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Olympic Station / Tai Kok Tsui, Kowloon

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TUNG CHUNG LINE Extension/Connection to the North Island Line

 

Very interesting article in today's SCMP, pg.A3

"Wan Chai is at centre of rail expansion" : (They mean Tamar)
Plan: Change the train lines:
"Trains might no longer run the length of Island Line"

The main change I can see is:
CONNECTING the Tung Chung line directly to the Island line, so

people can wanting to travel to Wanchai and beyond can avoid that long walk between HK Station and Central.

Option 1: TC Line goes to Tamar interchange, and there connects to the TKO line
Option 2: TC line connects at Tamar to the line running all the way to Chai Wan

TUNG CHUNG LINE extension, the options: More Options

TCline-ext_zps926b606c.jpg

 

(updated comment from HK Time Out - March 2013):

 

A government-initiated plan, first formulated in 2000, is dedicated to maximising the MTR system’s connectivity while also seeking to relieve the mayhem when the trains are packed. On February 21, the government launched the second stage of a public consultation on the long-term railway development blueprint. It lasts for three months and is aimed at improving the MTR system in the coming years – particularly after 2031, when most of the work which is being planned now will have been completed. Seven proposals have already been put on the table, and now we have our say on which is our favourite – or if any of the plans even work at all.

 

Under the plans, Hong Kong may get a North Island Line. This might be built to connect up three new stations – Tamar, Exhibition and Causeway Bay North, along Wan Chai harbour – with the existing Tung Chung and Tseung Kwan O lines. The existing Island Line might extend to Siu Sai Wan, a residential area in the northeastern part of Hong Kong Island. While the eastern part of the South Island Line is under construction and should be completed by 2015, it is also proposed, in the western part, to connect it with the West Island Line (which is being built now and should be completed next year).

 

==

> Time Out: http://www.timeout.com.hk/big-smog/features/57267/the-future-of-our-mtr-system.html

 

700px-North_Island_Line_proposal_swap.sv

 

700px-North_Island_Line_proposal_interch

 

> source: http://en.wikipedia.org/wiki/North_Island_Line

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(A conversation from AX's Main property thread)


"TKT is and will be the hub for mainlanders.."

(I suppose that is because of the XRL connection to mainland China - it will bring in mostly mainland folk, obviously)


I would agree with you, apart from two important things:


+ TKT will continue to have a closer connection to the airport - where virtually all of the foreign people coming to HK enter the SAR, and


+ The West Kowloon Cultural Center (WKCC) when it is finished, will attract international artists, and performers, and will also capture an international audience from all parts of HK. I can see many of those creative people preferring to live in Kowloon station, TKT, Nam Cheong or other places along the TC line (Tung Chung?) rather than Mid-Levels, ... on the "back side" of Hong Kong (haha - just kidding with that name - It will continue to be a popular place to live, but not for everyone.)

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UPDATE / to an Update on The Long Beach

 

Hang Lung continues to selldown their available flats... per a visit today

 

OffThePeak (From 26 days ago - early March):

LONG BEACH, Olympic Station update - as posted on AX
=========

Hang Lung has slowly sold off most of its previously available flats

So last week, they launched 20 "new" units, and the first sales were processed on Saturday, March 8th. They sold three, which is not too bad, considering the price levels:

Flats sold were all in Tower 7:

47E (562 sf) at : $10.695M , or $8.983M after the max. 16% discount*
42E (562 sf) at : $10.610M , or $8.912M after the max. 16% discount*
31C (569 sf) at : $ 9.503M , or $7.982M after the max. 16% discount*

47E was the highest floor available in the sale,
and the other two were the popular "cherry wood" interiors.
The price on 47E (562 sf) was $18,879 psf, Net. before discount,
and $15,984 psf, Net after the max 16% discount for an rapid closing
Prices have been raised twice previously:
From $10.085M, to $10.589M, and to $10.695M (Dec.24, 2013) : overall rise; +6.05%
(No sign of a falling market in THESE real, completed transactions.)

These prices are far, far above the bank valuations given on some equal or better units in the other towers.

I wonder how much the banks will finance for these flats?
When they are eventually sold, they will be secondhand.
So what's the difference? How can the bank justify a higher valuation?

I think they cannot. But I expect they are happily accommodating the developer.

===

WHAT's LEFT ?... per a visit today, April 5th

Of the 20 "D" flats in Tower 7 : Only 2 left: 5th/fl, and 6th/fl - both "dark"

Of the 20 flats launched in early March: HL has sold 7 of the 20, with 13 left.

The flats they have been selling are NOT the best layouts or view.

Possibly, they will launch another 20 flats sometime in April -

with more attractive layouts, they would be likely to sell faster.

Obviously, with some sales continuing at these higher prices, there is no convincing sign

of any sizable reduction in prices at Long Beach.

Here's the latest price chart for Island Harborview - still showing decent stability

ISLAND HARBOURVIEW : HK$10,342 psf Announced on 2014/04/04 : update

 

IHVw_zpse4ffe783.png

 

(Further update, as of Apr.11th: 9 sold of the last 20 launched, 11 left now)

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(DUPLICATE Posting, from Trainee Investor's Diary):

 

"Given general population growth I would expect demand for accomodation to be rising in HK generally.

I would not expect that demand growth to be even across the territory so it may be a case that demand in Kowloon West

is rising faster than demand in Mid-Levels?":

 

I think Demand MAY be rising faster here, since Olympic Station (but maybe not Kowloon Station) is still a bargain relative to ML.

And more and more expats seem to be discovering it.

 

That alone might help to stabilise Rents here.

 

If you add on Extra Demand (if it does materialise) from the XRL, when it is completed at the end of next year,

you could see Rents rising in TKT / Olympic, while they are falling in Midlevels, and maybe most of HK.

 

I don't think that it is easy to predict these sorts of trends, but the elements that I am seeing point me towards that conclusion.

 

I wish it was possible to have more of this sort of discussion on AX, but it never seems to go anywhere, since it quickly leads to knee-jerk reactions from diehard Bulls or Bears

 

The proposed development at Nam Cheong station (see artists impression, below) will be one to watch

 

namcheongproject.jpg

 

If SHKP can manage to convince people to pay 70% or more of Kowloon station prices (by building a first class mall there), it may extend the "preferrred part" of the Tung Chung Line from: KowloonStation/Olympic/NamCheong... then, the future development in the direction of Cheung Sha Wan ("Four Little Dragons") will be something to watch.

 

cheung-sha-wan.gif

 

Four Little Dragons, recently became Five Dragons, I think, with the completion of...

 

79916303.jpg

the mis-named One West Kowloon, from Cheung Kong.

 

They left two words out IMO: "One (mile from) West Kowloon" would have been a more appropriate name.

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TKT - Cosmo Estates : http://data.28hse.com/en/datarecord2555.html

 

TKT-cosmo_zpsebeb7971.png

 

This is the older estate that I am tracking most carefully.

There IS an obvious trend here, and it is not down

=
Cosmo Estates -- Metro Harb. Vw. -- Harbour Grn. --
Mo : $ PSF : No :/ $ PSF : No : pct / $ PSF : No : pct. :
09
Je : 3,029 : 10 :/ 4,336 : 78 : 70% / 06,948 : 18 : 44%
D : 3,220 : 09 :/ 4,661 : 52 : 69% / 06,904 : 10 : 47%
10
Je : 3,351 : 05 :/ 5,220 : 38 : 64% / 13,906 : 15 :(24%)
D : 4,023 : 07 :/ 5,858 : 47 : 69% / 08,670 : 25 : 46%
11
Je : 4,484 : 08 :/ 6,579 : 19 : 68% / 10,169 : 12 : 44%
D : 4,215 : 04 :/ 6,087 : 23 : 69% / 09,537 : 05 : 44%
12
J. : 3,824 : 04 :/ 6,087 : 06 :
F. : 4,580 : 04 :/ 6,705 : 13 :
M : 4,889 : 10 :/ 7,028 : 47 :
A : 5,330 : 02 :/ 6,767 : 35 :
J. : 5,005 : 07 :/ 6,715 : 15 : 75% / 09,806 : 06 : 51%
Jl : 4,926 : 02 :/ 7,141 : 16 :
A : 5,172 : 11 :/ 7,144 : 37 :
S : 3,891 : 02 :/ 7,587 : 36 :
O : 5,139 : 05 :/ 7,881 : 28 :
N : 6,007 : 10 :/ 7,986 : 30 :
D : 6,212 : 03 :/ 7,401 : 12 : 84% / 19,684 : 04 :(32%)
13 :
J. : 6,158 : 03 :/ 8,103 : 12 : 76% / 10,942 : 08 : 56%
F. : 5,910 : 04 :/ 8,879 : 17 :
M : 5,996 : 06 :/ 7,112 : 10 :
A : 5,857 : 05 :/ 7,538 : 07 :
M : 5,562 : 05 :/ 8,192 : 14 :
J. : 6,416 : 10 :/ 8,265 : 17 : 78% / 12,408 : 02 : 52%
Jl : 4,913 : 02 :/ 8,760 : 18 :
A : 6,924 : 05 :/ 8,552 : 09 :
S : 6,210 : 03 :/ 7,671 : 15 :
O : 7,034 : 02 :/ 8,193 : 11 :
N : 6,465 : 06 :/ 8,397 : 04 :
D : 6,238 : 04 :/ 7,274 : 08 : 86% / 10,532 : 04 : 59%
14
J. : 7,174 : 04 :/ 8,355 : 06 : 86% / 11,030 : 03 : 65%
F. : 6,148 : 03 :/ 8,609 : 06 : 71% / 11,030 : 00 : 56%
M : 7,322 : 02 :/ 7,123 : 12: 103%/ 10,203 : 04 : 72%
A : 7,145 : 02 :/ 8,025 : 07 : 89% /
M. :
====

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In part a case of the cooling measures making lower priced units relatively more attractive to both owner occupiers and investors and a general upgrading of the surrounding area.

 

Any thoughts on the delay in the rail project?

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In part a case of the cooling measures making lower priced units relatively more attractive to both owner occupiers and investors and a general upgrading of the surrounding area.

 

Any thoughts on the delay in the rail project?

 

A two year delay (to 2017) brings a meaningful setback in one of three big "positives" for the TKT area, and maybe the most important of the three. So as a TKT property owner, I am not happy to see it. I don't think it will put prices lower, but rather will simply delay an important upwards "push" on the demand for properties in the area.

 

The other TWO POSITIVES remain as before, and are:

 

+ The planned completion of SHKP's big project at Nam Cheong is said to be 2016 (but might slide into 2017.) That is not far from the northern end of TKT. A 29,000 sqm shopping with a quality similar to Elements or Wings would be good for the area, spurring on the ongoing gentrification of TKT.

 

+ The shifting of the MTR lines in the North of HK island has been proposed. I think we will know in a month or so, which of the two options has been selected. The Tung Chung line will, in effect, be extended to either Tseung Kwan O/ LOHAS, or to Chai Wan, Either way, if will serve to make TKT a "more convenient" place to live, since many people will then be able to avoid the long walk between HK Station and Central station - if their destination is beyond Central. This switch may happen in 2017 or so. We will soon know more about this.

 

This summary doesn't even consider the WKCC, which will help TKT somewhat because of its proximity. But I think the date for that is beyond 2017-18.

 

All-in-all, I still think TKT is one of the most attractive areas in the HK-SAR to buy, but this delay will remove any urgency.

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LONG BEACH UPDATE
=====
1c7aaa700.jpg
In the last two weeks, TLB has released 20 "new" units for sale.
And sold at least 12: that's 6 from prior releases,
and 6 from the new releases.
Though not a sellout, this seems to reflect a speed-up in sales
New Releases
========= : --ListPr. / Net : PerSF-n : Maxi.Disc : Adj.Price : PerSF-n
T7 : 17 : B : $9,825K / 563 : $17,451 : -14%-60d : $8,450K : $15,008
T7 : 17 : C : $9,231K / 569 : $16,223 : -14%-60d : $7,939K : $13,952
(adjave: 14,480)
T7 : 37 : B : 10,216K / 562 : $18,178 : -14%-60d : $8,786K : $15,633
T7 : 37 : C : $9,600K / 569 : $16,872 : -14%-60d : $8,256K : $14,510
(adjave: 15,071)
Bank Vals- Secondhand
T3 : 37 : B : $7,810K / 550 : $14,200
T3 : 37 : C : $7,210K / 555 : $12,991
(average 13,596)
. . .
T5 : 37 : B : $8,800K / 562 : $15,658
T5 : 37 : C : $7,960K / 569 : $13,989
(average 14,824)
. . .
T6 : 37 : C : $7,330K / 555 : $13,207
T5 : 37 : D : $7,400K / 555 : $13,333
(average 13,270)
========= :
Premium to secondhand is AT LEAST 10% ($800K) for Tower 3, and a bit less for T-6,
since the price for "new" must be paid in 60 Days, and it is not possible
to move in so quickly - so something must be added to the
price of New flats to adjust for the "Hassle factor".
Absurdly low bank valuations have started to rise.
But there still have been only 3-4 secondhand sales since January.
=====
(June 28th Update):
22 of the 38 units most recently released have been SOLD.
That leaves just 16 units available, mostly on Lower floors.
There was a Price change/release on June 17th:
New prices... were given on high floor units in Tower 7
(these are 560-570 sf, Net)
Fl. : -- B -- : -- C -- :
SF : 560 sf : 570 sf :
50: 10,464 : $9,832 : 000's of HKD
49: 10,443 : $9,812 :
48: 10,443 : $9,812 :
====================
For Flat: =?= after the 14%* discount, for pmt in 60 days, the price is:
50-B : $8,999K, and that is HKD 16,070 per sf.
50-C : $8,456K, and that is HKD 14,834 per sf.
(the average of these two is: $15,452 per sf)
These flats appear to have sold out quickly.
*was 16% previously

 

 

(July 5th Update):
29 of the 38 units most recently released have been SOLD.
That leaves just 9 units available, only on Lower floors, like the 8th fl and lower.
In addition, 3 flats are left from late 2013 releases.

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LOSS on Expensive Flat ($17.78 million / 773 : $23,000 psf-Net : $16,869 Gross) at Florient Rise, Olympic

 

Compare with next door: Park Avenue : Latest: $15,286-Net / $11,356-Gross

 

ParkAve_zps35cf68c2.png

 

Looks like somebody overpaid for a "trophy flat" at Florient Rise - often a bad idea!

 

Hong Kong's Wen Wei Po (Reporter Ngan Lun Lok)

The property market continues to hit new lows, "semi-new property" have recorded transactions with a loss continuously.Latest news shows, Florient Rise in Olympic Station have recorded the first transaction with a loss this year,the city passed the news of there are a group of mainland visitors bought a unit with a salable area of ​​773 feet and with the price of HKD $ 17.78 million in 2011,just changed hands with the price of HKD $16.0 million, just calculated with the book price,has been loss of about HKD $1.78 million and even with expenses such as commissions and stamp duty,so that the actual amount of loss of more than HKD $2.6 million. In addition,Century Gateway in Tuen Mun also recorded transaction with a loss,even with the fee,the actual loss of about HKD $118,100.

A transaction unit with a loss of Florient Rise was located in Flat A, Upper Floor, Tower 2,with an area of ​​approximately 1,054 feet, 773 feet of salable area, with the latest transaction price of HKD $16.6 million,with the price of about HKD $20,699 per sq.ft. Land Registry data show that the original owners was a group of mainland buyers who bought the units with the price of HKD $17.78 million in 2011, now change hands even make charges,so that the actual amount of loss of over HKD $2.60 million

 

(Meantime: Sellers are getting scarce):

Agent said that second-hand properties restricted due to the fact that the second-hand properties which put up for sale are keep on reducing Centaline Asia Pacific president of residential department Chan Wing Kit said that , the second-hand properties which put up for sale are keep on reducing, the increase in the number of property visits just bringing the illusion for the owners, the attitude of the second-hand property owners are tough, the buyers are still lacks of strong desire to chase the price, so that it cause the second-hand property stalemate and the turnovers become sparse.

==

 

> more: http://www.28hse.com/en/news/20140609/22399/

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How on earth a property of 773 sq ft saleable area can be called a "trophy flat" remains a mystery to me. (I assume it wasn't you you gave it that label.)

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I did call it a "trophy" flat - but it was purely based on the PRICE:

 

250px-Cherry_Street_Project_200810.jpg

Florient Rise

 

Expensive Flat ($17.78 million / 773 :

 

Florient Rise : $23,000 psf-Net

Park Avenue : $15,286-Net

==================

+ 50.5 % Premium !! - the price paid by original buyer

 

Florient Rise is No better than Park Ave., - so Why?

Someone overpaid.

I can understand paying a premium for a high floor, with a high ceiling.

(My flat has those characteristics.)

But it seems the banks reflect only a tiny premium in the bank valuations.

And that may explain the loss - as it was, they got a premium - but less:

 

Sale ($16.00 million / 773 :

Florient Rise : $20,699 psf-Net

Park Avenue : $15,286-Net

==================

+ 35.4 % Premium - when the original buyer sold

 

I think my high floor "Premium" flat is worth a $500k - $1000k premium,

Not the $4 million+ premium that the Seller received at Florien Rise.

 

Contrary to what the article says, and what Punter said, this was a

VERY GOOD PRICE INDEED !!

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LONG BEACH - Prices Up on "new" flats

 

Hang Lung issued a new Price List (2D) on 23 July 2014.

It established prices on some flats not previously listed,

And made revisions on a small number, where prices were up about 5.5%

 

New:

T3 : 50E : $37.132M : 1,336 sf = $27,793 psf

T3 : 49E : $37.057M : 1,336 sf = $27,737 psf

T3 : 48E : $13.632M : 0,768 sf = $17,750 psf

T6 : 50A : $48.161M : 1,336 sf = $36,049 psf

T6 : 49A : $48.065M : 1,336 sf = $35,977 psf

T6 : 39B : $13.988M : 0,768 sf = $18,214 psf

.. more ..

T9 : 41D : $10,049M : 0,570 sf = $17,630 psf

.. more ..

 

Revisions

T7 : 50A : $19.541M : 0,862 sf = $22,669 psf / Old: $18.531M, that's + 5.45%

T7 : 50D : $61,515M : 1,376 sf = $44,706 psf / Old: $58.334M, that's + 5.45%

T7 : 48A : $19.502M : 0,862 sf = $22,624 psf / Old: $18.494M, that's + 5.45%

T7 : 48B : $11,012M : 0,560 sf = $19,664 psf / Old: $10,443M, that's + 5.45%

T7 : 48C : $10.347M : 0,570 sf = $18,153 psf / Old: $ 9,812M, that's + 5.45%

.. more ..

 

There are discounts of up to 16% to these prices, if buyers pay in time (w/in 60 days)

 

Example:

T9 : 41D : $10,049M : 0,570 sf = $17,630 psf

with 16% discount

T9 : 41D : $ 8,441 M : 0,570 sf = $14,809 psf

Savings- : $ 1.608 M ========> $ 2,821 psf

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Small is still beautiful (ie Tiny Flats)


Tiny shoebox style apartments are "flying off the shelves" (haha)


Park Ivy, a Sino Land project in Tai Kok Tsui offers some of the cheapest flats in Kowloon. Last month, it relaunched 100 units, mostly sized between 256 and 322 sellable sq ft.


The Tiny flats sold out in an afternoon, after being oversubscribed by 21 times. The cheapest flat was HK $3.42 Million.

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Which is the better deal (1) $3.42 million for a 256 sq ft apartment or (2) $4.6 million for a car park in Belcher's.

 

Yes, that's what a real estate agent told me was the last asking price for one.

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Dear me - really?

 

That's a huge sum.

Better to buy a small flat in TKT near Olympic station, rent it out,

and also buy a car parking space for $1 million, or whatever.

You can leave you car in TKT, and travel to it by MTR

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I would probably go with the "neither nor" option.

 

People who own and use a car in HK are strongly motivated by convenience - even a small degree of physical separation from where they park the car and where they live is a big issue for many of them.

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Better to live somewhere where you rarely, if ever, need a car.

 

It's worth paying a bit extra for that convenience IMHO.

 

That's one of the reasons I like Olympic, the transport connections are good for most places:

And especially to Central, and to the airport.

And you get that, at a reasonable price.

(within two years or so, the connection to the XRL should be added.

And that will be within walking distance, or an easy cab ride.)

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Pushing up to test the highs

 

TKT-PkA_zpseff5cf00.png

 

TKT-TLB_zps0a71ce5b.png

 

TKT-Mhv_zps8c4a7b7f.png

 

TKT-Cos_zps5690c81c.png

 

... and on Hong Kong Island

 

HKI-TKS_zps95aaf374.png

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Shops in Tai Kok Tsui block go on the block


Two shops at Lime Stardom, Tai Kok Tsui, are to be sold by tender with a reserve price of HK$120 million.

. . .


It translates to a unit price of HK$24,610 per square foot. The 2,836- and 2,041-square-foot ground-floor stores, at the corner of Larch Street and Fir Street, are expected to fetch a monthly rent of more than HK$250,000 in total, or HK$52 psf. Rental yield is about 2.5 percent.


They belong to the three-story retail portion of Sun Hung Kai Properties' (0016) single-block residential project Lime Stardom completed in late 2011. The Hong Kong Children's Choir is the current tenant of the second and third floors, which were sold in 2012 for HK$150 million, or HK$5,949 per square foot.


Sharon Fong Wing-ching, deputy senior director of investment at sales agent Savills, said the district has several redevelopment projects, including new residential buildings such as Park Ivy and Park Summit by Sino Land (0083), while a new hotel across the street will also be completed by 2017.

==



Wow.

A 4X premium for the First floor !

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Nam Cheong may become a new Mecca for singles, and couples (DINK's)

Maybe someone should start a nightclub, or singles bars nearby

 

 

The Rush into small flats
"Developers Squeeze out Tiny Flats" - SCMP headline
"Small is beautiful as builders rush to tap into the lucrative market after soaring rents
and home prices force shift from bigger luxury projects"
+ Many Launches: Cheung Kong (165.sf, MtV.1), Henderson (High Pl.,166.sf), CK(177.sf,MtV.2)
+ Rising rents are forcing people into tiny flats
+ Flats below 430.sf rose by 6%, from $4.9mn, to $5.2mn, in 5 mos to August
+ As more and more small flats are built, it is become less easy to rent larger flats
+ The new trend is a reversal of an earlier trend of selling large flats (1,000sf+) to mainlander buyers
+ Developers have decided that small flats can earn more, and carry less risk
+ It is also easier for buyers to get mortgages on small flats - often up to 90%
SHKP will be launching many more tiny flats at Nam Cheong, starting from 165.sf living space
+ Planned to be 3,400 units
+ The 165sf. excludes kitchens, balconies, utilities, partition walls,
+ So studios will be 300 sf, and 1-BR flats about 400 sf
+ SHKP has also applied to convert four projects in NE NT to smaller units
One person households will account for up to 18% of the HK population in 10 years,
compared with 15.2% in 1981. And 2-person households are expected to rise from :
25% (2011) to 29% (2012)

=

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2015-17 : we are now in the Window for a Cyclical Peak in HK property

 

CCLI-2015_zps154e6ad8.png

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In the last few days, HSBC increased their Bank Valuations in the TKT area by about 3%,

 

this reflects the upwards creep in actual transaction prices over the last 3-4 weeks.

HSBC has just caught up with that.

 

I would expect Bank of China to make an upwards adjustment soon too.

Their valuations are now generally below HSBC

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A Hot Wave of Sales at Long Beach

=======

(per Midland)

Block Floor : - Date -- : $Price- / Net = per Sq.Ft : Gross = per Sq.Ft

TW5 : Mid. : 30/01/15 : $8.68M / 558 = $15,556 : 742 = $11,698

TW6 : Mid. : 30/01/15 : $8.28M / 546 = $15,165 : 742 = $11,159

TW5 : Low : 26/01/15 : $8.68M / 556 = $15,612 : 743 = $11,682

Tw3 : High : 25/01/15 : $8.65M / 549 = $15,756 : 741 = $11,673

TW5 : Mid. : 25/01/15 : $8.80M / 564 = $15,603 : 752 = $11,702

 

TLB Index - per Centaline

LongBeachPrices_zpsf4c9fcac.png

 

Nearby

Park Avenue/ Cent. Park - in TKT : update

CentralPk_zps83176321.png

 

Meantime, a down week in the CL Index

 

Week : CCLI : CMMI : RobinPl: Tregun : Dynast : Clovell/ IslHarb: ParkAv: Waterf : Sorrent : TArch : C'ribC : TaikSh.

Numb.: ( #1) (#2,4): ( --#6): (--#7): (--#8) : (--#9)/ (--#7) (--#8): (-#12) : (--#13): (-#14) (#-3) : (#21)

==== . .

01/25: 134.03 135.01: 15,587 : 19,554 : 24,903 : 22,368 /11,378: 12,466 : 13,970 : 17,147 : 21,797 : 6,538 : 12,627 :

01/18: 134.64 135.73: 15,608 : 19,581 : 24,936 : 22,398 /11,366: 12,311 : 13,997 : 17,179 : 21,838 : 6,079 : 13,586 :

 

Private flat supply hits 8-year high - SCMP

Number of completed units up 89pc last year

+ 15,700 units completed in 2015

+ construction started on 17,300 units, up from 14,100 in 2013

+ starting the transition to a period of more sustainable flat supply

+ some 74,000 new homes expected over next 3-4 years (74,000/4 = 18,500 per year)

+ Supply expected to be maintained at 15,000 -18,000 in the next few years

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URA takes Tai Kok Tsui hotel plan to developers
2 April 2015
South China Morning Post Excerpt

0402-00204-011b1.jpg : 23-storey hotel coming

 

TKT-AshSt_zpsenl21vpw.jpg

The Urban Renewal Authority (URA) has invited expressions of interest for the development of a hotel in the Tai Kok Tsui area of the city.

The 7,814-square-foot site at the junction of Anchor Street and Fuk Tsun Street will be redeveloped into a 23-storey hotel providing 200 rooms on top of a two-storey podium for commercial and back of house facilities, according to the URA. The site will yield a total gross floor area of 70,278 sq ft.

A URA spokeswoman said the site was originally designated for residential use but the authority obtained Town Planning Board approval to change the land use to a hotel.

The URA said the primary concept for the proposed use is to alleviate traffic noise impact from the West Kowloon Corridor on adjoining residential buildings and to meet market demand for three- and four-star hotels in the district, as well as to create jobs and enhance the local economy.

The URA, the former Land Development Corporation, “has been involved in commercial projects previously”, said Charles Chan, Savills’ managing director for valuation and professional services. For instance, he said, it had participated in the office-hotel development at Langham Place in Mong Kok and the office project, The Center, in Central.

Chan estimated the Tai Kok Tsui site could be worth HK$7,000 per square foot.

==

> http://www.skyscrapercity.com/showthread.php?t=221382&page=93

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CUSTOM-Made Furniture available

 

Are you moving to a 2BR flat in The Long Beach?

(or similar sized flat elsewhere, such as Park Avenue, Island Harbourview, Harbourgreen, MHV or elsewhere in HK, Kowloon, or NT)

 

We have very nice custom-made furniture available, at a cheap price.

They will not fit into the flat we plan to move into

 

( Description and photos below.)

 

Custom Furniture items: Prices as stated, or Best Offer

 

1 / Wardrobe, with rollout bed :

1/ TLB-%20Wardrobe%201%20-%20photo%201%207% : TLB-%20Wardrobe%201B_zpshnqma1aa.jpg
Wardrobe 1 with 4 drawers, shelves and a rollout single bed underneath available from 22 AUG 2015 (Now is okay!)
Custom Wardrobe with sliding doors, 4 drawers, shelves
and a rollout single bed underneath - Modular design
Measurements
H: 7 feet H x L: 85” x W: 24” (D: 34", footprint for the bed)
H: 213 x L: 216 x W: 61cm (D: 84cm, footprint for the bed)
Pullout-bed is 80cm wide, with a 76cm wide mattress on top
Priced at HK$2,800. The original cost was HK$10,800, from a shop called Elegant, in Mong Kok
2/ TLB-%20Wardrobe%202%20with%203%20drawers : ( RESERVED !)
Wardrobe 2 with 3 drawers and 4 shelves available from 22 AUG 2015 (5 feet W x 22” deep x 101.5” H) at HK$4,000.
The original price was HK$9,000.
3/ TLB-QueenBed-0_zpszc1dt1sc.jpg
A queen-size bed with hydraulic storage - available from 25 AUG 2015 – and maybe sooner
with storage underneath using a hydraulic uplift (5 feet W x 74” L)
Priced at HK$2,500. The original cost was HK$6,200.
4/ TLB-%20A%20storage%20cupboard%20-%20phot : (RESERVED !)
A storage cupboard with many shelves, spaces to hang clothes and 3 drawers available from 22 AUG 2015
Size: (71” W x 22” deep x 101.5” H) at HK$6,000. The original price was HK$12,000.
========
/ we also have some paintings and non-custom furniture for sale. Photos will be posted soon /
To make offer, or to view Furniture, please send SMS message to: +852 - Nine579- 3620
Or send me a PM through GEI - How to Join GEI for free: See Post#2 (note: Dr B's Favorite is: "admiral byrd")

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