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Cassette king lets go of a whole floor in The Center

Veteran investor David Chan Ping-chi, known locally as the "King of Cassettes," sold a whole floor of office space at The Center in Central for HK$750 million, or around HK$27,811 per square foot.

That was about 44 percent below its peak in 2018.

The 67th floor of the skyscraper with a floor area of 26,967 square feet and with a view of Victoria Harbour was reportedly sold with some existing leases.

Chan confirmed the transaction to The Standard's sister newspaper, Sing Tao Daily.

The deal was done by transferring shares of a company holding the property to reduce the stamp duty, and Chan barely suffered loss from the deal.

CK Asset (1113) sold 75 percent interest in the tower for HK$40.2 billion, or around HK$33,000 per square foot, to a group of investors including Chan in 2017. One of the buyers in early 2018 sold two floors in the property for HK$2.6 billion, or around HK$50,000 per sq ft. That means the price slumped by 44 percent over five years.

This came along with reports that the Ming Fai Building in Sham Shui Po changed hands for HK$85.6 million, or HK$6,277 per sq ft.

Local "Shop King" Tang Shing-bor's family, which held around half of the stake in the building, was estimated to have lost about 40 percent from the sale.

It was valued at HK$180 million when the property was put up for sale in March, according to a property agency.

Meanwhile, the Wharf (0004) has applied to the Town Planning Board to ease the height limit and build 135 units on the site of Ebenezer School in Pok Fu Lam.

That compares to last year's plan of constructing a total of 83 flats in the redevelopment project. The average size per flat was also 39 percent smaller under the new proposal.

The developer paid HK$700 million together with four sites totaling 190,000 sq ft in Tung Chung to the school in exchange for the redevelopment of the current site of the school two years ago.

In the primary market, Sun Hung Kai Properties (0016) said the second round of sales of 322 flats - 310 on price lists and 12 via tender - at Yoho West in Tuen Mun will take place on Saturday.

Elsewhere, rental housing firm Dash Living has launched a new co-living apartment in Sheung Wan, offering 148 suites ranging from 140 to 250 sq ft for long and short stays. Besides having their own rooms tenants will share a working area, kitchen and terrace.

(The Standard)

For more information of Office for Sale in The Center please visit: Office for Sale in The Center

For more information of Grade A Office for Sale in Central please visit: Grade A Office for Sale in Central


Hong Kong ‘Shop King’ Tang Shing-bor’s family to raise US$310 million by selling assets including a hotel at a 28% discount

The 598-room Hotel Cozi Harbour View in Kwun Tong is being offered for sale at a price of HK$2.22 billion, a discount of 28 per cent to last year’s asking price

A 56.7 per cent stake in the Jone Mult Industrial Building is up for sale at a price of HK$180 million, which is 16 per cent lower than prevailing prices

The family of late “Shop King” Tang Shing-bor is raising HK$2.4 billion (US$310 million) by selling a hotel at a 28 per cent discount and disposing of a majority stake in an East Kowloon industrial building, as it continues an asset selling campaign which began at the height of the Covid-19 pandemic in 2020.

The family has offered the 598-room Hotel Cozi Harbour View in Kwun Tong for sale at a price of HK$2.22 billion, a discount of 28 per cent or HK$880 million to its asking price of HK$3.1 billion in March last year. It is also selling a 56.7 per cent stake in the Jone Mult Industrial Building at 169 Wai Yip Street in Kwun Tong for HK$180 million.

Completed in 2007, Hotel Cozi Harbour View at 163 Wai Yip Street is a 32-storey hotel that occupies a site area of 19,050 sq ft. Its total gross floor area of around 235,300 sq ft hosts 598 guestrooms.

“With the consistent growth in business activities within the district, the shortage of hotels will become more noticeable,” a property agency said in a statement on Monday. “This situation presents a potential for higher appreciation.”

“Apart from continuing to be used as a hotel, the property also has the potential to be reimagined as student dormitories to meet the growing demand in the market, or to be transformed into talent apartments to seize the opportunities brought by the government’s talent attraction scheme.”

The 14-storey Jone Mult Industrial Building is an industry development spanning a site area of 10,200 sq ft. The 56.7 per cent stake released for sale represents a total saleable area of 42,000 sq ft. It is currently on sale at HK$4,200 per square foot, which is around 16 per cent lower than the average transaction price of neighbouring industrial buildings in recent years, according to the agency.

Since Tang’s death in May 2021, the family has sold dozens of real estate assets, ranging from en bloc properties and shops, to offices and parking spaces, some of them at huge losses.

The family put up two hotels for sale this year. The 199-room Hotel Ease Mong Kok went on sale in July, after the 119-room Hotel Ease Lai Chi Kok was put on the market the previous month.

The Tang family put the Hotel Ease Mong Kok on sale for HK$730 million, according to another property agency, the sole agent for the sale. That is a discount of more than 30 per cent from its acquisition price of HK$1.1 billion in 2018, according to government records.

A local investor had bought the asset for HK$560 million, the agency said in a report in October, about half the 2018 price tag.

Hotel Ease Lai Chi Kok, the 21-storey property, which was refurbished last year, is estimated to be worth HK$410 million, according to the first agency.

(South China Morning Post)


中環中心全層7.5億易手 「磁帶大王」陳秉志沽售持貨6年平手離場




市場人士指出,該全層位處高層,望維港景,單位部分交吉,部分連租約, 新買家料回報約2厘,估計新買家為用家,趁市況淡靜購入物業,事實上,該全層呎價較高峰期下跌逾40%。












深水埗明輝大廈8560萬沽 鄧成波家族持約50%業權

























觀塘市中心重建 減商業增住宅


地標式綜合發展 1750

前述的觀塘市中心第4、5區於去年底推出招標,惟用地於今年1月截標時僅接1份來自新地 (00016) 的標書,最終亦流標收場。而為增加項目的吸引力,規劃署最新建議將原有的「綜合發展區 (1)」地帶,改劃為「其他指定 (混合用途)」地帶,並將項目的總地積比率增加至約12倍,令項目的最高總樓面面積增至約270.3萬平方呎,較舊方案增約25%。

同時,是次最顯著的變化是項目將加入住宅元素,由於市建局擬為項目引入「垂直城市」(Vertical City) 的發展理念,項目將增建1,750伙住宅,預計容納約4,025人,但舊方案僅提供商業部分。

另外,商業部分的樓面,則會由舊方案約207萬平方呎,降低約兩成至165.4萬平方呎,但未有再細分寫字樓、零售及酒店等類別,期望給予發展商更大彈性。據項目的規劃圖所示,項目的低層主要為商業、政府、機構或社區設施,中高層則可作住宅或商業用途。除外,項目的建築高度限制擬放寬至主水平基準上360米,即有機會取代中環中心成為全港第5高的摩天大樓,也是九龍區第2高、僅次於環球貿易廣場 (ICC,約484米高)。若以住宅項目計,日後有望成為全港最高住宅項目,超越約270米高的九龍站天璽。

觀塘行動區 已申撥款料2026