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Old January 28th, 2009, 06:18 PM   #1
hkskyline
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HONG KONG | Island Crest | 36 fl x 2 | Com

Project Details
- A commercial/residential redevelopment in Sai Ying Pun district.
- Site Area: 3,536 square metres
- Residential: about 34,098 square metres (496 units)
- Commercial: 1,709 square metres
- Open Space: about 700 square metres
- Government, Institute and Community Facilities: about 2,200 square metres

Site Area



Site Map



Rendering



Source : URA
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Old February 3rd, 2009, 12:37 PM   #2
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Rail link go-ahead triggers keen bids for project
9 July 2005
South China Morning Post

A residential redevelopment incorporating up to 1,000 flats in Sai Ying Pun in Western District has attracted keen interest from big to medium developers on the back of the go-ahead for MTR Corp's West Island line extension.

The Urban Renewal Authority said it had received 11 bids for the project, which covers a site area of about 38,000 square feet at First Street and Second Street. Tenders closed yesterday.

The project will provide a gross floor area of about 425,000 sqft, mainly for residential use. It will also include an 11,800 sqft home for the elderly and about 7,500 sqft of landscaped open space.

Ricky Wong Kwong-yiu, a sales and marketing director with one of the bidders, Wheelock Properties, said last week's green light for the new rail line to Kennedy Town helped enhance the appeal of the project.

"I expect other developers will be more aggressive in their bids. We have factored in the favourable effect brought by the approval of the new rail route in our bid," Mr Wong said.

He said the total investment for the project was as high as $2.5 billion.

The MTR extension, which is expected to be completed within four to five years, will add three stations - University, Sai Ying Pun and Kennedy Town. The line should cut travel time between Sheung Wan and Kennedy Town by at least a half.

"I expect the price difference between residential properties in Island East and West to narrow with the opening of the new rail line," Mr Wong said.

Homes in Western District were about 20 per cent to 30 per cent cheaper than comparable properties in Island East, he said.

Among the bidders were big guns such as Cheung Kong (Holdings), Sun Hung Kai Properties, Henderson Land Development and Sino Land, and mid-tier developers such as KWah International, Chinese Estates Holdings and Nan Fung Development.

Quinly Wan, a senior property manager at KWah Real Estates, a member of KWah Group, said the company was lured by the location and its size.

Ms Wan said the company had also expressed its interest in another Urban Renewal Authority project in Tai Kok Tsui that was expected to provide about 150 home units.
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Old February 16th, 2009, 05:39 PM   #3
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By 鄧麗欣之戀 from skyscrapers.cn :

image hosted on flickr
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Old February 17th, 2009, 06:47 AM   #4
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Looks pretty good. I like the sky gardens and the base.
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Old February 18th, 2009, 07:39 AM   #5
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Wow it's already well on its way! Too bad there's another building in front blocking the linkup between the two buildings. Like that one in Kwun Tong.
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Old February 21st, 2009, 06:24 PM   #6
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1/28



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Old March 23rd, 2009, 05:54 PM   #7
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By fatshe from skyscrapers.cn :

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Old March 27th, 2009, 07:09 PM   #8
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Kerry targets 31.6pc rise in property sales to HK$5b
19 March 2009
South China Morning Post

Kerry Properties is aiming for a 31.6 per cent increase in property sales to HK$5 billion this year from HK$3.8 billion last year by selling more projects in Hong Kong and on the mainland.

"About HK$3.6 billion [of the target sales] will come from Hong Kong and HK$1.4 billion from the mainland," chief financial officer Louis Wong Chi-kong said.

The sales target was unveiled when the developer announced yesterday that last year's profit fell 14 per cent to HK$2.23 billion, excluding revaluation gains from investment properties.

This was below analysts' consensus forecast for Kerry's profit of HK$2.74 billion before revaluation gains, according to Thomson Reuters Mean Estimates.

Net revaluation increase in investment property was HK$822 million, against HK$3.97 billion the year before.

Taking into account those gains, the developer's bottom line fell 54 per cent to HK$3.05 billion last year from HK$6.56 billion in 2007.

Kerry declared a final dividend of 40 HK cents per share, bringing the full-year dividend to 70 HK cents a share, against 95 HK cents in 2007.

Chief executive Wong Siu-kong said the company would launch the sale of several mainland projects, such as the unsold units at Le Loft in Shanghai and Parkview Residence in Hangzhou.

Mr Wong said the company sold eight units at Le Loft in August last year at an average of 24,000 yuan (HK$27,200) per square metre. It sold about 200 units in a relaunch in the Lunar New Year after cutting prices by 15 per cent.

"Demand is still there. [Buyers] will enter the market only when developers cut prices by 10 to 15 per cent. But if developers raise prices, they will stay away," said Mr Wong.

In Hong Kong, the company will sell this year a 548-unit residential-commercial project in Kwok Shui Road in Tsuen Wan and a 488-unit residential project located between First Street and Second Street in Mid-Levels West.

Adrian Ngan Wai-hung, an executive director of research at CCB International Securities, said Kerry's results were in line with expectations and expected the company to reap better sales this year.

As of December 31, the company's net debt to shareholders' equity was 25.9 per cent.

Kerry Properties is part of Kerry Group, the largest shareholder in the SCMP Group, publisher of the South China Morning Post.
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Old March 28th, 2009, 05:28 PM   #9
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kewl project.
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Old May 8th, 2009, 01:09 PM   #10
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5/3











































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Old May 9th, 2009, 04:06 AM   #11
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they are huge when you look up closely.
can't imagine we have these huge buildings on everything single block of our old grid layout.
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Old May 15th, 2009, 12:10 PM   #12
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14-5-09









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Old May 19th, 2009, 05:54 PM   #13
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Old May 19th, 2009, 07:23 PM   #14
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does anyone have any ideas on what are the heights on these two buildings?
and where do they stand now (how tall are they now)? seems like topped out from fatshe's photos.

Found this more regional site plan on URA's webpage:

Source: http://www.ura.org.hk/usrAtt/800000/1-H20_070409.jpg
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Old May 23rd, 2009, 08:20 AM   #15
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By SillYIN from skyscrapers.cn :

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Old May 23rd, 2009, 01:59 PM   #16
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great updates
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Old May 30th, 2009, 12:58 PM   #17
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Developers see home market bottoming out
9 May 2009
South China Morning Post

Two developers have injected a note of optimism into the city's residential market, saying that it has reached a bottom and is set to turn around.

Kerry Properties said the sales and leasing markets have shown signs of stabilising in the past month, while Henderson Land Development said the housing market would continue to improve, helped by low interest rates and improved market liquidity.

"New flat supply in Hong Kong is scarce, with 12,000 units this year and 16,000 next year," said Chu Ip-pui, an executive director of Kerry Real Estate Agency, a subsidiary of Kerry Properties. "This is against an annual take-up of about 20,000 units in the past decade." .

Many potential buyers have hesitated since last year because of the financial crisis, but the pent-up demand is now being released, Mr Chu said after the company's annual meeting. He said buyers were being lured by low mortgage rates, and the market was bottoming out.

Henderson Land vice-chairman Colin Lam Ko-yin said that with interest rates in global markets falling and liquidity improving, the worldwide economy had passed through the most difficult period. He expected the residential market to improve.

In a recent research report, CLSA said home prices could see a 10 per cent rise this year, thanks to the limited supply.

The residential property market has been experiencing a gradual recovery since early January, with average transaction prices in the secondary market rising 11.1 per cent year to date, according to the Centa-City Leading Index.

This follows a sharp 23 per cent decline in prices in last year's fourth quarter in the aftermath of the collapse of Lehman Brothers and the global stock markets.

"In view of the stronger than expected performance of the residential property market, we will expect major developers to speed up the launching of their new projects for sale in the coming months," said a CCB International Securities research report.

"With the overhang of the threat from swine flu and potential sellers adopting a more aggressive pricing, we would expect secondary market transaction prices to move sideways in the second quarter of 2009, but transaction volumes in both the primary and secondary markets are expected to decline," it said.

Kerry Properties said it aimed to sell a 548-unit residential project in Kwok Shui Road, Tsuen Wan, in June. It would launch a 488-unit project located between First Street and Second Street in Mid-Levels West in the fourth quarter.

Henderson Land aims to sell 900 units this year, including the pre-sale of its Sheung Shui property in the second or third quarter.
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Old June 24th, 2009, 06:32 PM   #18
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By bextra from skyscrapers.cn :

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Old July 3rd, 2009, 08:25 PM   #19
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Old July 7th, 2009, 10:12 AM   #20
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中港樓市向好 嘉里值博
23 June 2009
明報

【明報專訊】本港樓市回暖,嘉里建設(0683)於荃灣推出的新盤銷情不俗,大筆資金回籠,加上集團現正發展多個內地項目,可受惠內地樓市升溫,進一步推升股價。

縉庭山熱賣 股價應聲漲

昨日新地(0016)、嘉里及信置(0083)等有樓盤推出的股份,股價全面向好,其中嘉里的交投增加,值得留意。嘉里股價最近的「藥引」,乃荃灣新盤縉庭山反應理想,過去一個周末售出50伙,推盤至今已售出320伙,代理指平均呎價為5500元,高於市場預計。嘉里是次成功推盤,重新吸引投資者注意,售樓套現所得亦可投放在新項目上,為股價帶來動力。

香港業務方面,除了銷售豪宅餘貨(SOHO 38及Belgravia等),嘉里亦計劃於不久的將來推出住於港島西第一街項目,該盤地段較縉庭山更優質,可塑性高。

值得留意的是,嘉里在內地的發展亦叫人期待。集團在內地已建立一個優質的物業組合,今年續在上海、天津等直轄市有重頭項目發展,另在杭州、瀋陽、成都、南昌、南京及長沙亦有具規模的項目。集團早前預計,全年共有160萬方呎樓面落成,100萬呎來自內地,適逢內地樓市氣氛升溫,嘉里落成的物業正好提供相當可觀的收入。

兼攻內地住宅租務

嘉里在內地除了興建住宅,亦建有投資物業,有助把集團規模滾大,主要投資物業包括北京及上海的嘉里中心、嘉里不夜城、嘉里華庭、深圳嘉里建設廣場等,去年租金收入達7.96億元,為集團提供穩定收入。

市場早前擔心嘉里於內地發展太多項目,對資金周轉有龐大壓力,早前集團一度退出河北省唐山市項目,當時更令市場憂心忡忡。不過,目前市况回穩,市場對嘉里周轉不靈的憂慮應會消退。

一、中港樓市回暖,嘉里陸續推盤,可把回籠資金投放其他項目;

二、嘉里的投資物業提供穩定的租金收入,為新項目帶來資金;

三、內地銀行放寬借貸條件,嘉里從銀行取得貸款亦較容易。

值得一提的是,嘉里物流業部門在中港兩地擁有的貨倉及物流中心,日後有機會發展為住宅,可為集團提供廉價土地儲備。

較資產淨值折讓兩成

摩根大通估計,嘉里的每股資產淨值為42.6元,現價34.25元較每股資產淨值折讓19.7%,可望收窄至10%折讓的正常水平,預計股價可升至38.3元,屆時的市帳率亦不足1.2倍。
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