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Old December 3rd, 2017, 03:58 AM   #41
hkskyline
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City’s builders dominate Wong Chuk Hang land sale, regaining upper hand over Chinese rivals
December 1, 2017
South China Morning Post Excerpt

A plot of residential land for sale by tender in the south of Hong Kong Island may be the latest proof that local developers are close to regaining the upper hand in the competition for space to build their projects.

A plot next to the Wong Chuk Hang subway station, which can yield 492,990 square feet of total floor area for 600 homes, may fetch up to HK$10 billion (US$1.28 billion) by tender.

A total of 10 bids were received for the sale, which closed at 2pm on Friday, dominated by local developers Sun Hung Kai Properties, Cheung Kong Property (Holdings), Henderson Land Development, New World Development, Great Eagle Holdings, Wheelock Properties, Chinachem Group and a joint venture between Sino Land and Kerry Properties. China Resources Land was the only mainland developer to submit a bid.

The turnout is a stark contrast from a year ago, when developers from north of the border dominated Hong Kong’s land auctions and tenders, often paying substantially above market valuations to grab land. Those days ended in August, as a regulatory clampdown on outsize asset acquisitions crimped bids, and drove Chinese companies to the sidelines.

“Mainland developers will become more selective in their land acquisition, and are unlikely to repeat buying land at ultra high prices,” said Thomas Lam, senior director at Knight Frank.

MTR, the city’s subway developer and one of the largest land owners, offered the land for sale by tender.

The premium for the phase two development at Wong Chuk Hang – close to the Ocean Park theme park – is likely to be HK$5.21 billion, or HK$10,568 per square foot, according to a source with knowledge of the tender document but who did not wish to be named.

Together with construction cost, a residential housing project would require total investment of between HK$8.87 billion to HK$10.35 billion, or roughly HK$18,000 to HK$21,000 per sq ft when the project is completed in 2023, according to Lam’s estimates. That means the typical apartment complex would need to sell for HK$30,000 per square foot to ensure reasonable profit margin for the developer, he said.
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Old December 10th, 2017, 10:24 AM   #42
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Kerry, Sino Land win MTR site
6 Dec 2017
The Standard Excerpt

The tender for a site in Wong Chuk Hang for private residential purposes was awarded to a consortium formed by Kerry Properties (0683) and Sino Land (0083) yesterday. The developers aim to provide 600 flats in two towers.

Owned by MTR Corporation Ltd (0066), the Wong Chuk Hang Station Package Two Property Development in island south has a site area of 92,269 square feet, which has a total gross floor area of 492,991 square feet.

The land premium is HK$5.2 billion, or HK$10,000 per sq ft in terms of gross floor area.

Surveyors estimated that the total price of the site, including the land premium, is between HK$9.8 billion and HK$10 billion.

The project received 37 expressions of interest last month, including from Chinese conglomerate HNA Group, which already owns four residential sites in Kai Tak through its different subsidiaries.

Other applicants included local giants Wheelock Properties (0020), CK Asset Holdings (1113), Henderson Land (0012), New World Development (0017) and Great Eagle Holdings (0041).

The first phase of the project was won by Road King Infrastructure (1098) and Ping An Real Estate, a unit of Ping An Insurance Group (2318), in March, in which the two developers will each take half of the project.
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Old February 11th, 2018, 07:04 PM   #43
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MTR may sell land site atop Wong Chuk Hang station amid rising home prices
Hong Kong’s rail operator says several residential blocks and a 450,000 sq ft mall can be built on the site above the station
South China Morning Post Excerpt
Feb 8, 2018

Hong Kong’s subway operator MTR Corp may release one of the largest parcels of land for residential development – atop Wong Chuk Hang station – on the south side of Hong Kong Island for tender in 2018 despite a volatile stock market.

MTR’s property director David Tang Chi-fai said the rail operator was currently solving the technical issues on the site to get it ready for the tender, which is planned as the third phase of a residential and commercial development. Phases one and two of the development are located next to the station.

“As several residential towers and a 450,000 square feet shopping mall will be built above the Wong Chuk Hang station, the work will be complicated. Logically, the third phase will be put up for tendering this year,” Tang said after the official opening of the second phase of the Maritime Square shopping mall in Tsing Yi Station on Wednesday.

Details would be finalised when the rail operator announces its full year result for 2017 next month, he said.

MTR had put up only three new projects for development along its railways in 2017 – out of the seven that were planned.

The three projects will provide a total of 2,052 flats in the two development phases for the Wong Chuk Hang station project and another residential development at Kam Shueng Road Station in Yuen Long.
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Old August 9th, 2018, 10:54 AM   #44
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Victor Li’s CK Asset wins US$4.8 billion tender for Hong Kong’s most expensive rail development
August 9, 2018
South China Morning Post

CK Asset Holdings, the property conglomerate chaired by Victor Li Tzar-kuoi, has won the tender for Hong Kong’s most expensive railway development, paying an estimated HK$37.65 billion (US$4.79 billion) for the Wong Chuk Hang site.

CK Asset, which Li took over from his father formally in May, beat out several other Hong Kong developers including Sun Hung Kai Properties, Henderson Land Development, Chinachem Group and a consortium consisting of New World Development, Wheelock Properties, Sino Land, China Overseas Land & Investment and K. Wah International for the site.
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Old July 22nd, 2019, 06:14 PM   #45
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Global Trade Square

Global Trade Square by Patrick Collins, on Flickr
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