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Old October 9th, 2009, 03:37 PM   #61
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Quote:
Originally Posted by spicytimothy View Post
$10,000/sq ft!? dios mio.
You missed a "0."
It would have been a bargain if only 10k/sf.
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Old October 9th, 2009, 03:44 PM   #62
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Originally Posted by ricz View Post
Up to $100,000 HKD/ sq ft for 39 Conduit Road (USD $7800/sq ft) for the penthouses.
Your rate is all wrong there. It'd be US$12,900/sq ft.

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Starting at 6,100 sq ft it will have a starting price tag of $610M HKD (USD $78M), the biggest unit of 7800 sq ft will have a price tag of HKD$760M (USD$ 98M)

If they are sold they will break London's ONE HYDE PARK record (GBP 6000/sq ft) as the world's most expensive property psf.
The One Hyde Park apartments were HUGE though - like 20,000 sq ft per apartment. These are measly in comparison. So, does anyone want to chip in?

On a serious note, less than a month ago there was a press release stating that the penthouses were to go for HK$380 million. Now, property developers looking for sudden hikes, these days due to ANY reason (i.e., a butterfly flapped its wings in Brazil, so let's hike the price of this villa up by 20%), I can understand - but a 100% hike seems rather odd. They're now asking for TWICE as much as they were.

Last edited by _00_deathscar; October 9th, 2009 at 07:55 PM.
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Old October 9th, 2009, 07:53 PM   #63
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Don't worry. Some sucka mainlander will buy it.

AND still make a profit a year later.

Whatever.
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Old October 11th, 2009, 06:23 AM   #64
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Don't worry. Some sucka mainlander will buy it.

AND still make a profit a year later.

Whatever.
These units are for buying and selling, not for living.
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Old October 11th, 2009, 10:57 AM   #65
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What do you mean? Expand on that - it sounds like you're saying all luxury residential is for buying and re-selling, not for living.
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Old October 11th, 2009, 04:13 PM   #66
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What do you mean? Expand on that - it sounds like you're saying all luxury residential is for buying and re-selling, not for living.
that's what exactly i am saying.
it seems like a lot of these luxury residential units are not built for the real estate market, not quite built for living at the first hand. how many mainland buyers are buying these units to live? they are going to resell it pretty quick for money.
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Old October 13th, 2009, 07:33 PM   #67
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Incredible pricing.
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Old October 14th, 2009, 08:47 AM   #68
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The Standard has clarified the earlier price confusion I had.

Some units - of about 5,000 sq ft (not the top floor penthouse suites) - are on sale for between HK$300 million to HK$400 million each. They're on the market now.

The near-8,000 sq ft penthouse suites (two of them) will be released in the market at a later date - and they're looking at close to $800 million for each.
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Old October 14th, 2009, 09:01 AM   #69
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was just there last month ... boy, do they work quick!
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Old October 14th, 2009, 11:29 AM   #70
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Quote:
Originally Posted by _00_deathscar View Post
The Standard has clarified the earlier price confusion I had.

Some units - of about 5,000 sq ft (not the top floor penthouse suites) - are on sale for between HK$300 million to HK$400 million each. They're on the market now.

The near-8,000 sq ft penthouse suites (two of them) will be released in the market at a later date - and they're looking at close to $800 million for each.
63,473 psf.

This boom is gonna go bust anytime.
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Old October 14th, 2009, 01:47 PM   #71
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It's just started 'booming' again though! And it never truly went bust anyway. It was more like a short little decline in height on the route to Mount Everest. Unfortunately, this Mount Everest doesn't seem to have a downside.
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Old October 14th, 2009, 01:48 PM   #72
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63,473 psf.

This boom is gonna go bust anytime.
They want $100,000/sq ft for the penthouse suites, which would shatter - and I don't mean break...I mean shatter - all records worldwide per square foot!
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Old October 14th, 2009, 04:41 PM   #73
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Luxury Hong Kong apartment sells for whopping $57 million USD amid talk of property bubble
10/14/09 9:35 AM EDT
http://www.washingtonexaminer.com/ec.../64203467.html



HONG KONG — It's a price tag that would make even New Yorkers and Londoners gasp — an outsized luxury apartment sold for nearly $57 million in Hong Kong Wednesday amid growing fears of a real estate bubble.

The five-bedroom duplex suite with as much as 6,158 square feet was sold to an unidentified buyer from mainland China, said the developer, Henderson Land Development, a major Hong Kong property company. It is believed to be Asia's most expensive property by square foot at nearly $9,200.

Aside from an aroma spa center, fitness room, outdoor yoga gym and grand harbor views, the new homeowner will enjoy an exclusive address in the hills of Hong Kong's main island — "a majestic realm for the city who's who," according to a statement from the developer.

The deal comes at a time when ever-higher prices of Hong Kong real estate, benefiting from mainland China's booming market and easy money sloshing through the world financial system, are inspiring worries of a bubble in the making. Several blockbuster deals in the tens of millions of dollars have made headlines of late.

Hong Kong's leader, Donald Tsang, said Wednesday in his annual policy address that the government may free up more land for development to help add supply and bring down prices.

"The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home, and the possibility of a property bubble," Tsang told lawmakers.

The city has long had one of the world's most expensive property markets, with prices that many local residents are hard pressed to afford. About 47 percent of Hong Kong lives in publicly subsidized housing, according to government data.

At 39 Conduit Road, the name and site of the building where the high-end apartment was purchased, another unit was snapped up for a mere $51 million.

The building "offers a chance to allow the elites in town to enjoy such prestigious property," said Thomas Lam, Henderson's sales general manager.

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Old October 14th, 2009, 04:57 PM   #74
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Hong Kong Home Beats Record; Tsang Warns of Bubble (Update1)

http://www.bloomberg.com/apps/news?p...d=alZAqzOhjby0

By Chia-Peck Wong and Kelvin Wong

Oct. 14 (Bloomberg) -- Henderson Land Development Co. said it sold a duplex apartment in Hong Kong for a record price, hours after city Chief Executive Donald Tsang signaled the government may release more land to deflate a property bubble.

The apartment, on the 68th floor of Henderson’s 39 Conduit Road development, fetched HK$439 million ($57 million), or HK$88,000 a square foot excluding parts of the building shared by all residents, the company controlled by billionaire Lee Shau-kee said today. Henderson said it may ask HK$100,000 per square foot for two penthouses on the 88th floor.

Last year, the fewest apartments were completed since at least 1972. Prices, especially for luxury homes, have rallied in 2009 on record-low interest rates and an influx of money from China. The government is Hong Kong’s biggest provider of land and has altered supply to support or depress prices.

“The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home and the possibility of a property bubble,” Tsang said in his annual policy address.

Tsang, 65, said his administration will closely monitor “market changes” and may direct the Urban Renewal Authority and subway operator MTR Corp., both controlled by the government, to bring readily-available building sites to market.

Tsang, Hong Kong’s leader since 2005, may be concerned the luxury-market boom will fuel wider price increases, Centaline Property Agency Ltd. analyst Wong Leung-sing said.

‘Social Issue’

“He’s more concerned whether mass-market housing prices would get pulled up by the momentum in the luxury market,” Wong said. “If that happens, it’ll become a social issue.”

Instead of changing the government’s land-sales system, Tsang is more likely to have the MTR speed up the sale of suburban land, Wong said. The MTR develops sites around its stations in ventures with developers and uses the proceeds to help pay railway construction costs.

The city’s Hang Seng Property Index, which includes six companies, climbed 1.6 percent today, taking this year’s gain to 66 percent. The benchmark Hang Seng Index rose almost 2 percent and has advanced 52 percent this year to a 14-month high.

Billionaire Owners

Hong Kong, where property companies owned by billionaires including Henderson’s Lee and Cheung Kong (Holdings) Ltd.’s Li Ka-shing account for about 10 percent of the benchmark stock index, stopped supplying new land in 2002 during a seven-year property rout. The government started a new system of land auctions in 2004, after prices stabilized.

Hong Kong brokers typically count a portion of the common areas when they price properties. On that basis, the price for the 6,158 square-foot (572 square-meter) home on Conduit Road came to the equivalent of HK$71,280 a square foot, according to Thomas Lam, Henderson’s general manager for sales.

One Hyde Park in London set the previous record of 6,000 pounds (HK$74,318 or $9,590) a square foot, Lam said at a press conference in Hong Kong today.

Sun Hung Kai Properties Ltd., the world’s largest developer by market value, last month raised the asking price of two penthouses in Hong Kong by 50 percent to a record HK$75,000 a square foot, including a share of common areas in the building, as demand surges for luxury apartments.

Housing completions in Hong Kong have been lower than initial government projections in the past two years. Builders finished 8,780 units, fewer than the forecast 10,980 last year, and 10,470 in 2007 against the forecast 12,740, the Rating and Valuation Department said in March. It then estimated completions at 14,740 for this year.

Policy Changes

Tsang announced policy changes aimed at promoting the redevelopment of old industrial buildings, which have fallen into disuse as companies use cheaper factories in China instead.

Hong Kong is determined to improve air quality and will promote the use of electric cars and energy-saving light bulbs, according to Tsang.

While Shanghai has been designated by China as a center for financial services and trade -- two of Hong Kong’s main industries -- the development of the two cities can be cooperative, Tsang said. For example, Hong Kong can help China develop its offshore yuan business.

Hong Kong’s economy will keep improving this year, Tsang said.

To contact the reporters on this story: Chia-Peck Wong in Hong Kong at [email protected]; Kelvin Wong in Hong Kong at [email protected].
Last Updated: October 14, 2009 09:13 EDT

-------------------------------------

Hong Kong Apartment Sells for $56.5 Million

http://www.nytimes.com/2009/10/15/re...5property.html

By KEITH BRADSHER
Published: October 14, 2009

HONG KONG — Just hours after Hong Kong’s chief executive warned Wednesday that the city might be facing a real estate bubble, one of the city’s largest real estate developers announced that it had sold an apartment for 439 million Hong Kong dollars, or $56.5 million.
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The developer of the "Conduit Road 39" building in Hong Kong announced that a 6,158-square-foot duplex apartment in the building has sold for $56.5 million.

The price per square foot set a record for Hong Kong, and the developer said it was not aware of a higher figure’s having been paid anywhere else.

The developer, Henderson Land, declined to disclose the buyer’s name but said it was a company registered in Hong Kong. The buyer’s representative spoke the local dialect with a strong mainland Chinese accent and appeared to be spending money earned on the mainland, a Henderson representative said.

As China’s economic recovery has gathered force this autumn, wealthy Chinese are pouring fortunes into Hong Kong real estate, producing a powerful surge in prices for luxury real estate. Hong Kong pegs its currency to the U.S. dollar and links its interest rates to American rates; with a flood of money pouring into local banks, adjustable-rate mortgages are available in Hong Kong for an initial rate as low as 2.05 percent, fueling real estate speculation.

Donald Tsang, the city’s chief executive, cautioned in his annual policy address Wednesday that the boom might not last.

“The relatively small number of residential units completed and the record prices attained in certain transactions this year have caused concern about the supply of flats, difficulty in purchasing a home and the possibility of a property bubble,” Mr. Tsang said.

International comparisons of apartment prices per square foot are difficult because different locales have different conventions on how to count terraces, common areas and other features.

Hong Kong in particular has seen many controversies over whether developers have overstated the square footage of apartments and the value per square foot of often-complicated transactions.

Henderson Land said that the apartment on Hong Kong island, near the top of a skyscraper overlooking Victoria Harbor, was a two-story unit with five bedroom suites. It measures 572 square meters, or 6,158 square feet, and has a garden of 340 square feet, for a price per square foot of 71,289 Hong Kong dollars, including the garden. That measurement includes common areas like elevator lobbies that are partially allocated to individual units.

Most real estate markets use a narrower definition of square footage, excluding such common areas. Henderson Land said the price per square foot of usable area, a more common international measure, was about 88,000 Hong Kong dollars.

The apartment building has its own ballroom, outdoor swimming pool, fitness center and outdoor yoga room. Another unit on the same floor just sold for 397 million Hong Kong dollars.

Last month, a local businessman bought a one-bedroom apartment of 816 square feet at a luxury development across the harbor in Kowloon for 24.5 million dollars.

Hong Kong’s real estate market is unusual because the local government owns virtually all of the land and leases it to developers for periods of as long as 99 years. Each lease contains strict zoning rules governing the square footage of the building that may be erected, how the building may be used and other uses; changes to the lease typically require lengthy negotiations with the government, as well as very large payments.

Hong Kong has more than 1,000 old industrial buildings left from its days as a manufacturing hub before almost all of the factories moved across the border to mainland China in the 1980s and 1990s to take advantage of low-cost labor.

Because of a strict requirement that they be used by manufacturing companies, many of the buildings are vacant or serve as warehouses for manufacturers across the border even though the buildings occupy prime locations.

Mr. Tsang said Wednesday that his government planned to start allowing the conversion or redevelopment of these buildings, which have a combined floor space of 22,098,000 square meters, into commercial real estate.

Property values are a subject of almost daily speculation in Hong Kong, where half of residents own their homes and most of the rest live in subsidized or government-owned housing. Mr. Tsang pointedly avoided any suggestion that the buildings would be turned into residential real estate.

His predecessor, Tung Chee-hwa, tried to address Hong Kong’s chronic housing shortage and high prices by increasing leases to developers so as to increase the supply of apartments. The effort got under way just as the Asian financial crisis hit in 1997 and 1998 and contributed to a 68 percent plunge in residential real estate prices from 1997 until a trough in the early summer of 2003, near the end of a SARS outbreak.

Lau Siu Kai, the head of the central policy unit of the Hong Kong government, said at a news conference with foreign correspondents Wednesday afternoon that the government particularly wanted to use the nearly vacant industrial buildings to house companies from six industries that Hong Kong is trying to develop: education services, medical services, testing and certification, environmental industries, innovation and technology, and cultural and creative industries.

Some economists warn that if interest rates in the United States start to rise, real estate buyers here could be severely squeezed. Virtually all mortgages here are issued at floating rates pegged to banks’ prime rates, with no lock on the interest rate even in the first weeks of the mortgage.

Still, the record price set Wednesday is not likely to last long. The latest deal was for an apartment on the second-highest floor at 39 Conduit Road; the penthouse has yet to go on sale, with Henderson Land expecting to price it at 100,000 Hong Kong dollars per square foot.
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Old October 14th, 2009, 05:11 PM   #75
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To put this into perspective, the Pierre Penthouse, previously on the market for US$70 million (but now lowered to US$45 million) - and at the time considered the most expensive apartment - has a private ball room - which alone constitutes for 3,500 sq. ft of space....well over half the Conduit Road penthouse.

The One Hyde Park apartment (sold for £96 million) has special security features that are said to boost its value up by at least 50% - and constitute close to 20,000 sq. ft of space - over 3 times that of the Conduit Road penthouse.
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Old October 14th, 2009, 05:43 PM   #76
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The latest deal was for an apartment on the second-highest floor at 39 Conduit Road; the penthouse has yet to go on sale, with Henderson Land expecting to price it at 100,000 Hong Kong dollars per square foot.
So this unit, which sold for HKD$439M, is described as being on the 68th floor. How can the top PH unit (one floor above this one) be described as the 88th floor?

Surly people can count floors and see that there are only 40 residential floors here. Are people really this gullible?
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Old October 14th, 2009, 05:52 PM   #77
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So this unit, which sold for HKD$439M, is described as being on the 68th floor. How can the top PH unit (one floor above this one) be described as the 88th floor?

Surly people can count floors and see that there are only 40 residential floors here. Are people really this gullible?
Nope, my info/guess was wrong. The one that was just sold is the one on the 68th floor. The 88th floor one will be released later. **** knows what's up with 70-88, unlses they've skipped all of those too for some reason.

Are there only 40 floors? **** knows anymore - my brain hurts with these omitting of numbers.
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Old October 14th, 2009, 06:27 PM   #78
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Are there only 40 floors? **** knows anymore - my brain hurts with these omitting of numbers.
You and me both! That article says the 68th floor is the "second highest floor" and then says the top floor is the 88th floor.

I think all this arbitrary floor count numbering (which began by removing the 13th floor) has gone totally out of control.

Hey, I’m going to build a 4 story apartment building and market the units as being on the 1st, 36th, 59th, and 109th floors. So for a measly HKD$50,000/sqft, you too could own a unit on the 109th floor!
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Old October 14th, 2009, 08:29 PM   #79
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LOL. It's hilarious that they jump for 68 to 88. This is definitely a first.
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Old October 14th, 2009, 08:37 PM   #80
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I see new regulations coming in. You may now only skip floors ending in 4. There.

Why not make a 888888th floor penthouse while you still can? It would be fun to see who will pony up $100K psf. I think Henderson Land is just boasting at the moment.
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