SkyscraperCity Forum banner
1 - 11 of 11 Posts

142,613 Posts
Discussion Starter · #1 ·
Wheelock acquires luxury Mid-Levels site for $240m
2 March 2006
The Standard

Wheelock Properties, a mid-sized developer, which twice failed to trigger a land auction last year, has paid HK$240 million for a Mid-Levels site where it hopes to build boutique luxury apartments. The company said Wednesday it won in a public tender for the 5,837 square foot site. The tender, which was closed Monday, was conducted by property consultant Jones Lang LaSalle

Wheelock said it had bought the site at 6D-6E Babington Path to replenish its land bank and hopes to redevelop the site into ``boutique luxury flats.''

The seller is listed developer and watchmaker Chuang's Consortium International, which bought the site for HK$178 million in a tender also conducted by Jones Lang LaSalle in November 2004.

The site, zoned for residential use, can be redeveloped into a maximum area of 46,696 square feet based on a plot ratio of eight for pure residential development, according to Jones Lang LaSalle.

The price paid by Wheelock translates into an accommodation value or land cost of HK$5,139 psf, and analysts said the completed apartments could sell for more than HK$10,000 psf.

A Wheelock spokeswoman said the company has yet to fix the details of the total investment amount, timetable for completion and how many flats it plans to build.

However, according to Jones Lang LaSalle's Web site, the Buildings Department has already approved building plans to develop a luxury residential building with 95 flats and 16 car parking spaces.

The company expects the transaction to be completed by the end of this month.

Buggle Lau, chief analyst at Midland Realty said Wheelock could be looking to price such boutique flats at about HK$10,000 psf based on the cost of land at HK$5,139 psf plus up to HK$2,000 psf for construction cost to get the quality befitting a boutique flat.

Douglas Yeung, district director at estate agent Ricacorp said nearby existing high quality flats near the site such as Reading Place and Bonpoint were currently selling for about HK$7,000 to HK$8,000 psf.

Last year, Wheelock twice failed to trigger an auction for a prime residential site on the government's application list at 12 Mount Kellett Road on the Peak.

Wheelock shares closed up 0.83 percent at HK$6.10.

By bextra from :


142,613 Posts
Discussion Starter · #2 ·
Sky-high prices foil en bloc sales
5 December 2007
South China Morning Post

Unrealistic prices demanded by owners of older Mid-Levels flats are scuttling en bloc buyout bids from developers hoping to refurbish the blocks and put them back on the market as luxury units.

That is the view of Au Wing-wah, chairman of Richfield Group Holdings, a Hong Kong-listed investment holding company providing property brokerage services.

Acting as agent and intermediary on behalf of developers, Richfield has been involved in negotiating with owners of about 100 old buildings in Mid-Levels, Mid-Levels West, Shau Kei Wan, Causeway Bay, North Point, Ho Man Tin and Prince Edward Road. Its role is to reach agreements with a sufficient number of owners to allow en bloc sales to proceed so that the blocks could become available for redevelopment.

Mr Au said the reaction of developers to proposals brought up by Richfield had been positive, with most of them interested in acquiring redevelopment properties in Mid-Levels.

However, he said many individual flat-owners, particularly those in Mid-Levels, had responded to the developers' interest by aggressively raising their asking prices after seeing the property market turn active in the last few weeks.

"Flat-owners in Mid-Levels raised their asking prices by 8 to 10 per cent," he said.

He believed this was triggered when Emperor International Holdings sold its 9A-H Seymour Road site for HK$10,027 per square foot and Swire Properties won its court suit for relaxing development restrictions on its Mid-Levels project last month. "Flat-owners believed developers would be willing to go further to buy their units," Mr Au said.

"But actually their asking prices are at least 5 to 10 per cent higher than the developers are willing to offer and much higher than the banks' property valuations."

For example, he said the asking price for flats in a 42-year-old building at Babington Path in the area was about HK$11 million in September, but owners were now asking for HK$13 million.

He said many owners had ignored the fact that the government might impose development restrictions in Mid-Levels in the near future.

"The asking prices jumped sharply in the last few weeks and, as a result, our acquisition plans in Mid-Levels have been put on hold," Mr Au said. "Developers have raised their offers by 5 to 10 per cent, but they are still lower than the asking prices."

Citing the case of Merry Court on Castle Road as an example, he said some of the flat-owners in the block had asked for HK$2.4 billion for the estate. That translated into an accommodation value of about HK$16,000 per square foot - an improbable cost since the developer could not get additional plot ratios through the proposed redevelopment.

This drove Richfield to put the acquisition plan on hold.

Now Mr Au expects the acquisition of old properties to be put on hold for the next few months and to turn active only after the flat-owners see the prices of second-hand flats record a mild growth next year and become more realistic in their expectations.

Mr Au has been involved in the acquisition of old buildings for 20 years in his private capacity. He withdrew from the market for a short period until it began recovering in the second half of 2003 and developers became interested once again in acquiring old buildings for redevelopment.

Richfield then began to identify old buildings with redevelopment potential and bid to reach sales agreements individually with flat-owners. It would then buy the units once 90 per cent of the owners have agreed to sell, and sell the property to developers.

He said developers were interested in buildings that are at least 40 years old, have a site area of more than 6,000 square feet, are not subject to land premium levies for redevelopment, and can gain an extra plot ratio.

The Hong Kong government is examining changes to the existing law covering en bloc sales with a view to allowing owners to call for a compulsory sale if they have acquired the necessary approvals from 80 per cent of owners in a strata-titled building. A 90 per cent approval is required.

Mr Au said the number of en bloc deals by developers was likely to increase about 50 per cent if the amendment went ahead, and this would encourage urban renewal.

142,613 Posts
Discussion Starter · #7 ·
西半山巴威大廈 5房配巨廳
21 October 2008











  於早前才發售的The Babington,是區內未來的新供應,預計於2010年初入伙,發展商指,會留待現樓時才發售,不過早前已有逾10伙被預留,包括一間848平方呎,另附連1,834平方呎平台的特色單位,當時以1,526.4萬元易手,呎價約1.8萬元。上述的物業,屬單幢式,整個項目提供47伙,包括5伙特色單位,普通單位面積由902至1,139平方呎不等。

142,613 Posts
Discussion Starter · #8 ·
西半山The Babington 42伙部署現樓賣
29 August 2009

貴價豪宅近數月續獲承接,會德豐地產也趁旺勢出擊,旗下位於西半山的The Babington已平頂,正部署以現樓形式發售,意向呎價1.5萬元起。

會德豐地產(香港)常務董事黃光耀表示:「The Babington正進行內部裝修,預計可於明年3、4月落成,集團將於現樓搭建示範單位,並部署明年首季落成時以現樓形式正式推出,目前,尚餘約42伙,現階段意向呎價維持約1.5萬元;4個特色戶呎價最高約2.5萬元;而該盤於去年已有5個單位獲預留,平均呎價約1.1萬至1.7萬元。」

The Babington位於巴丙頓道上,共有47個單位,標準單位面積分別約902及1,139方呎,另外多款特色單位,其中複式面積最大,達2,301方呎。現時,市場流傳價單,售價由約988萬元起。

142,613 Posts
Discussion Starter · #10 ·
The Babington offers rare and 'special luxury'
11 September 2009
South China Morning Post

The Babington on Babington Path in Mid-Levels has added to the rare new supply of luxury residential properties in the area with five singular apartments.

Eva Ho, senior manager, project marketing of Wheelock Properties, developer of The Babington, said: "The special apartments are extremely rare in the market and reflect the true treasure of a luxury residence."

One of the five special units is 848 sqft and has three bedrooms and a 1,834 sqft private garden.

Another is a 2,226 sqft five-bedroom (two en suite) plus store room duplex with a 1,054 sqft garden.

There are also two penthouse duplex units from 1,700 to 2,240 sqft featuring four bedrooms (two en suite) with a balcony. A top floor 2,301 sqft penthouse triplex has a balcony, patio and roof garden.

The target price for the five special units is from HK$20,000 to HK$25,000 per sqft.

The 30-storey residential building has 47 flats of mostly three-bedroom units (two per floor) and 13 parking spaces from the ground floor to the third floor.

The apartments on the top floors have city and sea views.

The sky clubhouse is on the 17th floor. It features a comprehensive range of facilities including a state-of-the-art gymnasium, a function room/library lounge with a fireplace, a well-equipped pantry for entertainment, and a sky podium garden for relaxation.

The developer is already starting to accept offers for units on low to medium floors (16th floor and below), each from 902 to 1,139 sqft.

About 20 units had been sold or reserved by the end of last month. The average price offered ranged from HK$11,000 to HK$17,000 per sqft.

Carol Hsu, assistant district manager of Midland Realty, said the price of The Babington apartments were not too expensive. A 1,324 sqft apartment in the same area, at 1 Po Shan Road, sold recently for HK$18 million, or HK$13,595 per sqft. It has a mountain view and four bedrooms.

"The rare new supply on Hong Kong Island means The Babington is attractive to end-users and long-term investors who seek good rental yields," Ho said.

Midland Realty believes that The Babington will be so popular among buyers and investors that it has set up "The Babington" exhibition room in its Bonham Road branch.

The Babington, like many developments in Mid-Levels, was built on the site of an older building.

Ho said: "Developers are looking for old buildings to buy and tear down to build new residential properties and The Babington is a good example of this."

Developer Wheelock Properties bought the old property on 6D-6E Babington Path in 2006 through tender and turned the two blocks of four to five floors into The Babington.

142,613 Posts
Discussion Starter · #11 ·
Source :

6-28/F Residence A

Residence B

Name of Development: The Babington
Address: 6D – 6E Babington Path and 11-12 St. Stephen’s Lane, Mid-levels, HK
Lot Number: I.L. 609C S.D R.P. & I.L. 609C R.P.
Developer: Janeworth Company Ltd (wholly-owned subsidiary of Wheelock Properties Ltd)
Architect: CYS Associates (HK) Ltd.
Interior Designer: CYS Associates (HK) Ltd

Anticipated Completion Date of Building: End February 2010
Completion Date of Building Specified in Agreements for Sale and Purchase: 31 May 2010
1 - 11 of 11 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.