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Old November 9th, 2009, 05:02 PM   #21
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促元朗站上蓋再減5座
5 October 2009

【明報專訊】特區政府因應公眾意見,修訂港鐵西鐵線南昌站及元朗站上蓋物業發展項目,當中元朗站建議刪除兩座高樓,但科大評估報告指出,修訂方案仍不足,新元朗中心平台的平均風速,仍會大幅下降46%至每秒0.19米。環保觸覺將向城市規劃委員會申請,再大幅削減5座高樓,讓元朗中心居民「有氣唞」。

報告指仍阻新元朗中心空氣

環保觸覺昨日引述科大的報告指出,政府早前建議的元朗站項目修訂方案,仍嚴重影響新元朗中心的空氣流通,認為難以接受。發展局今年5月建議將11座大廈,刪除兩座高樓至9座,整體樓面總面積因而少了15%,總地積比率由4.64倍減至3.93倍,削減了456個住宅單位,佔原來數目的21%。

HKUST study notes current Yuen Long station development plan would seriously affect the area's ventilation. In May, proposal to build 11 towers was changed to 9 towers.

該組織建議,再大幅削減5座高樓至只有4座,由23層至33層不等,總地積比率由3.93倍降至3倍。希望為該項目南面的YOHO Town第2期提供緩衝區,形成「透氣位」。

New proposal to further reduce 5 towers from 23-33 stories.
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Old November 9th, 2009, 09:31 PM   #22
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I guess that's good news for the skyline impact.
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Old November 26th, 2009, 05:45 PM   #23
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Old December 12th, 2009, 09:39 PM   #24
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YOHO Midtown外貌「現形」
21 November 2009
星島日報

Yoho Town owners have been keeping up-to-date with the Yoho Midtown development through web forums, with multiple updates of photos and construction progress.

Residents notice the colours of the Midtown development are different from the Yoho Town development, and are concerned about the pricing of this new development.


作為業主自然對單位附近的一舉一動,甚為關注,而一批住在元朗YOHO Town的業主亦不例外,位於屋苑附近的第二期項目YOHO Midtown,雖然尚未正式推出市場,但已備受一期YOHO Town的業主注意,除了在網上的討論區內特設專版,不時更新二期的興建進度及新聞外,更不時拍攝樓盤的最新外貌。

而近日就有業主報料,原來二期已開始拆棚,其外貌顏色未有如一期相若,反而是使用如鄰近屋苑,新元朗中心般的顏色,但他們最關心的,依然是項目的售價。

有業主講,預期未來售價將高於區內二手價,相信有機會導致一期樓價上升呢。
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Old December 30th, 2009, 11:16 AM   #25
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January launches to show prices up 30pc on year
28 December 2009
The Standard

Property projects put on the market next month are expected to be 30 percent dearer than those in January this year.

Kerry Properties (0683) is launching Island Crest in Sai Ying Pun, while Sun Hung Kai Properties' (0016) 1,890-unit YOHO Midtown in Yuen Long and Soundwill Holdings' (0878) Warrenwoods in Tai Hang will hit the market in January at the earliest.

Hong Kong Property Services chief executive Richard Lee Chi-shing said both prices and volumes are ``sure to be higher'' than January this year.

Midland Realty director Andy Ho Ming-pui said some developers are waiting for sales consents and today's land auction results while others will launch projects after the Lunar New Year.

Developers were conservative at the beginning of 2009 because of the financial crisis and launched only smaller-scale single-building projects, such as Vista in Sham Shui Po.

Amazing Properties Company director Douglas Yeung Kin-man said that around March people gradually felt the crisis did not directly hit Hong Kong. Low interest rates also made property a better investment.

Lee said sales picked up from May after banks loosened mortgage policies. Centaline sales director Raymond Li attributed the recovery to the flow of funds from the mainland.

There was a conspicuous boom when the large-scale Lake Silver in Wu Kai Sha and Le Prestige in Tseung Kwan O turned in satisfactory results, Lee noted.

Sino Land (0083) unloaded more than 1,600 homes within five days in late May while buyers snapped up all 1,688 units at Le Prestige from Cheung Kong (Holding) (0001) within three weeks. In September, a flat at The Masterpiece, developed by New World Development (0017), fetched HK$30,025 per square foot, a Hong Kong record for a new one- bedroom unit.

Henderson Land (0012) sold a duplex apartment at 39 Conduit Road in October for a split-floor world record of HK$88,000 psf in salable area.

``No one had expected these records,'' said Yeung, adding luxury projects such as Hopewell Holdings' (0054) Broadwood Twelve in Happy Valley, Sino Land's Serenade in Tai Hang and KWah's Shiu Fai Terrace project in Mid-Levels East are some of the highlights next year.

Li and Ho both believe SHKP's Larvotto in Ap Lei Chau will be able to command high prices. Yeung and Lee say both the New Territories and Hong Kong Island will see more projects next year. Li noted that there will be a higher supply, especially of low-rise developments, in Tai Po and Sha Tin in the next two years because of earlier auctions.
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Old January 2nd, 2010, 12:28 AM   #26
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Holy cow! Hong Kong is building like crazy.
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Old January 30th, 2010, 08:51 PM   #27
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1/23



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Old February 3rd, 2010, 06:57 PM   #28
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MIDTOWN大宅叫二千萬
2010年02月03日(三)


8 top-floor special units are expected to sell for HKD 20 million each, a new record for the district.

近期新盤市況熱鬧,高價成交不斷湧現。代理透露,新地部署新春後開售的元朗YOHO MIDTOWN,整項目僅提供8個頂層連天台泳池特色大戶,每戶意向售價逾2,000萬元,呎價逾1.25萬元,勢創元朗歷來分層戶新高。據悉,現時已有買家出價每方呎逾1萬元洽購其中1伙。另市傳灣仔5 Star Street已有約8伙獲預留,最高呎價約2.35萬元。

樓高冠同區 四房700萬起

代理表示,新地近日向各代理行分配YOHO MIDTOWN物業模型,並於各區代理分行設立逾100間樓盤展覽廳,刺激買家查詢急增。不少買家有意洽購該盤面積約600多至1,600方呎的特色戶,其中面積最大約1,600方呎的連天台泳池特色戶,剛獲買家主動出價每方呎逾1萬元洽購,售價逾1,600萬元,但與發展商每戶意向售價逾2,000萬元仍有距離,故暫未獲發展商接納。

Units range from 600-1600 square feet. The 1600 square foot top floor unit includes a rooftop swimming pool. One buyer was interested to pay HKD 16 million for the unit.

接近發展商消息透露,YOHO MIDTOWN面積1,100多至1,400方呎的四房大戶,佔整項目單位數量僅約14%,意向呎價料高達7,000元,入場費有機會逾700萬元。

[i]1100-1400 sq ft units account for about 14% of the development. Prices are expected to reach HKD 7000/sq ft or about HKD 7 million for a unit.

新地代理特別發展部經理鍾永添透露,YOHO MIDTOWN 8座住宅大廈以L形排列,住宅樓層由6字樓開始,其中M6座住宅樓高40層,最高52字樓,單是住宅部分樓高163米,連基座商場更高175米,屬區內暫時最高住宅。

他指出,該盤M1至M5座的最高4層及M6至M9座頂層特色單位,全部採用區內獨有的玻璃帷幕設計,提供「水晶大屋」相連戶與頂層連天台泳池特色戶。

Development has 8 towers arranged in an 'L' arrangement. Residential units begin on 6/F and will have 40 storeys, with the top floor being 52/F. Including the shopping mall podium, it will reach 175m.

新地代理項目總監(銷售)張卓秀敏稱,該盤僅佔3%單位為特色戶,即全數特色戶僅50多伙。集團特別耗資600萬元提升樓盤藝術元素,包括引入國際雕塑大師李福華的3件大型雕塑作品。
上林複式傳每呎3.2萬預留

另外,代理稱,太古地產的5 Star Street已有約8伙獲預留,當中18至21樓已全獲預留,個別呎價約1.8萬元,市傳有買家連購2伙,而極高戶傳以呎價約2.35萬元獲預留。而置地公司的大坑上林高層複式戶傳獲預留,呎價約3.2萬餘元。嘉里建設今起開放西營盤縉城峰示範單位,最快明開價,周六開售。
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Old February 4th, 2010, 04:53 AM   #29
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looks short
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Old February 5th, 2010, 08:54 PM   #30
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By LE9442~42A from a Hong Kong bus forum :

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Old February 19th, 2010, 07:36 AM   #31
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Yuen Long moves uptown as Midtown goes sky high
The Standard
Friday, February 19, 2010

The first homes at Yoho Midtown in Yuen Long will fetch up to HK$9,000 per square foot - indicating just how dear new flats have become under Hong Kong's limited land supply system.

The price is near levels fetched for property in Yuen Long at the height of the market frenzy in 1997.

Sun Hung Kai Properties (0016) will launch the first 50 apartments of the 1,890-home development at an average of HK$5,200 psf tomorrow, said sales project director Amy Teo. Some will fetch up to HK$9,000, she said.

This is significantly higher than prices of nearby secondary homes, which average HK$3,400 psf to HK$4,400 psf, according to Midland Realty.

"In recent years, new projects commanded relatively high prices under a land supply shortage," said Hong Kong Property chief executive Richard Lee Chi-shing. "Most developers ask for more than secondary residences in the same district. It's not just the same with Island Crest, Belcher's Hill in Western District."

Lee noted these launches also drove up secondary prices in the same district by more than 10 percent.

Senior sales director Peter Wong Pun-tei said Yoho Midtown is adjacent to the West Rail station and is therefore a more convenient location than most residences in the district.

He believes the availability of larger and special homes also accounts for the high prices, stressing that the quality of Yoho Midtown cannot be directly compared with other homes in the same district including Yoho Town.

SHKP expects to sell all of the initial target of 700 flats on Sunday and reap HK$3 billion. Teo said prices for the entire project will rise to between HK$5,500 and HK$6,000 psf.

Midland Realty director Sammy Po Siu-ming expects the project to sell well. Po believes that as many as 40 percent of buyers for the first 50 homes may be investors because of the attractive prices.

Two 573-sq-ft apartments at HK$2.62 million will be the cheapest. Their psf price is HK$4,574.

Midland said the latest deal at Yoho Town was in January. A 525-sq-ft home was sold for HK$2.28 million, or HK$4,343 psf.
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Old February 22nd, 2010, 07:01 PM   #32
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Sun Hung Kai Sells 900 Units In New Territories For HK$4.2 Bln
21 February 2010

HONG KONG (Dow Jones)--Sun Hung Kai Properties Ltd. (0016.HK) said Monday it sold 900 flats over the weekend at Yoho Midtown, a residential project in New Territories West, for HK$4.2 billion (US$541 million).

The company sold the units at the project in Yuen Long for an average of HK$5,400 per square foot, project director Amy Teo said.

About 40 units were immediately advertised for sale on the secondary market at a premium of up to 20%, the South China Morning Post newspaper reported Monday, citing property agents.

Market participants expect property prices to stay flat or rise as much as 35% by the end of next year--mainly driven by price increases at mass residential properties--supported by low interest rates, an improving economy, rising rents and limited supply.

The government land auction of a residential site in Tseung Kwan O, in the New Territories, on Monday will also likely support market sentiment and will be closely watched for indications on the outlook for the local market.

Developers including Sun Hung Kai and Cheung Kong (Holdings) Ltd. have declared their interest in bidding for the site. Estimates from analysts and property surveyors on the selling price of the site vary, ranging from HK$2.6 billion to HK$3.4 billion, or 30%-70% above the guaranteed bid of HK$2.0 billion.

Yoho Midtown is Hong Kong's biggest housing project to go on sale so far this year. It has eight towers containing 1,890 units ranging in size from 400 to 1,400 square feet.
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Old February 24th, 2010, 05:07 AM   #33
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Investors fuel Midtown flats sale madness
The Standard
Monday, February 22, 2010

Buyers snapped up around 900 flats at Yoho Midtown in Yuen Long within two days of its launch, raising the district record for split-floor homes to HK$11,000 per square foot.

Property investors who made large orders were behind the quickfire sales, agencies said.

Heung Yee Kuk chairman Lau Wong-fat confirmed with Sing Tao Daily, sister publication of The Standard, that his son purchased some flats, but claimed he did not how many or what they would be used for.

It is rumored that his son spent nearly HK$100 million on 24 flats at block M2.

A Hong Kong Island buyer also bought 11 flats for HK$52 million, or between HK$4,700 and HK$5,600 psf.

Sun Hung Kai Properties (0016) sales project director Amy Teo said the developer reaped HK$4.2 billion in sales from the 900 homes.

The flats were sold from HK$4,200 per square foot to HK$11,000 psf, averaging HK$5,400 psf.

SHKP may temporarily halt sales after selling four blocks - a total of 1.100 homes - at the 1,890-flat development.

Teo said there is room for further price increases.

Hong Kong Property Services chief executive Richard Lee Chi-shing said it is difficult to predict how much more the developer will ask.

"There is strong demand for special units," Lee said.

"I think it's probable for them to command higher prices [than HK$11,000 psf].

"That the developer has achieved such results shortly after the launch implies there are more potential buyers."

Another agent said there are no other special units with a private swimming pool in the district.

The current price is cheap when compared with flats in urban areas that fetch nearly HK$60,000 psf, he said. SHKP unloaded at least seven special units. An upper-floor combined apartment measuring 1,471 square feet sold for HK$16.2 million at HK$11,000 psf.

Two penthouses with garden and swimming pool also recorded around HK$11,000 psf on Saturday.

Investors accounted for around 30 percent of all buyers, according to both Lee and Midland Realty.

Lee said the satisfactory sales of Yoho Midtown and two other primary projects in Western District reflect how potential buyers have been drawn to relatively inexpensive districts as MTR coverage spreads.

The Yuen Long project launch, however, has absorbed much purchasing power from the secondary market, according to Midland.
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Old February 25th, 2010, 06:53 AM   #34
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Yuck, what an eyesore at the street level. Big block of concrete. I hope the bottom creates some positive visual impact especially with the supposed retail areas.
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Old February 26th, 2010, 09:50 PM   #35
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Bus ad by Hr1507.hT8280 from a Hong Kong bus forum :

image hosted on flickr
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Old March 1st, 2010, 12:20 PM   #36
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SHKP taps $4.8b from Yuen Long
The Standard
Monday, March 01, 2010

Sun Hung Kai Properties (0016) sold more than 1,200 homes at Yoho Midtown by last night, averaging around HK$6,000 per square foot, market sources said.

As of Saturday, the developer reaped around HK$4.8 billion from selling more than 1,100 units at the Yuen Long project, said Amy Teo, Sun Hung Kai Real Estate Agency sales project director.

The project was launched on February 20.

A Japanese buyer bought a single-bedroom unit at Block M7 for HK$3.62 million, or HK$7,200 psf.

Another buyer forked out HK$16.5 million on the penthouse - which comes with a garden and pool - in the same block to boost the psf price record for split-floor homes in Yuen Long to HK$12,000.

The market expects the remaining penthouse at Bock M7 to fetch up to HK$12,500 psf.

An agent said investors accounted for about 20 percent of all buyers, while the proportion of mainland buyers was low at 5 to 10 percent.

After unloading about 100 remaining homes in Blocks M7 and M3, SHKP will seek a "reasonable price increase" when it launches around 458 homes in Blocks M1 and M8 in September as completed apartments.

Despite the government's move to curb speculation on luxury homes by raising stamp duty, buyers continued to show considerable interest in two luxury projects.

Sino Land (0083) is launching Serenade in Tai Hang today.

The 20 homes on the first price list have all been reserved by buyers, with the price of a duplex unit hitting HK$30,000 psf.

Another development, Meridian Hill in Kowloon Tong - owned by an American pension fund - received more than 20 reservations over the weekend. Also in the real-estate sector, Chuang's International (0367) sold the first 10 homes at Wuhu Residence in Hung Hom on Saturday, while Kerry Properties (0683) unloaded around 30 homes at Primrose Hill in Tai Wo Hau over the weekend, sources said.

Chinachem Group will launch the first two homes at The Perfetto in Tsing Lung Tau on Saturday for an average of HK$5,487 psf.
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Old March 9th, 2010, 07:27 PM   #37
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Housewives show how to make a killing
3 March 2010
SCMP

If you want to take the pulse of the property market save the cost of all those expensive consultants, suggests Ah Pak, and go and eavesdrop on a bevy of housewives meeting for a nice cup of tea.

If you hear them talking about making a killing from flipping flats instead of comparing food prices or the attractions of different supermarkets, be afraid. Be very afraid.

In Yuen Long recently, Ah Pak overheard a group of well-dressed but agitated women exchanging notes on how they bustled about in vain trying to buy flats off-plan in phase two of the Yoho Midtown development.

The rueful group regretted their failure to secure any deals as prices of the flats jumped 15 per cent within two weeks!

Their plan was to buy during the first release of 50 units at Yoho Midtown at an average price of HK$5,200 per square foot, as they were told by agents that the developer, Sun Hung Kai Properties, would later raise prices for the remaining units.

In response to overwhelming demand that is what SHKP duly did, continuing to release more units at ever-increasing prices. In just two days it sold more than 900 units in the 1,890-unit Yoho Midtown.

Last Saturday, a batch of 88 flats were sold at an average price of HK$6,000 per sq ft, representing a 17 per cent gain on prices at the first launch.

Perhaps Financial Secretary John Tsang Chun-wah followed Ah Pak's advice and listened to some housewives to form the view that the market was in danger of overheating? Maybe that was why he announced last Wednesday that a development site in Yuen Long to be offered for tender next year would be restricted for use as a small- to-medium-sized residential development?
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Old March 15th, 2010, 10:31 AM   #38
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Investors eye cheaper apartments
Local and mainland buyers are now looking for a good yield and turn their attention to the other end of the real estate sector for better returns

12 March 2010
South China Morning Post

When the going is good for Hong Kong real estate, it's very good for luxury property. But can Hong Kong's luxury market continue to outperform the mass market?

It doesn't make sense that price gains for high-end homes can constantly outstrip the market as a whole.

In percentage terms, they would eventually become exponentially more expensive. With luxury property prices up 44.5 per cent in a year, the likelihood of a trickle-down effect is encouraging some investors to shift their focus.

"Given the significant rise in luxury residential prices last year, a number of investors have shifted to the mass market - in particular major estates in the New Territories - to seek better return opportunities," Knight Frank stated in its report last month on Hong Kong residential property. One veteran investor bought 10 mass-residential units in central Sha Tin for HK$20 million, while another bought 12 flats in Tuen Mun, in several estates, for a similar amount.

Sun Hung Kai Properties also saw a successful launch of its 1,890-apartment Yoho Midtown project, a multi-tower development in Yuen Long. Despite being a long way from what most would consider midtown Hong Kong, the first batch of flats released for sale fetched an average of HK$5,400 per sqft.

That was much higher than the going rate in the area. Apartments in Yoho Town, the first phase of the development, are selling for about HK$4,300 on the secondary market. After selling 1,100 flats in Yoho Midtown's launch, the developer has since raised asking prices to an average of HK$6,000 per sqft.


Rental yields for mass-market apartments can hit 4 per cent or 5 per cent, double what a luxury property is likely to command. Luxury yields are averaging 2.6 per cent, and are still tightening since prices are rising faster than rents. Although luxury buyers are focusing on capital gains, and may not rent out their investments at all, the higher yields do provide an added attraction for mass-market housing.

Tim Murphy, founder and managing director of the Hong Kong-based real estate development and advisory company IP Global, believes investors should shift their focus this year because cheaper apartments appear to have more potential.

"Much of the news in 2009 was around Conduit Road and luxury properties," Murphy says. "Now you are seeing people moving to the mass-market properties, whether that be in Kowloon, the New Territories or Hong Kong Island. Buyers are now looking for a good yield or looking for owner-occupier properties with low interest rates."

Mainland buyers have been most interested in higher-end properties, particularly new ones. But that may be beginning to change. Research from Nomura International, studying the impact of mainland buyers in Hong Kong, shows that interest in apartments worth less than HK$5 million doubled as of the end of last year. For mainland corporations, their interest was actually strongest in that category of flat.

If mainland buyers switch their focus, or more middle-class buyers become active in Hong Kong, it could have a dramatic effect on mass market housing, according to Paul Louie, one of the analysts who compiled the report. "When the Chinese began travelling, the richer guys came first and then, afterwards, the middle class began to come to Hong Kong," Louie wrote in an e-mail. "So this initial wave of demand from China is rightly targeting the higher end, but as the middle class becomes more familiar with Hong Kong, they may follow and also buy a home. In which case, the cascade of demand to the mass market may be a huge theme for 2010 and 2011."

Aside from Yoho Midtown, though, the bulk of new developments coming on the market in the first quarter of this year are at the luxury end of the spectrum. Festival City Phase One, a development in Tai Wai from Cheung Kong Holdings and MTR Corp, is the nearest in price, expected to fetch HK$9,000 to HK$13,000 per sqft, according to Knight Frank. Sino Land's development, The Hermitage, in Tai Kok Tsui is anticipated to fetch HK$13,000 to HK$15,000 per sqft.

Two other new developments, Hongkong Land's Serenade and Hill Paramount in Tai Wai, could price at about HK$20,000 per sqft, while the Larvotto, a project by Sun Hung Kai Properties, Kerry Properties and Paliburg Holdings that has commanding sea views from Ap Lei Chau, may go on the market at HK$25,000 per sqft, or HK$60 million for apartments of 2,400 to 2,500 sqft.

Knight Frank is forecasting that luxury residential prices will climb a further 18 per cent this year, with mass-market housing almost keeping pace with gains of 15 per cent. The company notes that although luxury properties are faring better now, they fell further during the financial crisis.

"In the past two to three months there have been signs the mass market is picking up its pace," says Xavier Wong Kit-hung, the head of research at Knight Frank's Hong Kong branch. "They can keep pace with the luxury residential market now, but over the long term it is difficult."

The lack of supply at the high end of the market ensures price gains there. "For smaller units, people have many choices, but for luxury residential market the supply is too limited," he says.

Of course, that may change if developers continue to target the high end. And, like Yoho Town, new developments from Sun Hung Kai Properties, Swire and Kerry Properties will command an extra premium, whatever end of the spectrum they fall.

"As long as they are new and produced by good developers, they can always command good premiums," Wong says.
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Old March 16th, 2010, 03:41 PM   #39
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Old March 18th, 2010, 06:32 PM   #40
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Battlefield spoils for a seasoned warrior
17 March 2010
SCMP

The Hong Kong property market has long been famed for wild swings in prices and its ability to present buyers with unusually large gains or losses depending on their points of entry.

As with most markets around the world, the investment notion of property as a "safe haven" might apply in the case of Hong Kong in the long term. But beware the intermittent typhoons.

Small wonder then, that the real estate agents who have lived to tell the tale of broking deals in this turbulent market regard themselves as seasoned warriors.

"The market turns into a battlefield whenever a new residential project is offered for pre-sale by developers - particularly the big ones," Sammy Po Siu-ming, New Territories director for real estate agency Midland Realty.

Fresh out of secondary school, Po began working as an estate agent in Midland at the age of 22 in 1988. He tried waiting tables and sales work at first but was drawn to the real estate business because of the industry's prospects.

"I also believed I could make good money as an agent," said Po, who first started broking flats at Midland's Island East branch, and gradually climbed the career ladder to take charge of New Territories business in 2002.

It turns out he did make money, and Po is now a substantial property owner in his own right, having bought his first home - a modest 400 square foot Home Ownership Scheme unit in Chai Wan for HK$400,000.

He then accumulated six properties, two of which are occupied by his family and his mother respectively, in Hong Kong. Three units are leased and the transaction for another has not been completed.

Po credits much of his success in property investments to the determination of a struggling young couple to buy their own home.

"I had just begun working as an agent and a young couple who worked in dim sum restaurants came into the office to check the listings of flats in the area," he said. "They did not earn much, but they had saved every cent they could and after years of sacrifice they had finally saved enough to buy a unit. I sold them a flat in Heng Fa Chuen for HK$600,000 and they were very, very happy."

For Po the enduring lesson was that everyone, no matter how poor, wants to own their own home and this means that while prices might go up and down in the short term, over the long term property is a sure bet.

That enthusiasm for buying property was on display last month in Yuen Long when developer Sun Hung Kai Properties (SHKP) released units in Yoho Midtown for sale.

"It was the biggest residential project put on sale so far this year," Po said, and Midland, which has more than 2,000 agents on its books, mobilised almost half of its sales force to sell the project to buyers.

It succeeded in selling more than 500 of the units, accounting for 41 per cent of the total 1,200 flats snapped up by homebuyers in two weekends.

Under the terms agreed by SHKP, Midland, which sold the largest number of units, received 2.5 per cent of the flat values as commission while other agencies received 2 per cent, and earned about HK$70 million in commission revenues in two weekends, Po said.

The performance did not come without some cost, however, and to prepare for the release of the project Midland opened a new branch close by six months before selling began.

The branch did not come cheap, Po said, and rent amounted to HK$100,000 per month.

On top of that, the company also arranged for 20 minibuses to ferry potential buyers from different parts of Hong Kong to the sales office in Yuen Long.

"And then we worked until 3am or 4am as agents continued to escort potential buyers to the sales office even after midnight," he said.

The buying enthusiasm came as no surprise to Po, who said property would always remain his first choice when it came to making an investment.

Some of his properties, which are spread between Hong Kong Island, Kowloon and the New Territories are freehold. Others have outstanding mortgages, but all generate rental income and in the meantime are appreciating in value, he said.

"They will provide rental income, but I will also enjoy capital appreciation."

Po has avoided losses on his properties because he has not sold when prices have fallen - a luxury he has been able to afford because he has not over-reached himself.

"I was always careful not to take on too much debt," he said.

In the present market conditions, says Po, first-time homebuyers would do well to focus on the secondary market rather than new developments, which are selling at much higher prices.

"There are plenty of choices in the secondary market and these flats are offered at affordable prices," he said.
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