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http://www.shkp.com/en/scripts/about/about_upcoming09.php

Project : Tseung Kwan O Area 56 Development
Usage : Residential, office, hotel
Site area : 460,000 square feet
Attributable GFA
- 861,000 square feet (Residential)
- 54,000 square feet (Office)
- 626,000 square feet (Hotel)
Number of units : About 1,150
Expected completion : Beyond 2010

The development is above the MTR Tseung Kwan O station. There will be 861,000 square feet of residential units for sale, and the Group will retain 626,000 square feet of hotel space and 54,000 square feet of office premises for rent. There will be a public square and open space to the immediate north of the development that will be the town centre and leisure and entertainment focus of Tseung Kwan O.

By 鄧麗欣之戀 from skyscrapers.cn :

 

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Discussion Starter · #2 ·
SHKP wins coveted $8b Tseung Kwan O project
The Standard
Friday, February 16, 2007

Development giant Sun Hung Kai Properties (0016) has triumphed over three rivals to land the MTR Corp's (0066) HK$8 billion property project in Tseung Kwan O.

An MTRC spokesman confirmed the awarding of the coveted project, Tseung Kwan O Area 56, at Tseung Kwan O station.

"We chose Sun Hung Kai because the tender terms they offered were suitable," he said Thursday, declining to elaborate on the financial terms offered. Last Friday, the corporation received tenders from Henderson Land Development (0012), Cheung Kong (Holdings) (0001), and Wheelock Properties (0049), as well as from SHKP, Hong Kong's largest developer with market capitalization exceeding HK$235 billion.

In railway property tenders, bidders submit their best offers, including a profit-sharing scheme, and bear all the costs of development, including the land premium, construction and finance costs. The government and MTRC agreed to the land premium of HK$3.34 billion last month, about 30 percent lower than market estimates.

Design work will start next and work on site is planned to begin at the end of this year. On completion in 2012, the project will comprise four residential towers with about 1,150 flats, two hotels with 1,290 rooms, and at least 5,000 square meters of office space. There will also be 20,000 sq m of shopping arcade.

The project was tipped to generate keen interest from developers as the railway received 14 expressions of interest last month. The large scale as well as a requirement to build a hotel scared off smaller players.

Midland Surveyors director Alvin Lam Tsz-pun said the project was a long-term investment and developers faced the inherent risks.

However, SHKP had experience in hotel projects and was familiar with Tseung Kwan O, having built East Point City, Ocean Shores and Park Central, Lam said. He estimated that on completion, the selling price of the residential units would exceed HK$5,000 per square foot.

Last August, SHKP fended off three rivals to bag the Kowloon-Canton Railway Corp's HK$7 billion residential property development project above West Rail's Tuen Mun station.
 

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Discussion Starter · #7 ·
Isn't 4 towers a bit less? I thought they'd build another 8+ monster.
True ... considering everything else around it is so densely-packed. But I thought there were a few more empty sites around this development? A bit strange how few towers there are considering it's right next to the MTR station.
 

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Discussion Starter · #9 ·
海怡將中低水 可追落後
28 December 2009
香港經濟日報

09年二手樓價急速反彈,業界人士指,芸芸屋苑中,仍有不少處於低水,明年將發揮追落後效應,究竟置業人士押注哪些屋苑才最有利。

單從數字看,整體二手樓價與97年高峰仍有30%距離,個別屋苑如天水圍嘉湖山莊、青山公路浪翠園等,呎價距離97年仍有50至58%空間;但甚少業界人士將它們視為低水屋苑,因暫沒有特別利好因素可將其呎價推高。

挾新盤南線 利樓價升

反觀傳統大屋苑,有不少利好因素可帶動其樓價向上。港島區以鴨舌洲海怡半島潛質較明顯,屋苑現呎價約6,000元,與97年尚有約20%空間,但區內有兩大型新盤短期發售,造價有望創港島區新高,肯定對海怡半島有推動作用;數年後,還有港島南線通車有利因素支持其樓價向好。

至於九龍區,有業界人士認為,將軍澳不少屋苑屬低水,因長實(00001)自今年7月推售領都起,基本將區內二手樓價升幅凍結。以將軍澳中心為例,7月份呎價4,453元,至今呎價4,550元,升幅明顯落後大市,業界預期,新地(00016)明年推售將軍澳56區項目時,將軍澳中心樓價會被帶動。

新界方面,雖沙田第一城今年呎價累升27%,但該區有大圍名城及車公廟站上蓋項目部署推售,相信可帶動屋苑樓價向好,故近日不少投資者偷步入市,令屋苑不足半月便突破百宗成交。

金獅一城 租金回報高

至於投資者,業界人士指,雖發展商為投資者提供多種付款方案,但近年買新樓收租回報率每況愈下,因新盤入伙,租盤供應量氾濫,同屋苑租盤自相殘殺,回報與售價絕不成正比。

反而不少二線屋苑,因社區設施配套齊全,深得租客歡心,租金回報遠比新盤理想。據利嘉閣地產資料顯示,大圍金獅花園、荃灣荃灣中心及沙田第一城,現時租金回報達5厘,且供平過租現象明顯,即使明年加息,收租回報仍可享正租金收入。

系列名: 2010前瞻系列(樓市篇之一)

Secondary sales have increased significantly in 2009. Prices are still below 30% from 1997 peaks.

Many estates in Tseung Kwan O have not risen due to the launch of LOHAS Park. Next year Area 56 will launch for sale, which may positively impact prices in Tseung Kwan O Centre.
 

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Discussion Starter · #11 ·
SHKP gains leverage to bolster flat prices
High land cost to benefit two developments

1 March 2010
South China Morning Post

Sun Hung Kai Properties' decision to pay a steep price for a residential site in Tseung Kwan O is a move to take advantage of its development across the street and use the high land cost to price the flats there at a large premium, market watchers say.

Last Monday, SHKP paid HK$3.37 billion or HK$4,628 per square foot for a plot at Area 66B in Tseung Kwan O. It was a remarkably high price, considering the per-square-foot price for the land alone was higher than prices of finished units at neighbouring projects, which are currently changing hands at HK$4,000 to HK$4,500 per square foot in the secondary market.

The outcome was described by industry practitioners as "the flour costing more than bread".

Pang said the developer could price the units in Area 56 at HK$6,000 to HK$7,000 per square foot.

"SHKP always will command a big premium over the [average price in] the secondary market, considering its high quality," he said.

The firm has raised more than HK$4.2 billion from the sale of 1,100 units at Yoho Midtown in Yuen Long at an average price of HK$5,400 per square foot. One 1,378 sq ft unit sold for HK$16.26 million or HK$11,800 per square foot, a record in terms of price per square foot of gross floor area in the vicinity.

David Ng, head of property research at Royal Bank of Scotland, believes the co-development of the two projects could provide synergies both in terms of cost reduction and charging a higher selling price.

He said SHKP bought the site at Area 56 in February 2007 at HK$3.34 billion, giving a land cost of HK$1,885 per square foot.

Ng estimated the land cost of Area 66B would be reduced to HK$4,073 per square foot if SHKP managed to secure a bonus 15 per cent gross floor area. By including ancillary areas such as bay windows and balconies in the calculation of gross floor area, the developer could gain as much as 30 per cent more saleable space. Without the bonus floor area, Area 66B will provide a gross floor of 728,184 sq ft.

The average land cost - including the bonus floor area - of the two development sites together would work out to HK$2,979 per square foot, even though SHKP paid a jaw-dropping price for Area 66B last week.
 

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