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Construction of New World Development's 888 Lai Chi Kok Road project completed

New World Development (0017) announced on Wednesday that the construction of its Grade A commercial building at 888 Lai Chi Kok Road in Cheung Sha Wan has officially finished with about 75 percent of gross floor area sold already. 

The developer successfully obtained the Certificate of Compliance issued by the Lands Department today, meaning the building is set to become the first new Grade A commercial complex in the district. 

According to New World, the sold 75 percent of gross floor area is split halves among financial and insurance companies and education institutes, bringing in more than HK$5.4 billion for the developer. 

They include Nanyang Commercial Bank, listed technology company PC Partner Ltd (1263), and the School of Professional and Continuing Education, The University of Hong Kong. 

The 28-story building is designed by P&T Architects with about 580,000 square foot of office area as well as 241 private and 70 public parking spaces. 

This project is among the three land plots in West Kowloon tendered by New World back in 2017. The other two are the projects on King Lam Street and on Wing Hong Street. 

The constructions of the King Lam Street project and the Wing Hong Street project are expected to be finished by next year and 2024 respectively, paving way for West Kowloon's new core business district. 

All three commercial buildings -- an investment project worth over HK$20 billion -- can provide up to 2 million square foot of gross floor area, New World added. 

(The Standard)

For more information of Office for Lease at 888 Lai Chi Kok Road please visit: Office for Lease at 888 Lai Chi Kok Road

For more information of Grade A Office for Lease in Cheung Sha Wan please visit: Grade A Office for Lease in Cheung Sha Wan

For more information of Office for Sale at 888 Lai Chi Kok Road please visit: Office for Sale at 888 Lai Chi Kok Road

For more information of Grade A Office for Sale in Cheung Sha Wan please visit: Grade A Office for Sale in Cheung Sha Wan


Two hotels change hands as Covid roils Peninsula

Two hotels in Hong Kong changed hands as The Peninsula Hong Kong posted its lowest occupancy rate since the Sars outbreak in 2003 of 9 percent in the first quarter.

Magnificent Hotel Investments (0201) said it plans to acquire The Bay Bridge Lifestyle Retreat Hotel for HK$1.42 billion from Lafayette Hotel, owned by the late "shop king" Tang Shing-bor's family.

The 16-story hotel is located at Castle Peak Road in Tsuen Wan and has 435 guest rooms, a restaurant, swimming pool and gym.

Tang's family, which purchased the hotel for HK$1.68 billion in 2017, would suffer a loss of around HK$260 million, or 15 percent of its value, after holding it for 5 years.

Rental accommodation provider Weave Living meanwhile, entered into an agreement with Magnificent Hotel to buy its Grand City Hotel in Sai Ying Pun for HK$900 million.

This came as The Hongkong and Shanghai Hotels (0045) said the occupancy rate at the Peninsula Hong Kong was 9 percent in the first quarter amid the worst Covid outbreak in the city.

Revenue per available room in the city in the first three months also plunged by 52 percent year-on-year, or 71 percent quarter-on-quarter to HK$380.

Average room rate, however, soared by 56 percent from a year ago to HK$4,127.

(The Standard)


CK Asset Sells Mid-Levels Luxury Homes for $50M as High-End Market Hangs On

Two units on a high-level floor at CK Asset’s Mid-Levels luxury project sold last week for a combined HK$393.9 million ($50.1 million), showing the resilience of Hong Kong’s high-end housing market amid the COVID-led economic slowdown.

Hong Kong’s second-largest developer by market capitalisation on Friday sold Unit 6 on the 21st floor of 21 Borrett Road’s 26-storey tower for HK$190.1 million, reflecting a sale price of HK$87,648 per square foot, according to public records posted by the developer. Unit 7, an adjacent apartment on the same floor, sold that day for HK$203.8 million, equivalent to a per-square-foot price of HK$88,034.

The price tag for both homes was in line with previous sales on floors 16, 18 and 22 of the property from mid-2021 through January this year, a surveyor said, who noted that the latest transactions were for high-zone units in the residential tower.

The developer has sold 32 units at the first phase of the project since February of last year, according to research from a property agency. Excluding three transactions on the 23rd floor of the project — for which unit rates ran from HK$126,000 to HK$136,000 per square foot — the price for homes at 21 Borrett Road averaged HK$79,132 per square foot, the agency said.

Borrett Road Slowdown

The four-bedroom units that sold this month to undisclosed buyers are part of 21 Borrett Road’s first phase, comprising 115 units across three residential towers. With Unit 6 spanning 2,169 square feet (202 square metres) and the adjacent Unit 7 covering a saleable area of 2,316 square feet, the two apartments could be combined to create a super-sized luxury home, another surveyor said.

Last week’s deals followed a lull in sales at the Mid-Levels project in the first quarter, when only two transactions totalling HK$334.6 million were recorded during the entire period.

This was a drop from 2021, when CK Asset had recorded three transactions in the first quarter alone, despite sales having begun just in February that year. The first of the three was a 3,378 square foot unit in a different building at the project that sold for HK$459 million, translating to HK$136,000 per square foot and breaking the record for Asia’s priciest apartment at the time.

With social distancing restrictions having begun to relax on 21 April, in-person home viewings have also resumed to normal, according to a property agent.

“It is encouraging to see two units at 21 Borrett Road transacted at the right price only on the second weekend since viewing activity resumed,” the agent said.

Luxury Sales Slide

Sales in the luxury residential sector have been thin since the beginning of the year due to the fifth wave of COVID-19, the agent said.

Hong Kong’s latest outbreak led to dampened economic activity during the first three months of 2022, according to another agent, who said activity in the luxury residential sector “was no different”.

“According to the Land Registry, the number of sale and purchase agreements dropped from 1,213 cases in 2021 to 646 cases in 2022 during (January to April) for luxury residential properties with a consideration higher than HK$20 million,” the agent said.

Before Hong Kong was hit by its fifth COVID wave, luxury deals were still breaking records at the start of the year. In January, a unit on Victoria Peak at the Mount Nicholson project, developed by Wheelock Properties and Nan Fung Development, sold for HK$583.2 million to an unnamed buyer, making it the second most expensive home ever sold in Asia on a price per square foot basis.

With Hong Kong battling the fifth wave of the pandemic and amid growing geopolitical tensions, however, luxury home prices in the city slid as much as 2.7 percent in the first quarter, according to the agency.

Despite the current headwinds, with buyers from outside Hong Kong facing hurdles to luxury property purchases, two types of buyers continue to support demand in the high-end residential market: local high-net-worth individuals and wealthy mainland-born new Hongkongers who live in the city, another agent said.

“With the anticipated border opening between Hong Kong and China, it is possible that more mainland buyers would purchase luxury homes in Hong Kong, resulting in a slight rebound in the luxury housing market this year,” the agent said.



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租務品牌Weave Living昨日宣布,夥拍美資基金安祖高頓 (Angelo Gordon),以9億購入西環皇后大道西338至346號華麗都會酒店全幢,以項目總樓面約60150方呎計,呎價約14960元。該酒店提供214間房間,每間房間售價約420萬。


Weave Living創辦人兼集團行政總裁Sachin Doshi稱,購入該物業後將會全面翻新,打造成靈活的住宿空間,料於明年第三季開業,成為集團旗下港島區第3個項目。




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