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141,273 Posts
Discussion Starter · #1 ·
Henderson slams `expensive' premium for Wu Kai Sha project
3 June 2009
The Standard

Henderson Land Development (0012) will appeal against the government's land premium for its massive Lok Wo Sha residential project in Wu Kai Sha.

Chairman Lee Shau-kee said the land premium was too expensive, above HK$2,000 per square foot, local media reported. ``Of course [the premium] is not acceptable,'' Lee said. ``[We] only buy when it's reasonable.''

Surveyors estimate the land premium for the project to be higher than HK$7 billion, and possibly as high as HK$10 billion, meaning a price of up to HK$3,400 psf.

The Lok Wo Sha project, developed with New World Development (0017), has a gross floor area of nearly three million square feet.

It could contain more than 3,000 units among some 21 towers. Lee had said that a land premium of less than HK$2,000 psf in Wu Kai Sha was reasonable.

141,273 Posts
Discussion Starter · #2 ·
The pricey sea view that doesn't last for long
8 June 2009
South China Morning Post

You see the artist's impression of the new development offering lovely sea views and hand over a fat cheque to secure the flat. It could be money down the drain.

A green group warns that sales brochures often carry misleading images that tempt buyers into spending hundred of thousands of dollars extra for a view that will not last for long.

Green Sense says people are usually kept in the dark about how the area around an estate will be developed. Artists' impressions usually skip unfavourable details.

"Buyers will have their dreams shattered once they move in," said president Roy Tam Hoi-pong.

A recent brochure for Lake Silver - a Sino Land estate in Ma On Shan - shows graphics of flats enjoying sea views and a backdrop of hills. But the view on most floors could be blocked by another estate, Henderson Land's Lok Wo Sha development.

Mr Tam said once Henderson reached a deal with the government on land premium, it could build at least 21 residential buildings.

According to a master layout plan submitted by the developer to the Town Planning Board, they will be between 10 and 32 floors. As the Lake Silver will reach 38 to 46 floors, most of its seas views would be blocked.

A Lake Silver flat on the 29th floor costs HK$3.57 million if facing the sea; HK$3.2 million if not. Sino Land did not respond to an inquiry by the South China Morning Post yesterday.

On the same estate, blocks furthest from the sea were usually sold first, Mr Tam said. This meant the developer could claim they had a sea view, although buildings built later would block the views.

Green Sense has demanded that developers include photographs of the surroundings of estates in their sales brochures, and that development plans within 200 metres of the estate should be revealed to buyers.

Lawmaker Alan Leong Kah-kit suggested the government build a three-dimensional model for the whole of Hong Kong, following Shanghai's lead, as a guide to density for potential buyers.

A spokesman for the Transport and Housing Bureau said sales brochures should include an approved outline zoning plan. The brochure for Lake Silver included such a plan, indicating development at Lok Wo Sha.

141,273 Posts
Discussion Starter · #3 ·
Residents force rethink on housing project
9 May 2001
South China Morning Post

Residents force rethink on housing project, with emphasis on better living conditions and recreational facilities Lower-density option for Ma On Shan.

Doris Chan The Territory Development Department (TDD) plans to lower development density of the proposed housing project in Ma On Shan because of objections from residents.

A source said the Government planned to cut the plot ratio at the proposed Lee On Station, on the Ma On Shan railway, from six times to about five as a compromise to appease the public.

Development density at other proposed stations on the Ma On Shan railway, including Sha Tin and Tai Wai, had a plot ratio of five times.

One of the four options the TDD proposed in March recommended converting 35 hectares of land in Ma On Shan, including the Whitehead Detention Centre, into high-density housing.

The other three plans put emphasis on recreational and tourism facilities, and lower-density housing. One of the most ambitious plans from TDD was to build 13,600 flats to house 38,800 people.

The option drew objections from residents and the Ma On Shan District Council during preliminary consultation, the source said.

The opposition focused mainly on the proposed high-density housing because development would be detrimental to the living environment, the source said.

Expecting growing demand for housing, the Government wants to set development density at Lee On Station at a plot ratio of six times.

The Government also proposed setting development density in Lok Wo Sha at a plot ratio of 3.8 to 4.7 times, from the present 1.5. However, Ma On Shan District Council said the maximum plot ratio for the housing project should be restricted to four times, the source said. Residents wanted the site designated for tourism and recreation-related use, because the development density would be lower.

The other three proposals put emphasis on tourism, recreational and mixed-development use, with 9,600 to 9,700 lower-density units.

The TDD has received opinions from residents, and political and professional groups for the high-density housing plan.

Because development density at Lee On station had not been decided, Henderson Land Development might defer development of its proposed residential project in neighbouring Lok Wo Sha.

Henderson Land hoped the proposed project, with a set plot ratio of 1.5 times, would have the same development density as its neighbouring railway station.

Henderson Land's high-density housing project in Lok Wo Sha, the largest in the area, covers an area of more than 1.35 million square feet.

It has Town Planning Board approval to build 16 residential blocks consisting of 1,432 units.

The site could provide a floor area of more than two million sq ft with a plot ratio of 1.5 times.

Under the TDD's latest land-use proposal for Lok Wo Sha, Henderson's project could be raised to up to 6.3 million sq ft, with a maximum plot ratio of 4.7 times.

However, this might spark strong objections from residents because of its high-density.

141,273 Posts
Discussion Starter · #4 ·
落禾沙補地價 「每呎2000元便合理」
29 April 2009




籌備經年、共有3335伙的落禾沙住宅項目,補地價程序進入最後階段,項目共有25幢3335伙,而樓高10至32 層(另加2層平台),預料人口約1萬人,而平均單位實用面積則有1022方呎。測量界人士指出,項目可建樓面295.07萬方呎,以現時市道,每呎樓面補價應介乎2000至2400元,即補價總額約為60億至71億元,而李的意願,是市場估值的下限。

141,273 Posts
Discussion Starter · #5 ·


創萬職位 促政府「識做」

李兆基早前炮轟政府在補地價事宜審批緩慢,間接令庫房收入減少;他昨日再度表示,公司兩個項目正洽商補地價,分別位於元朗及落禾沙,料補地價金額合共涉資 100億元。兩個樓盤建築費達70億元,同時可創造1萬個職位,早前政府就補地價事宜「開慢車」,希望今次「大家都識做」。


花旗調高目標價 籲買入


141,273 Posts
Discussion Starter · #6 ·
New World set to pay HK$7b for land-use change
10 December 2009
South China Morning Post

New World Development is prepared to pay the government up to HK$7 billion in premiums for the right to convert agricultural land into residential use next year, according to managing director Henry Cheng Kar-shun.

The conversion would generate a total gross floor area of more than two million square feet for development, Cheng said after yesterday's annual general meeting.

The sites are in Tai Po Tsai, Wu Nga Lok Yeung and Yuen Long, as well as in Lok Wo Sha, which the firm will develop jointly with Henderson Land Development.

Cheng said two luxury residential sites in Tai Po would be up for sale in Saturday's government land auction.

Meanwhile, the company also plans to redevelop its flagship property, New World Centre in Tsim Sha Tsui, next year at a cost of about HK$10 billion.

The redevelopment involves grade A offices, a hotel and a shopping centre with a total gross floor area of about three million sqft.

Cheng (left) said despite recent concerns about a repeat of the property bubble of 1997, he did not see any risks.

"Demand for housing is more than the supply. It's enough to offset the negative impact even if mortgage rates increase. Property prices will keep growing," he added. "I expect property prices to grow 10 per cent next year. I don't want to see a lot of fluctuation in property prices."

His views were echoed by New World chairman Cheng Yu-tung, who forecast property prices would rise 8 per cent to 10 per cent next year.

"The supply of development sites in Hong Kong is limited, but the demand for housing is strong as the economy has improved. Interest rates will stay at current levels in the first half of next year," he said.

As the mainland maintains strong economic growth, Cheng expects the Hang Seng Index to keep rising. "I won't be surprised if the index reaches 30,000 points," he said.

141,273 Posts
Discussion Starter · #8 ·
Henderson Land's 18-Month Underlying Net HK$6.09 Bln
30 March 2010

HONG KONG (Dow Jones)--Blue-chip developer Henderson Land Development Co. (0012.HK) said Tuesday its underlying net profit for the 18 months ended Dec. 31, 2009 totaled HK$6.09 billion (US$780.8 million), and it intends to increase its development land holdings in Hong Kong in light of its positive view of the city's property market.

Henderson Land, controlled by billionaire Lee Shau-kee, has changed its financial year-end to Dec. 31 from June 30. The comparison period was for the year ended June 30, 2008, when its underlying net profit--which excludes revaluations of investment property--totaled HK$5.71 billion.

The company's plan to increase its development land holdings comes as the government has been taking steps to increase housing supply in Hong Kong, including more land auctions, more conversion of farmland into developable land, and the sale of the territory's remaining inventory of public housing, after home prices rose an average 29% last year.

Henderson Land's net profit for the 18 months ended December 2009 totaled HK$14.32 billion, down from HK$15.47 billion for the 12 months ended June 2008.

Revenue for the July 2008-December 2009 period was HK$15.23 billion. For the 12 months ended June 2008, revenue totaled HK$13.49 billion.

Revenue from property sales in the 18 months ended 2009 was HK$8.67 billion, accounting for 57% of total sales, while revenue from property leasing totaled HK$4.18 billion, making up 27% of total sales.

Henderson Land derived nearly 91% of its 18-month revenue from Hong Kong, selling HK$8.37 billion worth of property in the territory during the reporting period. The developer had 856 residential units for sale in Hong Kong as of December.

It said it plans to expand its development land holdings in Hong Kong through the conversion of agricultural land, and further acquisitions of farmland and old buildings, to bring its attributable gross floor area of land available for development in the territory to 24.78 million square feet in 2010 and beyond.

Its Hong Kong land bank totaled 19.8 million square feet of attributable gross floor area at the end of last year. It also owns about 40 million square feet of farmland in Hong Kong, which can be converted to residential development use--the most of any local developer.

Henderson Land successfully converted two agricultural sites--Lok Wo Sha and Tai Tong Road in the New Territories--into developable land over the past few months as part of the government's efforts to increase land supply.

It is 'actively' pursuing conversion of another 8.1 million square feet of farmland in Hong Kong, it said.

The company, which is also engaged in property development and investment in major mainland China cities, such as Beijing, Shanghai and Guangzhou, had a mainland China land bank with an attributable developable gross floor area of 146.2 million square feet at the end of last year.

Henderson Land said it would 're-double' its efforts in China as it remains positive about the prospects for the country's property market in the long term.

Henderson Land declared a final dividend of HK$0.70 per share.

It also said it plans to issue one bonus warrant to shareholders for every five shares held. One warrant will entitle the holder to subscribe to one company share at HK$58.00, a 1.6% premium to Henderson Land's closing share price Tuesday of HK$57.10, within one year of the warrant's issue.

Henderson Land said it will issue up to 429.3 million new shares, or around 20% of the company's issued share capital, through the bonus warrant plan.
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