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Old December 11th, 2009, 06:03 PM   #61
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See-through walls but no transparency in show flats
7 December 2009
SCMP

Want to have an accurate idea of what the flat you're planning to buy will look like once it's completed? Then you may want to avoid the show flats developers use to promote their projects - unless you plan to divide your flat with glass partitions, install extra-shallow wardrobes or do away with the front door and encroach on public space outside.

These are some of the features at show flats of five major developers seen by the South China Morning Post. Visitors say they make the flats seem bigger than they are.

Developers say they are just trying to give would-be buyers an idea of what the flats might look like and to present design ideas without purporting to show the actual size and layout, which they say is accurately reflected on plans displayed at the show flats.

But Consumer Council chief executive Connie Lau Yin-hing said wall alterations, the use of smaller-than-normal furniture and bans on tape measures were inappropriate. "Buyers don't go to show flats only to appreciate interior design. They expect to see how exactly big the actual flats and the rooms are. Show flats should not contain designs that give consumers a false expectation or a confusing picture on spaciousness."

One common practice is to replace solid walls that are 10cm or so thick with glass partitions.

For example, in a 465 sq ft show flat for Henderson Land's 8 Royal Garden in Sheung Shui, in the northern New Territories, the master bedroom and study are separated by a glass wall less than 2.5cm thick.

"The glass partition is purely a suggestion for design because many buyers like to knock down the walls. It is not meant to mislead," a spokesman for Henderson said. Other alterations were indicated by labels and buyers should refer to the sales brochure to see the actual wall alignment, he said.

In a show flat for Cheung Kong Holdings' Le Prime in Tseung Kwan O, a wall separating the master bedroom and a smaller one has been removed. Visitors were trying to trace the original layout when it dawned on them that restoring the wall would leave hardly any space between the foot of the bed and the wall facing it.

"The door could clash with the bed. The room's actually not that big," said one woman.

One homeowner said it was only after seeing many show flats that he recognised all the "tricks".

"You can't say they break any rules, because there are disclaimers. But it's another matter whether you notice them or not," he said.

He said small and shallow furniture was used as much as possible. "Plasma TVs were used immediately they were on the market a few years ago. I've also seen a [1.65-metre-long] bed, and beds with their feet placed in the bay windows. All these make the room look bigger," he said.

A bathroom in Le Prime features a ceiling at least 15cm higher than those in flats in the development. The actual ceiling height is marked with cardboard. A label warns that the area of the bathroom is also not standard. A Cheung Kong spokeswoman said the area of the show flat had been approved by the government and a floor plan at the entrance clearly showed the decoration scheme. Any differences between the show flat and the actual flats were clearly labelled, she said.

In a show flat for Sino Land's Lake Silver in Ma On Shan, a "wall" between two bedrooms is even more creatively set up to give a sense of spaciousness. The wall is a bookshelf with every other row open. The developer said the show flats were designed to show visitors the interior decoration and that their dimensions tallied with the building plans.

Show flats, set up mostly in office towers or malls, must comply with the government's so-called consent scheme, meaning they must, "wherever possible", reflect accurately the size and structural layout of actual flats. If they do not, the government has the right to withhold consent for a developer to sell flats.

The scheme does not prevent extensive variations from actual flats' appearance - accompanied by disclaimers to indicate the changes, such as this one from Le Prime: "The design, layout, partition, specifications, fittings, finishes, materials, decoration and view of this show flat are the concept of designers only ... purchasers shall not take this flat as the standard of actual flat to be handed over."

The Transport and Housing Bureau would not say whether it had found any developer in breach of the scheme. "The bureau will continue to explore with the Real Estate Developers' Association (REDA) possible means to further enhance the set-up of the flats," a spokesman said.

Since the consent scheme does not restrict the way developers furnish them, a 1,500 sq ft show flat for Sun Hung Kai Properties' Aria development on Kowloon Peak features a wardrobe barely 45cm deep. At Le Prime, there are no wardrobes at all - just racks - to save space.

Show flats at Aria, Lake Silver, Le Prime and New World Development's Emerald Green in Yuen Long have no front doors. If it wasn't for the line on the floor where the door should be, visitors could mistake the public area outside for part of the flat.

Similarly, balcony railings are missing from some show flats.

Would-be buyers wanting to measure the rooms to get an idea of whether their furniture will fit in - and how - are out of luck at Aria, Lake Silver and Le Prime. Managers of these projects' show flats said it was company policy not to allow the use of tape measures.

A Sun Hung Kai Properties spokesman said there was a to-scale floor plan at the entrance to each show flat, and visitors could obtain sales brochures containing floor plans with dimensions clearly marked. New World Development had a similar explanation for the missing or incomplete balcony railings at its show flats, as did Cheung Kong - which explained that using tape measures would "affect others or cause chaos" because its show flat was very crowded. Sino Land said visitors could take measurements with prior notice, but they were encouraged to refer to the approved building plans in its sales office.

Lau, the Consumer Council chief, said the median size of Hong Kong homes was about 500 square feet, so a discrepancy of several centimetres could mean a lot to occupants.

The use of show flats is one of a number of sales practices by developers about which would-be homebuyers, and some people in the industry, have recently voiced concerns. The government is pushing efforts to make sales more transparent.

The council received a complaint this year from a man who found his 719 sq ft flat to be much smaller than he had imagined from seeing a show flat. The council has also received informal complaints about the use of beds shorter and smaller than normal to make rooms look bigger.

Lau said the government should work with REDA to revise the guidelines for show flats.

Dr Lawrence Poon Wing-cheung, of the Institute of Surveyors, said developers should provide one show flat without alteration apart from a designer room. "Otherwise show flats only amount to artists' impressions, useless in providing accurate information to consumers."

Shih Wing-ching, chairman of property agency Centaline Holdings, said developers should provide all the dimensions of every room in sales brochures. At present, some brochures only indicate the length of the whole flat and the dimensions of the larger rooms, leaving buyers to calculate the rest.
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Old December 12th, 2009, 09:27 PM   #62
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Old December 14th, 2009, 06:40 AM   #63
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Developer hopes to sell 9,500 units
14 December 2009
The Standard

Cheung Kong (Holdings) (0001) is set to launch around 9,500 units next year, making it the developer with the most flats available for sale, said executive director Justin Chiu Kwok-hung.

The units are expected to bring in a total of HK$30 billion.

As of Friday the developer has raised HK$24 billion from selling 4,500 units this year, accounting for 90 percent of flats it launched since January.

First up for next year will be the fifth phase of Tung Chung villa project Caribbean Coast, which consists of 56 houses and is set to get pre-sale consent, said Chiu.

It will be followed by the Hung Shui Kiu project in Yuen Long, in which around 734 units will be put up for sale.

Chiu said Sha Tin and Tseung Kwan O will be key districts for residential project launches for the new year.

Sha Tin will see some 4,000 units put up for sale, including 2,726 flats in Tai Wai Festival City phases one and two.

Tseung Kwan O will see even more project launches. Around 4,800 units will be sold, and these will include 2,000 relatively small units near Lohas Park, which will be launched in the fourth quarter and target market segments such as newlyweds and first home buyers. In the mainland, Cheung Kong Group, including Hutchison Whampoa (0013), will launch projects with more than HK$30 billion in market value.

Chiu expects property prices to rise about 10 percent next year.

Cheung Kong's Le Prime project recorded 140 transactions over the weekend, bringing the total sold to date to 1,100 units. Prices averaged HK$5,000 per square foot in gross floor area terms and HK$6,000 psf in saleable area.

The group said future price hikes will depend on market reaction.

The secondary market last week was very active, with turnover jumping 60 percent in the top 10 estates from a week earlier. City One Shatin was the most active estate with 20 units changing hands.
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Old December 18th, 2009, 03:24 AM   #64
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Secondary home sales reach 30-week high
16 December 2009
South China Morning Post

Property sales in the secondary market rose sharply last week as buyers quickened their purchase decisions on improved sentiment, property agents say.

There were 490 deals in the week to Sunday in the 50 key housing estates monitored by Ricacorp Properties, up 44 per cent from 341 deals a week earlier.

"Last week's secondary sales transactions reached a 30-week high," said David Chan Tai-wai, a director at Ricacorp.

Sales of second-hand homes on Hong Kong Island numbered 96. Of the total, 37 transactions were recorded in Taikoo Shing while nine were in Grand Promenade in Sai Wan Ho and Island Resort in Siu Sai Wan.

In the absence of negative news coupled with improved market sentiment, transactions were concluded faster than in the previous week as pricing gaps between owners and buyers had narrowed, Chan said.

"Buyers are becoming aggressive in chasing good quality projects as they realise home prices are unlikely to drop significantly," he said.

Patrick Chow Moon-kit, a research head of Ricacorp Properties, said prices in Taikoo Shing increased 6 to 8 per cent last week.

A 675 square foot flat in Taikoo Shing was sold for HK$5.2 million last week; a similar-sized flat fetched HK$4.8 million early this month.

In the primary market, Cheung Kong (Holdings') Le Prime in Tseung Kwan O dominated sales.

Nearly 360 units at Le Prime - a joint venture between Cheung Kong and Nan Fung Development - were sold last week, compared with 500 a week earlier.

Cheung Kong said buyers had snapped up 1,100 units at Le Prime since it was launched for sale at the end of last month.


Midland Realty said there were 13,681 registered transactions in the primary market as at December 9, up 54.4 per cent from the same period last year.

It expects developers to release 13,277 new units on the market next year.
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Old December 22nd, 2009, 07:30 PM   #65
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By ~ G.E.M. ~ from a Hong Kong bus forum :

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Old December 24th, 2009, 09:30 AM   #66
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We wish you a merry Christmas.
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Old January 4th, 2010, 04:40 PM   #67
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Rendering

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Old January 4th, 2010, 09:44 PM   #68
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I think it looks pretty impressive actually. Just feel bad for the people that have to live in it.
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Old January 22nd, 2010, 08:20 PM   #69
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Mainland buyers change targets
13 January 2010
SCMP

The focus of China's property buyers has shifted in recent months from Hong Kong's luxury housing market to mass-housing units selling for range of between HK$2 million and HK$5 million.

The number of deals by mainland buyers in this price range rose by 41 per cent last year, according to data compiled by mReferral Mortgage Brokerage Services.

A range of factors were behind the big jump, said Sharmaine Lau Yuen-yuen, mReferral's chief economic analyst, including rising rentals and low interest rates. Against this backdrop, mainlanders living and working in Hong Kong were persuaded to buy instead of renting.

"They are not in the millionaire class that can afford to pay HK$20,000 per square foot for an investment. But they are real buyers," said Lau.

Typical of the new wave of mainland property buyers in Hong Kong is Xue Li, who recently paid HK$3.8 million for an apartment in Le Prestige, the second phase of the Lohas Park residential project in Tseung Kwan O.

A Chinese-language teacher at a secondary school in Cyberport in Pok Fu Lam, Xue bought the 900 square foot flat in December by arranging a 90 per cent mortgage.

"I have worked in Hong Kong for 3-1/2 years and have no plans to move back to my home city Wuhan before my 13-year-old daughter graduates from university," said Xue. "Rentals are high so I decided to rather buy a flat taking into account the low interest rate."

Xue is paying about HK$9,000 rent and will now pay a similar amount on mortgage repayments.

"Any mainlander who plans to stay in Hong Kong will now be considering whether to buy," she said.

Julia Wang, a researcher at a Hong Kong university, also recently bought a 1,070 sq ft unit at Monte Vista in Ma On Shan for HK$3.8 million.

"I will stay in Hong Kong and will not go back home. The property market in Hong Kong is steady and so I bought the apartment instead of continuing to rent," said Wang.

Paul Louie, the regional head of property research at Nomura International (Hong Kong), said the deals were part of a buying trend by mainlanders into the market.

"This trend is underway and if it is sustained the increase in mainland buying interest in the lower-priced category could have broad implications," said Louie.

Lau said buyers of homes worth between HK$2 million and HK$5 million were generally end-users, while investors targeted more expensive units since buying a property priced above HK$6.5 million offered Hong Kong residency through the capital investment entrant scheme.

At the end of September last year, 33,482 mainlanders had taken residence in Hong Kong since the mid-2003 introduction of a scheme to attract mainland professionals.

Some mainlanders also target cheaper homes as investments.

Rain Wang, a garment trader in Guangzhou, said she had signed up for an 830 sq ft flat in Nathan Road for HK$2.8 million. With HK$1 million on deposit, she is arranging a loan of HK$1.8 million that requires her to pay HK$9,000 a month.

"The original owner separated the flat into nine rooms and rents them out, reaping combined monthly rental of about HK$20,000. I bought the unit with the leasing contract," said Wang. This is the third property she has bought in Hong Kong as long-term investments. The other two are rented out in a similar manner.

Last month, a group of about 20 buyers from Fujian ,and Wenzhou in Zhejiang bought 20 units in Le Prestige, for HK$6 million to HK$7 million each, said an agent.

According to a recent survey by Nomura International (Hong Kong), the number of plus-HK$10 million flats sold last year rose by six percentage points from 21 per cent of deals to 27 per cent.
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Old January 23rd, 2010, 03:07 AM   #70
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Such.. unique, commercials, ha
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Old January 23rd, 2010, 08:27 AM   #71
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what name built complex on the left ?
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Old January 24th, 2010, 07:43 AM   #72
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Quote:
Originally Posted by sergey220 View Post
what name built complex on the left ?
The completed buildings to the left are The Capitol, an earlier phase of the LOHAS Park development.
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Old January 24th, 2010, 12:58 PM   #73
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thanks
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Old February 3rd, 2010, 07:07 PM   #74
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領都放盤價叫高20%
2010年01月09日(六)
東方日報



Le Prestige should be ready for occupancy mid-year. Recent sales have resulted in about 8-10% gains since last year's launch. There are 450 flats on the secondary market ranging from HK $4.2-8 million.

將軍澳日出康城的龐大項目尚在發展,剛入伙三個月的第一期首都,二手成交因近月毗鄰領峯開售而放緩;二期領都最快今年中入伙,由開售至今共錄10宗樓花轉讓個案,全部業主均賺錢離場,帳面利潤由8至10%不等。

美聯高級區域經理方思賢稱,領都於去年七月開售,當時一手單位呎價由4,200至4,500元,二手普遍放盤叫價較購入價高15至20%,市場上約有450個二手放盤,樓價較參差,一般由420萬至800萬元。

至於首都因一手開售吸納部分客源,上月僅錄2宗二手成交,本月則錄首宗成交,為2R座中層A室,面積980方呎,成交價418萬元。另外,仍在開售的領峯亦有約60個二手放盤,叫價由410萬至870萬元,暫未錄二手成交。
領都物業資料

位置:將軍澳日出康城

座數:4座

伙數:1,688伙

面積:898至1,308方呎

入伙日期:今年中

發展商:長實集團、南豐、港鐵
同區二手呎價

首都   4,200元

領峯   4,500元
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Old February 27th, 2010, 07:46 AM   #75
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Housing supply to grow, property agency says
29 January 2010
SCMP

The city's housing supply is expected to increase significantly since developers became active in land acquisitions in October, Midland Realty says.

The listed property agency noted that over the last four months Henderson Land, New World Development, Sino Land, K Wah International and Cheung Kong (Holdings) have snapped up four development sites that could provide 6,425 units.

On top of that, a site in Tseung Kwan O is scheduled for land auction next month and another in West Kowloon will be up for tender shortly, which could add around another 2,000 units.

Midland chief analyst Buggle Lau Ka-fai said with developers becoming active in land bidding in recent months, a number of new residential sites capable of housing up to 16,000 units could come on the market by the end of October.

Only 7,200 new homes were completed last year, according to research by the Transport and Housing Bureau. This supply was 18 per cent down on a year earlier and the smallest number since 1972.

But Lau said: "With the existing 48,000 unsold units at new projects, the new residential supply is sufficient to meet the housing demand."

He predicted that the new home supply would back to normal in the next few years.

Alvin Lam, a director at Midland Surveyors, said the MTR Corp and the Urban Renewal Authority have a total of 22 development projects on track for tender. The projects could provide a total of 35,910 units.

The largest involves the remaining phases of Lohas Park in Tseung Kwan O. Developers could build 13,504 flats on the sites. The first three phases have been sold to Cheung Kong (Holdings).

"Developers have also been aggressive in acquiring old buildings in urban areas for redevelopment in recent years," he said.
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Old March 15th, 2010, 10:36 AM   #76
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MTR's core earnings dive 10.8pc to HK$7.3b
10 March 2010
SCMP

MTR Corp posted a 10.77 per cent drop in underlying net profit to HK$7.3 billion last year and executives do not hold out any hope of quick profits from projects outside Hong Kong.

Chief executive Chow Chung-kong said the corporation's investments in new metro lines in Beijing and Shenzhen, which have taken several years to get on track, would incur losses until 2012.

Projects on the mainland and others overseas in Melbourne, London and Stockholm came on stream gradually last year as the MTR sought to expand outside its home market, where growth potential is limited.

"We are optimistic about the Hong Kong railway business as the economy recovers," Chow said. "The railway business outside Hong Kong is improving."

Underlying net profit was dragged down by a 22.78 per cent decline in property development profit to HK$3.55 billion and a 40 per cent decrease in rail and franchise earnings outside Hong Kong to HK$19 million. The Beijing metro Line 4, in which the MTR has a 49 per cent stake and was commissioned just before the National Day on October 1 last year, lost HK$5 million.

The underlying net profit of its core railway and related business in Hong Kong grew 10.68 per cent to HK$2.89 billion despite the fears of swine flu and the economic recession. Core net profit for property rental and management jumped 17.51 per cent to HK$2.27 billion.

Including non-cash items such as a property revaluation surplus of HK$2.79 billion, the MTR's net profit soared 16.41 per cent to HK$9.63 billion, or HK$1.69 per share.

Fare revenue climbed 0.3 per cent to HK$11.49 billion helped by a new service at Austin Station on the Kowloon Southern Link running between Hung Hom and Tuen Mun.

Commercial and advertising revenue from stations dropped 3.5 per cent to HK$3.32 billion due to the economic downturn.

MTR, which has a funding model of granting land for developers to build homes and shopping malls above its new rail lines to subsidise railway construction, realised property development profit of HK$3.55 billion, down 22.78 per cent from a year earlier.

Apartments were sold during the year at the Harbourside at Kowloon Station, The Palazzo at Fo Tan Station, The Capitol at the Lohas Park Station on the Tseung Kwan O line.

Some analysts said the MTR's property development profit would dry up in the next couple of years and that the government had tightened its grip on land supplies.

This would mean the MTR will have to rely more on rail operations for sustainable growth, they said. "The corporation is getting to become a rail play finally, which is good because property development has higher volatility," UBS co-head of Asia Properties Eric Wong said.

"The crucial point for MTR's future is whether it can replicate its Hong Kong funding model on the mainland."

Wong said the MTR and the Shenzhen municipal government were still negotiating the funding model for the city's planned 6 billion yuan metro line project in the special economic zone, a project the pair signed seven years ago.

He said the funding model of the project would be vital to the future of the corporation's prosperity.

He added that MTR's projects in Europe and Australia will provide a relatively lower return given its operator role and asset-light approach.

A final dividend of 38 HK cents per share was proposed, taking the full-year payout to 52 HK cents per share, an increase of 8.3 per cent. MTR shares slipped 0.86 per cent to HK$28.55 yesterday before the results announcement.
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Old March 15th, 2010, 12:08 PM   #77
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new foto is?
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Old March 29th, 2010, 10:30 AM   #78
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28/3





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Old April 8th, 2010, 04:27 PM   #79
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thanks.
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Old June 1st, 2010, 04:54 PM   #80
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By 鄧麗欣之戀 from skyscrapers.cn :

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