.

Yu Kam-hung, immediate past president of the Hong Kong Institute of Surveyors, said: "What the government said was basically nothing. On the one hand, you can say the increased supply of flats by converting GIC land helps address the property price situation. On the other, the flats may not meet market demand for housing."

Democratic Party lawmaker Lee Wing-tat has said he will table a motion in the Legislative Council calling for regular land sales to resume.

Barry Cheung Chun-yuen, chairman of the URA, said: "What we have seen in the last few months is a tremendous surge in prices at the upper end of the market. But those are not properties meant for the mass market. The majority of the properties in Hong Kong are still selling at prices that are within reach of many people in Hong Kong."

Justin Chiu Kwok-hung, executive director of Cheung Kong (Holdings), said property prices were still acceptable to the public.

Cheung cautioned against expecting the URA to release a lot more property soon. "We are working on a number of projects that we think may be mature enough to bring to the market over the next 18 months. But in terms of exactly when and how much, I cannot say. I have to say whatever we can produce over the next 18 months will be limited," he said.

Last week, Chief Executive Donald Tsang Yam-kuen said homebuyers might be too picky and that there were plenty of 700 square foot flats for sale for HK$4,000 per sq ft.

He sought to dismiss fears that rising prices for luxury flats would trickle down to the mass market.

Still, figures show transactions have fallen by half or more in the past week at three of the biggest private estates - Mei Foo Sun Chuen and Whampoa Garden in Kowloon and Kornhill in Eastern district.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old March 17th, 2010, 06:04 PM   #26
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Developers flock to bid for MTR residential project
Luxury developments above Austin Station a big drawcard

25 February 2010
South China Morning Post

MTR Corp has received an enthusiastic response from developers for the planned HK$18 billion luxury residential project above Austin Station in West Kowloon, even though it will require a huge capital commitment.

The railway operator yesterday received five bids from six developers in a tender for the project.

New World Development teamed with Wheelock Properties to submit a bid while Sun Hung Kai Properties, Henderson Land Development and Kerry Properties joined the bidding separately. Cheung Kong (Holdings) also submitted a bid, but did not disclose whether it had a partner.

The luxury residential project will be built on the top of the new Austin Station in Canton Road, next to a golf driving range that will be redeveloped into a commercial project above the Guangzhou-Shenzhen-Hong Kong Express Rail Link at West Kowloon Station. The site covers 2.74 hectares and could be developed into a commercial-residential project with a total gross floor area of more than 1.28 million square feet. The project could provide 1,200 units. Total investment cost of the project is about HK$18 billion.

Sino Land, the most aggressive bidder in the land market over the past two years, did not submit a bid yesterday. However, when asked whether it had submitted a bid with a joint-venture partner, a company spokeswoman said: "We are not the one that submitted the bid."

One analyst said developers will face a large investment cost for the project. For example, such a project would boost Sino Land's gearing ratio to about 50 per cent from the current 30 per cent. Sino Land already owns two residential developments in West Kowloon.

Nelson Chan Cheong-kit, a director at Lanbase Surveyors, said the response was in line with his expectations.

"The bidding for the site will be aggressive as it is in a prime location. Property prices of the project may reach HK$20,000 to HK$30,000 per square foot when it launches. The prices may hit a record high for apartments in Hong Kong," he said.

According to transaction data from Centaline Property Agency, prices in Kowloon Station, near Austin Station, have ranged between HK$11,000 and HK$20,600 per square foot in recent months.

The Lands Department has imposed a land premium levy of HK$11.7 billion, or HK$9,140 per square foot, on the project. That means the bidders may offer at least HK$2,800 per square foot on top of the levy to MTRC for acquiring the project.

MTRC property director Thomas Ho Hang-kwong said response to the tender was satisfactory.

The railway operator will increase land supply this year. A residential project at Nam Cheong Station in Sham Shui Po will be put up for tender next month, he said. It comprises 18 residential buildings, which could provide about 3,000 units.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old April 25th, 2010, 05:35 AM   #27
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

MTR kicks off tender process for Nam Cheong station project
22 April 2010
South China Morning Post

The MTR Corp yesterday kicked off the tender process for the HK$33 billion Nam Cheong station commercial and residential project, in line with the government's policy of releasing more sites to cool the overheated property market.

A spokesman for the railway operator said the company would invite developers to submit expressions of interest today.

Developers will have until next Thursday to show their interest.

The project on top of the station in Sham Shui Po is close to two public housing estates - Fu Cheong Estate and Nam Cheong Estate. The 6.2-hectare site could house nine 7- to 9-storey low-rise and nine 42- to 46-storey high-rise residential buildings with a 287,732 square foot shopping centre. It could provide 3,300 units with a total residential floor area of 2.96 million sqft and is scheduled for completion in 2016.

The MTR is negotiating the land premium with the Lands Department. The firm estimated the project's total investment cost, including the land premium levy and construction cost, at about HK$33 billion.

As the project will be developed in two phases, the developer could pay the premium in two stages.

According to Centaline Property Agency data, property prices at the seven-year-old Metro Harbour View range between HK$4,964 and HK$5,137 per square foot.

Including four residential sites scheduled for land auction in the next three months, developers will have five development sites to choose from.

Eric Wong Chun-yu, a co-head of Asia property research at UBS, believes the government's policy of releasing more sites could encourage developers to launch more flat sales.

"They [developers] don't need to worry that it will be difficult to replenish their land bank. Property price growth will slow after the housing supply is increased," he said.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old May 20th, 2010, 08:31 PM   #28
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

MTR resubmits design for towers above station
7 May 2010
South China Morning Post

The MTR Corporation has resubmitted its design for the office towers above the future high-speed rail terminus in West Kowloon, with little change except for the height of the buildings.

The Town Planning Board had asked the rail company to revise the design because it found the three office towers "short and bulky" and was concerned about air ventilation around the 58,800-square-metre site.

In the latest design, by architecture firm Aedas, the three towers will form a "stepped height profile" ranging from 19 to 28 storeys. In the original plan, they were 21 to 23 storeys.

Other parameters, including the site coverage, gross floor area and public open space remain the same.

The original design had been described by the Planning Department as "unnecessarily compressed to a rather uniform height {hellip} resulting in an almost flat roofline".

It also said "the three office towers appear as one single cubiform mass, which results in adverse visual impacts" when viewed from the Star Ferry in Central.

The department, advising the board, says it has no objection to the revised design, adding the new height profile will "slightly improve" air ventilation around the site.

But the MTR will still need to submit an air ventilation assessment as a condition for the board's approval.

The company should also consult the Secretary for Home Affairs on the design of the pedestrian deck connecting the West Kowloon Cultural District.

The terminus site will provide public open space of 8,900 square metres.

The board's metro planning committee will discuss the plan today.

The government has intended the buildings atop the future terminus site to form a high-grade office hub together with the International Commerce Centre above Kowloon station.

Development density was slashed last year, with the plot ratio - the maximum potential gross floor area to land area - dropping to five from 8.89.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old May 26th, 2010, 08:41 PM   #29
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Three in for Nam Cheong
26 May 2010
The Standard

Only three developers have submitted tenders for the HK$33 billion residential- commercial development atop Nam Cheong station near Cheung Sha Wan.

Cheung Kong Holdings (0001), Henderson Land (0012) and Sun Hung Kai Properties (0016) were the only bidders although 12 developers expressed interest earlier.

``Given the project's large scale, high investment, numerous market choices, we find having three tenders very satisfactory and within our expectations,'' said MTR Corp (0066) property director Thomas Ho Hang-kwong.

Surveyors had previously expected the MTRC to receive around five tenders.

Midland Surveyors director Alvin Lam Tsz-pun said some developers may have reserved capital for upcoming auctions at Ho Man Tin and The Peak, adding the uncertain market outlook is also a deterrent.

The Nam Cheong project is expected to deliver 3,300 homes covering 667,368 square feet. It will be developed in two phases. The premium for the first phase of 1,900 flats alone will amount to a record HK$13 billion, or an accommodation value of about HK$6,500 per square foot given a gross floor area of over 1.9 million sq ft.

Ho expects the winning developer, which will be announced as soon as possible, to begin the second phase two years later after construction work for the high-speed rail finishes.

The developer will have to pay an extra premium within three to four years.

Ho said the railway operator will invite tenders for the fourth phase of the mammoth Lohas Park in Tseung Kwan O next quarter.

There will be eight buildings of 3,500 to 3,600 homes and a shopping arcade of at least 400,000 sq ft.

Ho said while land supply has risen , the MTRC will stick to its original launching schedule for its projects.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old May 29th, 2010, 07:43 AM   #30
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Hong Kong Cancels Tender For Nam Cheong Station Property Project
28 May 2010

HONG KONG (Dow Jones)--The tender for the property project located above Nam Cheong station in Hong Kong's Sham Shui Po district has been canceled, Nam Cheong Property Development Ltd., the government-backed company overseeing project, said Friday, without providing a reason for the cancellation.

Analysts said the cancellation suggests developers might have had reservations about making a massive investment in the Nam Cheong project when the government is scheduled to auction a prime site in Ho Man Tin in Kowloon in June and another high-end site on The Peak in July.

The HK$33 billion project drew tenders from blue-chip developers Sun Hung Kai Properties Ltd. (0016.HK), Cheung Kong (Holdings) Ltd. (0001.HK) and Henderson Land Development Ltd. (0012.HK).

'This will be interpreted as a negative signal (for the property market),' said David Ng, the head of regional property research at Royal Bank of Scotland. 'But the withdrawal may also suggest developers weren't satisfied with the share of the profits they would have got from the project.'

A Mingpao Daily report Thursday cited Henderson Land Chairman Lee Shau-kee as saying he believed the Nam Cheong project wouldn't be very profitable given the high cost of the land.

The project would have had a gross floor area of 275,447 square meters for residential use and 27,660 square meters for commercial use. It would have comprised 18 residential buildings and 3,300 residential units.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old May 31st, 2010, 05:58 PM   #31
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Home prices slip on MTR withdrawal
The Standard
Monday, May 31, 2010

Homeowners in West Kowloon are prepared to reduce selling prices by up to 5 percent after the MTR Corp (0066) withdrew the tender for a site atop Nam Cheong station on Friday, amid a cooling property market.

"Buyers are seeking more dramatic decreases in selling prices," said Midland assistant sales director Janny Chan Shui-heung.

Coupled with this, she said, owners have become slightly less stringent on price demands, but 3 to 5 percent is the extent of their acceptance of lower prices, given that the official valuation of the Nam Cheong site was higher than secondary home prices.

The MTRC did not comment on the reason for the withdrawal, but the move may reflect a cooldown in the market.

Ricacorp district manager Jack Ho Kam- ming said transactions at four nearby Lai Chi Kok residential buildings slightly slowed, but prices remained steady at HK$5,500 to HK$5,800 per square foot because of the dominance of end-users.

Transactions at Aqua Marine, Banyan Garden, The Pacifica, and Liberte dropped to about 37 this month, from about 80 deals last month, Chan said, noting there was a similar decline in Tai Kok Tsui.

Midland said total secondary sales at 10 major properties fell 18.8 percent to 39 over the weekend, from 48 the week before.

On the primary market front, Sun Hung Kai Properties (0016) sold all 38 homes at The Latitude in San Po Kong it put on the market over the weekend, said an agent.

A buyer bought two high-floor homes of 2,031 square feet each for about HK$50 million, or about HK$12,000 psf.

Sun Hung Kai Real Estate Agency executive director Eric Chow Kwok-yin said 90 percent of the buyers were locals and the majority of them were end-users.

Meanwhile, Henderson Land (0012) released a price list for 30 houses at The Beverly Hills in Tai Po.

Averaging HK$8,415 psf, the units will be available for sale tomorrow.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old June 21st, 2010, 06:53 PM   #32
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

China Real Time: Has the Tide Turned on Hong Kong Property?
2 June 2010
Wall Street Journal

Many Hong Kongers are holding their breaths for a dive in property prices after government moves to cool the market and after two sites were auctioned off at disappointing prices. But will a drop really happen?

A mild correction, yes. But the likelihood for any major near-term price decline is very small.

Some argue that the tide has changed after two recent auctions fetched lower-than-expected prices. The real-estate market was dealt a further blow after a mega high-end property project at Hong Kong's Nam Cheong subway station was withdrawn by the government due to unattractive bids.

But how indicative are these transactions? Not very, according to surveyors and market watchers.

Sites sold at recent auctions were situated in noncore areas near the airport of the Lantau Island and Fanling district of Hong Kong's New Territories. Both drew only mild interests from small- and mid-sized developers because their locations are not well suited to luxury homes. Developments that fail to generate lucrative premiums aren't coveted by big builders these days.

The massive residential/commercial project at Nam Cheong station has the ideal location for high-end homes, but it carries a hefty land premium of 13 billion Hong Kong dollars ($1.67 billion), or nearly HK$6,600 ($847) a square foot, which has siphoned off appetite from developers, who see other choices in the offing.

These negatives--or blessings in disguise--have helped, for now, to deflate an asset bubble, something the government has been striving to achieve.

Since late last year, officials have repeatedly made spouted rhetoric about the necessity of reining in home prices. It has launched measures including raising taxes on luxury homes, boosting land supply and rolling out inventory of subsidized housing.

On Tuesday, developers had to adhere to stricter presale measures for new property launches. What's unclear is whether they are genuine moves aimed at curbing demand, on the heels of similar moves in mainland China, or simply overdue efforts to rein in developers' appetite and avoid claims of deception from buyers of exorbitantly priced homes.

Unlike in China, free-market Hong Kong does not have the option of fiddling with mortgage rates to damp demand, or to ban residents from owning more than one apartment.

Most measures in place so far can be seen as political gestures to silence a public incensed by a whopping 29% rise in property prices last year, which has fueled worries of insufficient affordable housing left for Hong Kongers.

From the demand perspective, the real-estate market will be supported by a strong regret factor from local buyers who missed the boat in the first quarter of 2009. Many are lurking on the sidelines, waiting to enter the market on any price dips.

After all, interest rates are still at ultralow levels, and are likely to remain so with the help of euro-zone jitters.

Let's also not forget that property is one of the more popular asset classes used by investors to hedge against inflation - a looming situation given that ample money have been pumped into various global markets.

As evident in recent transactions, buyers are cutting deals once sellers offer discounts of as little as 3% to10%. But don't expect fire sales. Many who were burned in the 1997 property slump have learned their lesson and are moving very cautiously.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old August 26th, 2010, 07:15 AM   #33
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

MTR net up 47.6% on property profits, revaluation gains
13 August 2010
China Daily - Hong Kong Edition

MTR Corporation Ltd, Hong Kong's sole subway operator, beat market expectation with a net profit of HK$6.64 billion in the first half of the year, up 47.6 percent from a year ago, as its property development business contributed 73 percent more profit than a year earlier.

Analysts have previously forecast a profit range of HK$4.02 billion to HK$5.2 billion. MTR Corp declared an interim dividend of HK$0.14 per share, unchanged from a year ago.

Revenue from the recurrent business, including fare incomes, rental incomes, station advertising incomes and overseas railway franchise incomes, stood at HK$14.10 billion, up 63.4 percent year-on-year.

Operating profit for the period was partly offset by a 125 percent surge in operating expenses of the local and overseas recurrent businesses, which reached HK$8.61 billion.

The company booked a profit of HK$3.70 billion from property developments, up 73 percent from a year ago, helping to boost the total net profit of the group.

The profit from the property segment was mainly from sales of the Le Prestige residential development project at LOHAS Park in Tseung Kwan O district, Kowloon East, as well as the sales of the Lake Silver and the Palazzo projects in the New Territories.

A revaluation gain of HK$1.10 billion on investment properties, which was up 54.6 percent from a year ago, also boosted the net profit.

Looking ahead, C.K. Chow, chief executive officer of the MTR Corp, is confident that the company's railway and property operations will both benefit from the recovery in the local economy.

Thomas Ho, property director of the MTR Corp, delineated the development of the company's property segment in the Thursday media conference.

"We cannot launch Phase 4 of LOHAS Park in the third quarter of this year because we need to continue to discuss with the administration regarding the issue of land use modification in the region," Ho said, adding that Phase 4 of LOHAS Park involves 3,600 apartment units.

He said the company will put up the remaining 2,900 apartments in its Tai Wai Station project (Festival City) for sale this year to help boost supply in the market.

He also said MTR Corp will sell the Nam Cheong Station site by tender when it finalizes a deal with the government regarding the land premium payment.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old October 4th, 2010, 04:44 AM   #34
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Think small over West Rail flats, urges DAB chief
The Standard
Monday, October 04, 2010

Residential developments on West Rail sites should mainly be small and medium-size apartments to help solve the housing problem, DAB chairman Tam Yiu-chung said.
Tam was speaking at RTHK's City Forum, ending a five-month boycott of the Sunday event by the Democratic Alliance for the Betterment and Progress of Hong Kong in protest over disorderly conduct.

"There is a need to increase land supply," he said. "At present, areas atop stations on the West Rail have yet to achieve their full potential."

His party estimates that sites above nine of the line's stations, including Tuen Mun and Nam Cheong, can be developed into about 40,000 flats, covering a gross floor area of 30 million square feet.

The line has three other stations at Austin, East Tsim Sha Tsui and Hung Hom, but they are all built up.

He urged the MTR to speed up development of the nine sites, adding they should be mainly for building small and medium-size flats of around 500 sq ft.

But League of Social Democrats and Victoria Park Action member Edward Yum Liang- hsien said the suggestion is no solution when even small apartments can cost as much as HK$4 million each.

For her part, Civic Party leader Audrey Eu Yuet-mee said any development above the stations should not pose any wall effect that obstructs ventilation.

But Tam said homes along the West Rail will not be out of reach of middle- income earners if they are smaller and built in line with his party's suggestion.

For the time being, Tam could at least be satisfied with order at the forum and the opportunity to have his views heard.

On the upcoming policy address, the DAB, the Democratic Party and the Civic Party have called for the resumption of the Home Ownership Scheme to help the middle-class buy affordable flats.

Democratic Party chairman Albert Ho Chun-yan also wants more measures to help middle-income families buy homes.

Miriam Lau Kin-yee, the Liberal Party's chairwoman, said the sandwich class, whose income or assets slightly exceed the limit for general public housing tenants, should also be allowed to apply for public housing flats.

This group would pay the market rate, while other households would meet the normal rate. The difference could be kept by the government and the accumulated sum returned to the sandwich class when they move out, Lau said.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old June 29th, 2011, 04:56 AM   #35
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Rising MTR profits to bring bigger dividends, MTR says
Railway operator buoyed by fare rises, property sales

7 May 2011
South China Morning Post

MTR shareholders can look forward to better returns. Hong Kong's only railway operator says it will steadily raise its dividend to reflect rising profits.

Yesterday, the MTR applied to for planning permission to convert a planned hotel at Tsuen Wan West station on the West Rail line into a purely residential development.

A 2.2 per cent fare rise due come into effect in June and good sales from the second phase of an MTR property development in Tai Wai, Festival City, last year are also expected to add to the bottom line.

However, MTR chairman Dr Raymond Chien Kuo-fung told shareholders at the company's annual general meeting that increased payouts would be introduced gradually as it needed cash for rail projects in the city and on the mainland. "We have to strike a balance between shareholders' interests and the health of our debt-to-equity ratio."

MTR pushed its net debt-to-equity ratio to a five-year-low of 12.8 per cent last year in preparation for a surge in capital expenditure required for construction of the West Island and South Island lines.

The residential and commercial project at another West Rail station, Nam Cheong in Sham Shui Po, will also come up for tender this year. The company yesterday submitted an application to cut the project's development density. Based on its latest plan, the company has cut the number of blocks from 18 to 14. The gross floor area has also been cut by 19 per cent to 2.64 million square feet.

The project will comprise fourteen 13- to 53-storey residential buildings with 3,313 flats. About 75 per cent of flats would no bigger than 538 square feet. MTR put the project up for tender last year, but the high land premium levied kept most developers away. The company had to withdraw the project from tender and reschedule it for this year.


In an update on the four sites which MTR will tender out this year, chief executive Chow Chung-kong said bidders would be sought for the one above Tai Wai station within two months.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old July 14th, 2011, 06:16 PM   #36
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

破天荒 西鐵項目免補地價
2011年07月06日(三)
東方日報



政府為加快土地供應,修訂西鐵上蓋項目推出安排,放棄鐵路項目須由發展商支付補地價及提出利潤分紅等做法,改為財團只需支付「一個價格」的價高者得形式競投西鐵項目;業界指,是次破天荒取消補地價安排,可掃除補地價帶來的隱憂和障礙,避免重蹈去年南昌站因補地價太高而流標的覆轍;發展商歡迎有關修訂,指新安排較簡單直接。

政府昨公布,批准推西鐵物業發展用地修訂安排;根據過往投標者競投西鐵用地發展權時,須支付由地政總署評定有關用地在未發展鐵路時的市值地價,以及支付其他與發展有關成本,並就支付給西鐵物業發展附屬公司的利潤分帳百分率提出建議。

不過根據新修訂,投標者只須就西鐵用地一筆過預繳現金付款出價,出價最高,並達到或高於由地政總署評定的投標底價及符合其他招標條款,包括把5%的物業銷售純利,攤分予相關的西鐵物業發展附屬公司,符合規定便可獲授予發展權。

另每幅西鐵用地將以1,000元象徵式地價批予九鐵公司,惟一筆過預繳付款在扣除有關發展成本後,餘額會撥作西鐵物業發展的利潤,並在除稅後以股息分發給政府。政府預期投標者會認為這「一個價格」模式有效率,有助加快推出餘下11幅西鐵地。

新地代理執行董事周國賢稱,新方法較以往簡單清晰,但可否加快推出項目,關鍵在於發展商出價是否與政府底價脗合。集團對南昌站項目具興趣,若競投會以獨資形式。

會德豐(00020)董事黃光耀稱,新安排簡化招標程序,「一筆過」付款不用計算項目分紅及入場費等,計數較容易。若南昌站項目細節落實,集團會作出研究。

西鐵公司主席詹伯樂稱,有關新安排以及計劃提供更多中小型住宅單位,可切合社區需求,其中城規會已通過荃灣西站五區城畔及灣畔,以及南昌站縮減規模的修訂方案,3項目將提供約6,700伙,其中實用面積約538方呎的中小型戶亦倍增至4,300伙。當中南昌站將於本季招標,荃灣西站兩項目亦將於本年度招標。

市場相信新安排可免除補地價帶來隱憂,避免南昌站「流標」事件重演,該項目去年四月曾吸引12家財團遞交意向書,惟最終「流標」收場。據悉,補地價金額高昂是發展商放棄入標主因。

Middle- and small-sized flats averaging 538 sq ft will be featured in the revamped Nam Cheong development. Tenders will be requested this quarter.

In April, 12 companies tendered for the Nam Cheong site but it was not sold due to developers' complaints of a high land premium.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old October 18th, 2011, 05:17 AM   #37
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Big guns track Nam Cheong tender
The Standard Excerpt
Tuesday, October 18, 2011



MTR Corp (0066) has received at least four bids for a residential project above the Nam Cheong station on the West Rail.

The successful bidder is expected to invest between HK$13 billion and HK$15.9 billion in the development.

Real-estate heavyweights Cheung Kong (0001), Sun Hung Kai Properties (0016) and Henderson Land (0012) have confirmed their bids for the site offering 667,400 square feet.

The tender closed yesterday.

In August, nine other developers, including Wheelock (0020), New World Development (0017) and K Wah International (0173) expressed interest in the project.

The site, with more than 2.6 million sq ft of gross floor area will provide 3,313 flats in 14 towers.

Seventy-five percent, or 2,485 flats would be below 538 sq ft. These are likely to sell for prices between HK$5,000 and HK$6,000 psf.

AG Wilkinson & Associates director Ringo Lam Chun-chiu, said he has revised down his estimate of the project's value to HK$14.27 billion. "The flat-size stipulations would drag the price lower."

*********************
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old October 24th, 2011, 05:13 AM   #38
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

Sun Hung Kai Wins Bid for MTR Corp. Residential Development in Hong Kong
Bloomberg
By Kelvin Wong and Jasmine Wang
Oct 20, 2011 12:29 AM GMT+0800

Sun Hung Kai Properties Ltd. (16), the world’s biggest developer by market value, won a tender for a residential project atop a Hong Kong subway station with a less- than-estimated HK$11.8 billion ($1.5 billion) bid.

The lowest prediction in a Bloomberg News poll of five surveyors for the Nam Cheong site in Sham Shui Po district was HK$13.2 billion, with a median of HK$14 billion. Sun Hung Kai will give 5 percent of project net to MTR Corp. (66), according to an e-mailed statement from the subway operator yesterday.

Hong Kong home prices and transactions have been falling as equities drop, mortgage rates rise and the government boosts land supply to quell an earlier surge in apartment values. The government has sold three pieces of building land since August for less than analysts estimated. Prices may fall 10 percent over 12 months on rising mortgage rates, Colliers International Executive Director Simon Lo said this month.

“Developers have taken worsening sentiment into account,” James Cheung, a surveyor at Centaline Property Agency Ltd., the city’s biggest closely held realtor, said before the tender results. “They’re also mindful of restrictions imposed on the development site” on unit size.

The project has total residential gross floor area of 214,700 square meters (2.31 million square feet) and commercial gross floor of 27,660 square meters, MTR said. The winner must build at least 3,313 apartments, 75 percent with usable area of less than 50 square meters each, the company said.

Sun Hung Kai beat three other bidders, including Cheung Kong Holdings Ltd. (1) and Henderson Land Development Co. and an unidentified third bidder, according to earlier reports from the Standard and South China Morning Post newspaper.

This is the second time MTR invited bids to develop the project. The company, one of Hong Kong’s biggest owners of unoccupied residential sites, withdrew a tender for the site in May 2010 after receiving only three bids. MTR sells land to developers in exchange for a cut of profits.
__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote
Old October 24th, 2011, 09:44 PM   #39
Gendo
Registered User
 
Gendo's Avatar
 
Join Date: Dec 2003
Location: SE Idaho
Posts: 1,548
Likes (Received): 77

Quote:
Originally Posted by hkskyline View Post
Then I guess nobody would want to live in the monotonous American suburb then.

So where will the masses live?
Yes, we were infected by commie block ideology in the suburbs which is why I'll never live in one.

You only had to wait 2-1/2 years for this reply, but at least you kept yourself busy in here.
Gendo no está en línea   Reply With Quote
Old August 27th, 2013, 08:12 PM   #40
hkskyline
Hong Kong
 
hkskyline's Avatar
 
Join Date: Sep 2002
Posts: 86,491
Likes (Received): 17802

8/25





__________________
Hong Kong Photo Gallery - Click Here for the Hong Kong Galleries

World Photo Gallery - | St. Petersburg, Russia | Pyongyang | Tokyo | Istanbul | Dubai | Shanghai | Mumbai | Bangkok | Sydney

New York, London, Prague, Iceland, Rocky Mountains, Angkor Wat, Sri Lanka, Poland, Myanmar, and much more!
hkskyline no está en línea   Reply With Quote


Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 06:21 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu