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The ICC is Rising and lifting Kowloon with it

iccrising3cb7.jpg

 

International Commerce Center ,(484m - 118fl - U/C)

環球貿易廣場,环球贸易广场,国際貿易センター

 

ICC: 118 stories/ 490 meters above sea level : 2.5 million sf of Grade-A space

also: HK's tallest building, world's third tallest. Completion: 2010

 

Confirmed Office tenants -see also post #35

-----------------------------

Morgan Stanley ... : 10 floors : 350,000 sf

Credit Suisse ....... : 10 floors : 300,000 sf

 

SNP Vite .............. : 1+ floor :. 50,000 sf

EFG Bank ............. : 1+ floor :. 40,000 sf

Deutsche Bank ..... : 18 floors : 630,000 sf (new, some is under option)

 

HOTEL at Top ....... : 15 floors, toi be managed by Ritz-Carlton

 

The Cullinan (270m - 68fl - T/O) - named after a diamond, believe it or not:

website: <a href="http://www.thecullinan.com.hk/" target="_blank">http://www.thecullinan.com.hk/</a>

 

icc-thread-07-1.jpg

 

This 118-story tower(高さ490m、地上118階建ての香港一高い) is the centerpiece of a master plan or massive reclamation project in West Kowloon.

 

Facing downtown Hong Kong across Victoria Harbor, the development was conceived as a transportation hub

connecting Hong Kong to Chep Lap Kok airport and a new urban center with residential, office, retail, hotel and

recreation uses.

 

The winning entry in a design competition, the scheme includes: offices, a 300-room boutique hotel,

and an observation deck on the 90th floor. The office floors are generous in scale, with central cores.

The hotel rooms occupy the upper levels of the tower, radiating from a cylindrical atrium topped by a swimming pool.

A vertical city all by itself, the tower will be one of the tallest structures in the world upon completion in 2008.

Source:KPF.com

 

c3331152611126961145971958818.jpg

 

Sun Hung Kai Properties officially launches the International Commerce Centre's website

icc-l1.jpg

http://www.shkp-icc.com/

 

Live Webcam:

ig_webc_harb1.jpg

 

ICC_sJcy69k2UTx4.jpg

 

/more: http://forum.skyscraperpage.com/archive/in...hp/t-34949.html

 

MORE:

 

20070922_8045859ba18067ba299e6aWKRIleDlwi.jpg.20070922_7a08238fec3e36ff677b3Gf5j2vGRaQJ.jpg

 

Metro-Harborview is a key benchmark for Kowloon & all of HK

 

Hong Kong Properties data & chart

their site : http://www.hkp.com.hk/eng/nc_mdb/#

 

The Long Beach is getting the respect it deserves, while Florient Rise sinks, and Metro Harborview

remains a good benchmark-taking project

 

Centaline's MetroHV

metrohvp3b.png

HKP's MetroHV

metrohv.gif

Island HV

islandhv.gif

The Long Beach

longb.gif

Florient Rise

florientr.gif

Park Avenue

parkave.gif

 

Comment: Imho, FR was over-priced to begin with. The location is convenient, just above Olympic MTR,

but the layouts are bad, and many views are mediocre (at best.) The agents are still working very hard

to sell remaining flats, and it has gone very slowly there. I see values psf sinking down to a small premium

over nearby IHV as time goes on.

 

/Transactions: http://www.hkp.com.hk/propTx/?estateId=&am...e=0&lang=en

 

= = = = =

LINKS

Skyscraper City site : <a href="http://skyscraperpage.com/cities/?cityID=7" target="_blank">http://skyscraperpage.com/cities/?cityID=7</a>

Living at OSS or LB? : http://www.geoexpat.com/forum/thread29582.html

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UNION SQUARE / above Kowloon Station is one of the newest developments in Hong Kong.

 

kowloon.jpg

 

The total GFA of this project is 1,090,026 square meters (11,733,040 sq ft) which is as large as the size of the Canary Wharf development in London.

 

001cuo.jpg

 

The Union Square project covers a total of 13.54 hectares. The built area includes 5,866 residential units totalling 608,026sq m, 2,230 hotel rooms and 2,490 serviced apartments comprising 167,472sq m of combined hotel/serviced apartment space and 231,778sq m of office space.

 

Located at the MTR Kowloon Station with in town check-in facilities for Hong Kong International Airport, residents of Union Square have good transport facilities.

 

This development will also feature an 82,750 square meter world-class shopping mall, Elements.

 

aaaxj2.jpg

 

Sorrento Towers 1-6 (2003): 60-81 floors

The Harbourside (2003): 73

The Arch (2005): 65

The Waterfront, Towers 1- 6 (2000): 46

International Commerce Centre (Under Construction, 2010): 118

The Cullinan, North & South Towers (Under Construction, 2007): 68

 

The Cullinan (Chinese: 天璽)

- is the name of a residential project located in Union Square. The complex also goes by Kowloon Station Development Package 6 or Union Square Phase 6. The developer of the complex is Sun Hung Kai Properties. Both north and south towers of the The Cullinan complex, called The Cullinan North Tower and The Cullinan South Tower, will be Hong Kong’s tallest residential towers at 68 stories and 270 metres (886 feet). The project on this prime waterfront location will have glass curtainwalls and sweeping views of the Victoria Harbour. The glass facade will give the twin towers a futuristic image in line with the nearby International Commerce Centre.

 

Kowloon Station Development Package 6 was named after the 3,106 carat (621.2 g) Cullinan Diamond found in 1905; the largest diamond in the world. The two largest polished gems from the Cullinan diamond are now mounted on the Sceptre and Cross and Imperial State Crown in the British crown jewels.

 

beautifull-buildings-kawloon-hong.jpg

 

The Arch (2005): 65 fl.

xxx

 

The West Kowloon Cultural District

- is a proposed district of concentration for arts, cultural and entertainment establishments in Hong Kong, SAR. It is an ambitious and extravagant project led by several major developers, costing 25 billion dollars, to transform a piece of barren, waterfront reclaimed land, west of Yau Ma Tei into a futuristic artificial canopy. Currently in the public consultation stage, construction is planned in 2007 and expected to be operational in 2011.

 

The project hopes to reaffirm Hong Kong's position as "Asia's World City", attracting tourists and foreign investments. However, there is currently a debate on whether the expensive WKCD project is in Hong Kong's best interests.

 

=====

LINKS:

Kowloon area map...... : http://www.panoramio.com/map/#lt=22.319728...p;k=2&tab=2

Union Square website.. :

ICC related websites... : ICC website : SHKP's website

West Kowloon Cultural. : http://www.youtube.com/watch?v=Vl7hJjx_eII

HK & Kowloon projects : http://www.ebon.com.hk/english/new_page_performance3.htm

Chinese chat some Eng. http://www14.discuss.com.hk/redirect.php?t...p;goto=lastpost

Kowloon Buildings........ : http://www.emporis.com/en/wm/ne/?id=100809

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OLYMPIC AREA

Buildings:

The Long Beach

long-beach-tsui.jpg

 

E11968_s.jpg. .e4b880e8999fe98a80e6b5bej7.jpg

Island HarbourView......... : One SilverSea.................................... :

 

Buildings:

One SilverSea (2006): 47fl./ ??m

Central Park (2000): 52fl./ 147.2m

Harbour Green

Island Harbourview (2000): 41fl. / 117.0m

The Long Beach (2004)*: 46fl./ ???m

Park Avenue (2000): 51f./ 155.6m

Metro Harbour View (2004): 50fl./ 171.0m

Hampton Place (2003): 51fl./ ???m

 

(Charming Garden, June Court, Hoi Fu Court, Fu Tor Loy Sun Chuen)

 

*The Long Beach, 8 Hoi Fai Road, Tai Kok Tsui, Kowloon

Site acquired by Hang Lung for hk$$2.58 billion in public auction in Dec.2000

1,829 units in 8 towers, 2BR & 3BR units from 700 - 1,100 sf and duplex & 5BR: 1,500-2,000 sf

Over 600 units were sold in Oct.2007 at an average of $7,100 psf

 

== == == == ==

 

LAND SALE:

SHKP $5.56b wins West Kowloon site

Hong Kong Standard / 13 June 2007

 

(The plot, sandwiched between One Silversea and The Long Beach, has a site area of 122,204 sq ft and provides a total gross floor area of 916,522 sq ft, of which 794,319 sq ft is residential.)

 

Sun Hung Kai Properties (0016) bagged a prime seaview site in West Kowloon for HK$5.56 billion as it threw caution to the wind amid sluggish bidding from developers concerned about the high reserve price and the prospect of a judicial review related to the site.

 

The price was 32 percent above the opening bid of HK$4.2 billion, but was at the lower end of market estimates.

 

This was despite the Hoi Fai Road site offering a sea view, unlike another West Kowloon site, at Yan Cheung Road, which sold last month for HK$4 billion or 54 percent above the opening bid. In terms of accommodation value the Hoi Fai Road site, which was triggered for auction last month by Wheelock Properties (0049), stood at HK$6,066 per square foot, lower than the Yan Cheung Road site at HK$6,147 psf.

 

An SHKP spokeswoman confirmed it had won the site as sole bidder but could not offer details such as the total investment required. Developers had mixed views of the final bid, with Peter Woo Kwong-ching, chairman of Wheelock Properties (0049), saying it was a good market price, while Cheung Kong (Holdings) (0001) deputy chairman Victor Li Tzar- kuoi commenting that it was quite high.

 

``The price is within expectation, although maybe at the lower range,'' said auctioneer Chris Mills, the Lands Department assistant director.

. . .

The Lands Department also warned potential bidders before the auction that the Town Planning Board had received an application to lower the plot ratio for the domestic portion from 6.5 to 5 and to impose a height restriction on part of the site to allow better ventilation.

. . .

``The result ... was at the lower end of market expectations, mainly due to the recent legal issues,'' said Tony Chan Tung-ngok, executive director at Vigers Appraisal and Consulting.

 

Centaline Property Agency research department associate director Wong Leung-sing reckoned the opening bid price was already very high, with reference to existing secondary market prices in the area.

 

``They are already very brave to go to this [final] price,'' said Wong, noting the very tight site, limited seaview and the possible judicial review.

. . .

Midland Realty sales director for Kowloon Jeffrey Wai Man-chun said the accommodation value of HK$6,066 psf was about 20 to 30 percent higher than prevailing secondary market prices at Olympic station and would allow prices in West Kowloon to consolidate.

 

Wai believes SHKP could sell the units at between HK$9,000 and HK$10,000 psf.

 

/more: http://www.skyscrapercity.com/showthread.p...2352&page=8

 

=====

LINKS:

Olympic map ......... : http://www.mtr.com.hk/jplanner/jplanner/images/maps/oly.gif

One SilverSea tour. : http://www.onesilversea.com.hk/eng/index.htm

Pricing Examples.... : http://cybersearch.midland.com.hk/cybersea...2C40000&x=1

LB, Geoexpat thread :

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145 flats (out of 1,800 or so) sold in the first day at The Long Beach, in Olympic area.

 

"Over 100" sold on day two, i heard later

 

The Long Beach, another major development by Hang Lung Properties after The HarbourSide, houses 1,829 residential units in 8 high-rise towers. About 70% of the units enjoy harbour view. Typical units include 2-bedroom units of approximately 700 sq. ft. and 3-bedroom units of approximately 1,100 sq. ft. with a master en-suite and maid’s quarter. The development also features duplexes and penthouses of up to approximately 2,900 sq. ft. The Long Beach is situated across the road from the Olympic MTR station development, and just several minutes away from Central via MTR. Furthermore, with its proximity to the West Kowloon Expressway, travelling to the airport and the Mainland cannot be any easier. The Long Beach is destined to become the new focus of the Hong Kong property market.

 

"Terriffic Result" says CBRE:

http://www.cbre.com.hk/hongkong/eng/docume.../PNV2007Oct.pdf

 

The Long Beach website: http://www.long-beach.com.hk/

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Patience pays off for Hang Lung Properties

 

The sight of eight completed blocks standiung vacant on the waterfront at Tai Kok Tsui for three years has no doubt left residents in the area wonderinmg what was wrong with the 1,829 units in the development. The answer is nothing. Nothing, that is, except teh price target set for the development, known as the Long Beach, bit its developer, hang Lung Properties.

 

Rather than release the units into a bear market for property for three years, Hang Lung decided to hang on until it judged the time was right to sell - a common strategy of developers caught in this dilemma. And now the time is right.

 

- today's SCMP

 

(More from the article):

 

+ Timing of the release acknowledged high prices at recent land auctions:

. hk$5.71 billion (hk$8,836 psf) at Aberdeen last week

. Neighboring site sold in june 2007 for hk$5.56 billion (hk$6,066 psf) to SHK

 

+ A first batch of 28 units was offered at an average of hk$7,000 psf last friday

 

+ By sunday, 350 units had been sold for revenues of hk$1.8 billion

. a korean fund bought 50 units

. HL has said it will release only 450 units this year; 1,349 units over next two years

. prices were raised by 3.5% to average of hk$7,500 psf

 

+ Low development costs had allowed HL to hold on.

. Bought the site in Dec.2000 at hk$2.58 billion (hk$1,582 psf)

. development cost would have been hk$3,000 psf

. holding costs of 4% pa would raise hk$1,582 to $x,xxx and $3,000 to $x,xxx

. = yielding an expected overall cost of hk$x,xxx

. Total revenues expected to be hk$11 billion, for a groos profit margin of 60%

 

+ End users accounted for an estimated 50% of weekend buyers

. The long completion date (6mos - 12mos) was a big drawcard

. 70% of the flats enjoy a seaview- another draw

 

+ Prices were higher compared with secondhand:

. Island Harbourview : hk$5,567 psf

. Park avenue : hk$5,800 - which are now three years old w/ few seaviews

 

cir06-15_clip_image002.gif

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KOWLOON (Union Square) and OLYMPIC photos

 

lbcullinan2sy8.jpg.longbeach3cq1.jpg

 

The view from the Top of Island Harborview (at night)

iccishvjz9.gif

 

The view from the bridge connecting One SilverSea

iccandifcdm3.jpg

 

ICC Rising

iccrisingtx4.jpg

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Luxury Market still Hot- says The Standard

=====

 

Savills is estimating another 15 - 20% rise in the next 12 months

 

+ 3,205 sf flat in The Legend sold (Oct.18) for hk$109 mn (hk$34,000 psf)

+ Two development sites in Aberdeen totalling 69,822 sf sold for hk$5.71 bn

+ In West Kowloon:

. 210 transactions were recorded in 2 1/2 weeks, a 50% rise over 140 transactions in September

. 78 units in The Arch sold for an average of hk$15,800 psf, up from 38 units and by 9% in a month

. By month-end, 250 transactions are expected for the whole of October

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ICC BEING PHASED IN from 2008- says SCMP

 

Two million sf in total : 118 floors

Third tallest building when completed

 

The International Commerce Centre (ICC) will soar 490 metres above sea level when construction is completed in 2010. But teneants will not have to wait until then to move in:

 

+ The first phase is expected to be completed at the end of 2008

+ Leasing begins at the end of this year, with move-in date for first tenants of early 2008

 

Prices for first 900k sf: hk$35 psf- in line with TST

 

Phase two prices: maybe hk$42 psf, to be completed by end of 2009

 

Morgan Stanley has already leased 10 floors

 

Gross floor area: 31,182 - 38,864 sf, ceiling heights are roughly 2.85 m (in ph.1 &2), 3.15m higher up

 

= =

 

"There is some hope that the uniqe factors surrounding the ICC's development will raise West Kowloon to the stature bestowed to London's Canary Wharf:

 

+ stand-alone commitment, with grade A office buildings

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West Kowloon... The Long Beach ("Town Centre"). Hang Lung Prop.. . 1,833

 

Map

cir06-15_clip_image002.gif

lbcullinan2sy8.jpg

 

They sold about 600 (ie 1/3), and they stopped selling, awaiting the launch of The Cullinan

 

Apparently, they said that they would relaunch at "half the price of Cullinan".

 

Thus, if Cullinan is $20,000 - $40,000", as expected, they would relaunch at about $10,000/

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"Secondary market surges on rate cuts" - today's SCMP

 

Secondary market transactions in 35 key housing estates monitored by Midland realty

edged up to 516 units last week from 512 previously... 11th week of rising transactions

 

Big lenders (HSBC, Hang Seng, BofC) all cut their prime rates to 7%- lowest in two years.

While StanChart, BEA, and Dah Sing cut to 7.25%.

 

+ Sparkle-2009 (500 Tung Chau st.. Tai Kok Tsui) :

Henderson Land sold more than 170 units for an average of hk$6,700 psf, which is

48-55% above the prevailing prices in the area, where recent deals were hk$4,300 - 4,500.

 

Buyers opted for a (6% higher?) structure where only 10% and a further 5% would be paid

prior to the closing in 2009, giving buyers 16 months to resell at a better price.

 

The strong response to Sparkle led owners (of neighboring properties?) to raise their selling

prices by 10%- a response we have seen frequently in the recent boom.

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Second Big Tenant for ICC

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

 

Credit Suisse is taking the top 10 floors (300,000 sf- 40% more than its existing space.)

With a move-in date of 2011.

 

JP Morgan, CLSA, and Deutsche bank are also reported to be in talks with owner, Sung Hung Kai Properties.

The ICC Tower is expected to be completed in 2010, and there has apparently been a price rise.

 

But not everyone is happy.

 

"The general feedback in the office is not really good," said one Credit Suisee staff member.

"Travel times are longer..."

 

((Well that rather depends on where you live!

Sure, if the wife and kids are set up in mid-levels on HK island, it will be longer.

New hires will be much more likely to look at West Kowloon, and places like Discovery bay,

and even Tung Chung.... Leaving that crusty old banker safe to retire on mid-levels after he

quits, retires, or receives a redundancy package.)

 

= =

 

The New gateway to China: Kowloon Central and the ICC

3157_1439_hr.jpg

International Commerce Centre (ICC) at Kowloon Central (Union Square):

Will be tallest tower in Hong Kong, third tallest in the world

Sun Hung Kai Properties, also oversaw the building of the IFC in Central

 

A new high speed train will link the Kowloon central station to Guangzhou,

China's third largest city, through a 45 minute train ride

 

Other notes from various articles:

 

+ Shortage of prime office space in central has driven up rents there by 20%.

+ Office space vacancies in Central are said to be down to below 2%

+ Rents in central were up 6.7 % in the latest quarter, and 21% in teh last year

+ Spot rents at IFC and Exchange Square hit hk$176 and HK$120 psf, respectively

+ ICC will be raising rents 10% from current levels of $42 psf

+ The space taken by CS is enough to house 2,000 staff

+ With 110 floors (?) at ICC, that suggests room for 22,000 staff.

+ That is alot of new housing deamnd for Kowloon, which only has 4,000 new flats

.. to be launched in the next 6 months or so.

 

Trading Places

ICC is challenging the pricey Central district as HK's office hot spot

 

District==== Office area : Rental level : Vacancy

Central........ .. 14.6mn .. : HK$111 psf : 1.00%

Sheung Wan. .... 3.8mn .. : HK$ 51 psf : 3.70%

Admiralty..... .... 4.5mn .. : HK$ 66 psf : 1.90%

Wan Chai..... .. 11.0mn .. : HK$ 40 psf : 1.50%

Tsin Sha Tsui .. 10.9mn .. : HK$ 34 psf : 5.00%

 

ICC project... ... 2.5mn .. : hk$ 50 psf : ?? 1/3?

 

(Data as of November 2007- from WSJ article)

 

The International Commerce Centre (ICC) - by Harbour Vantage Management -

...will be Hong Kong's latest distinctive landmark standing at a soaring 118-storey height (490 meter / 1608 feet) and facing Hong Kong's downtown on the Victoria Harbor. When complete, ICC will comprise of 2.5 million square feet (232 258 square meters) of Grade-A offices, a 1-million square feet (92,904 square meters) shopping mall, luxury residences and serviced apartments, and revitalizing green spaces - all accessible via MTR's new Kowloon Station. A 7-star Ritz-Carlton hotel with 300 rooms will be located near the top portion of the tower on 15 floors, and will be the highest elevated hotel in the world, surpassing the Hyatt in Jin Mao Tower - It will also include convention and conference facilities, and an observation deck on the 90th floor. The original design by SOM proposed a 574 meter high tower but it was rejected along with 2 additional tower design proposals - the client finally accepted the tower designed by Kohn Pedersen Fox Associates architectural firm in association with Wong & Ouyang. The tower is currently under construction in 3 phases; phase 1 in 2007, phase 2 in 2009, and phase 3 in 2010. Structural Engineering by Arup, MEP Engineering by J. Roger Preston, and Landscape Architecture by Belt Collins & Associates.

 

long%20beach%20map.jpg : older map

The Long Beach is at Olympic station. Kowloon Station is the next one south, closer to HK Island

 

YouTube videos on ICC: http://www.youtube.com/watch?v=5U2kBCZlcbA

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SOONER rather than later??

=====

 

Lai See in today's SCMP has some differing info

 

He says:

Credit Suisse will move in mid-2008, at the latest.

 

+ They will take 10 floors from the 87th

+ Reception will be on the auspicious 88th floor

+ supporting staff will be the first to move in, during the second half of 2008

 

That's bound to be good for properties in Kowloon West, DB and Tung Chung

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US FUND buying in HK...

 

Originally Posted by MacauVillager28

A US-based fund bought 42 units of The Long Beach in Tai Kok Tsui from Hang Lung Properties (0101) for HK$400 million, according to media reports. Henderson Land Development (0012), meanwhile, gained HK$500 million by selling 96 units in The Sparkle to the same fund. The Sparkle is located in Cheung Sha Wan, an old industrial district in Kowloon.

 

/see: http://www.skyscrapercity.com/showthread.p...2950&page=2

 

 

2/

Property agents said the traditional luxury market is changing as top homes are increasingly being snapped up by the Chinese new rich, who are pushing prices to the limit.

 

Alibaba.com's (1688) Jack Ma Yun spent HK$300 million for a penthouse duplex in the Mid-Levels. The price tag set a record as the most expensive apartment in Asia.

 

Hang Lung Properties chairman Ronnie Chan Chi-chung said liquidity has been accumulating in nontraditional economies, such as Middle East, because high oil prices are driving up the trading surplus. "But there are few investment opportunities there so they go elsewhere."

 

Tony Tse Wai-chuen, general manager for sales at Henderson Land, said institutional investors choose Hong Kong as they are optimistic about Asia. They are worried about buying US homes because of the subprime crisis, while growth in the UK market has been slowing down after years of thriving on foreign investment.

 

"Funds will commit to real estate in Hong Kong because of its political and economic stability, and it being a gateway to China," Tse said.

 

The sustained weak trend of the US dollar, and thus, the Hong Kong currency too, is also causing the city's homes to become cheaper. Financial institutions prefer to buy whole blocks. When supply is short, as in today's market, they choose new apartments. Chan said unlike investing in stocks, institutions will not easily pull out when the market turns around. "It's difficult to sell dozens of flats at one go."

 

/see: http://www.thestandard.hk/news_detail.asp?...071129&fc=7

The Standard, Victor Cheung , Thursday, November 29, 2007

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Trading Places

ICC is challenging the pricey Central district as HK's office hot spot

 

District==== Office area : Rental level : Vacancy

Central........ .. 14.6mn .. : HK$111 psf : 1.00%

Sheung Wan. .... 3.8mn .. : HK$ 51 psf : 3.70%

Admiralty..... .... 4.5mn .. : HK$ 66 psf : 1.90%

Wan Chai..... .. 11.0mn .. : HK$ 40 psf : 1.50%

Tsin Sha Tsui .. 10.9mn .. : HK$ 34 psf : 5.00%

 

ICC project... ... 2.5mn .. : hk$ 50 psf : ?? 1/3?

 

Today's SCMP identifies Five existing and emerging CBD's:

 

1/ Central/ Admiralty/ Sheung Wan (CAS) - within walking distance of each other

2/ Tsim Sha Tsui (TST)

3/ West Kowloon - ICC (WKI), dominated by the ICC

4/ Hong Kong East (HKE)

5/ Kwun Tong/ Kowloon Bay (KTK)

 

HKE : One Island East, DBS reserved the whole zone 1, covering 300,000 sf

 

KTK : Landmark East is a show of confidence:

+ Award-winning design from Arqitectonica

+ Embedded within: environmental and sustainable features for its 1.2mn sf gross floor space

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(From todays' SCMP):

 

+ Buoyant market attracts 13 developers for Tai Kok Tsui site

... URA's 25,000 sf site at junction of Pine st. and Anchor St.

... maximum gross space of 225,000 : residential and commercial

... Invitations to be sent for tender auction

... expected to fetch $1 billion: land price of $4,500, eventual $8,000 psf in 2 yrs.

 

+ Harbour place: 900 units sold last week for $4 billion

... One real estate fund paid hk$200 million for 50 units

... SHK to offer additional units at the same price, and review pricing later

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IMPACT OF LAND SALES

 

Some interesting data in today's Standard...

 

On May 8th, land was sold at auction for Olympic/West Kowloon plot for a fancy price

 

Project-------------- May price : June Price

Island Harbourview .. 5,400 .. : .. 5,404 ..

Park Avenue.......... .. 5,041 .. : .. 5,843 ..

Hampton Place....... .. 4,692 .. : .. 4,864 ..

Central Park.......... .. 5,615 .. : .. 5,547 ..

OneSilversea........ . 10,048 .. : .. 9,356 ..

 

these prices look VERY LOW now in relation to currenbt market

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Others might be interested in a question that I received by PM.

Please feel free to disagree and offer alternative points of view

 

/Paraphrasing/=============:

 

Are there good opportunities in Hong Kong Property for overseas investors?

 

I travel to HK only once or twice a year. Would it be sensible to investing in a single top-end prime unit ?

My assumption is that would be administratively easier than buying a portfolio of units. Would you agree ?

 

I was looking at the Cullinan complex but the apparent price range ( Hkd sqft) seems very high for (perhaps ?) a non prime location. Is my view correct do you think ? Any alternative prime units due to be released this year ?

 

/End Question/============

 

Cullinan will be very expensive, and will become the price leader and bellwether for the newly emerging "luxury corridor" in West Kowloon. It is next to what will be the tallest building in HK, and fourth tallest in the world,

and the ICC (next door) will have over 20,000 high-salaried workers. There will be a short walk to the new

West Kowloon cultural district, and it is sitting onto of Elements the highest luxury shopping mall in HK, and one

of the best in the world. You can hardly call it "a non-prime location". Within 2-3 years, West Kowloon may be

competing with the top locations on HK island, and for those that work in the ICC, they will prefer it to commuting

all the way to mid-levels, and paying the silly prices there.

 

I see your point about the admin headaches of managing a portfolio of small properties. I agree that may not

be right for you. Let me explain my own logic, and then some alternatives that might work for you.

 

1/ Cullinan properties will cost hk$20,000 psf (or more), from what I am hearing. So if you buy 1,000 sf,

you will be paying HK$20 million. That's: US$2.56 million, or Pds. 1.3 million. Big money for most folks.

 

2/ I am planning to spend a bit less than that (although I am creeping upon the figure fast) by purchasing

a portfolio of properties in Tung Chung, plus one in Olympic. West Kowloon. The TC properties have cost

between $1.55mn and $3.5mn each, and they range in size from 650sf to 1220sf. If we get to hk$20mn

in total cost, we will have an advantage: we only live in one flat, and the others will be rented. So we

will have help in carrying the mortgage payments. Here are some other reasons:

 

+ I live in TC, so can more easily deal with the admin headaches

 

+ Mass market locations have lagged behind the luxury end, but buying is heating up in HK as rates

come down and momemtum increases (people dont want to "miss out")

 

+ Some locations may benefit greatly from the ICC. And I think TC is a prime candidate for a nice

upwards "kick" from ICC tenants buying and renting interest. It is only 23 minutes away by the Tung

Chung line MTR. The area is clean and expat friendly. CS, CC, SC, and even TCC are all newish projects

built to good standards, with nice clubhouses. For those who cannot afford the prices of West Kowloon

($8,000 - $10,000 psf to buy, maybe $25-35 psf to rent- and higher!), then TC projects look very

cheap (at $3,000 - 4,000 psf to buy, and $10-12 psf to rent.) TC prices should push up to a higher

range ($4,000 - 4,500 psf by year end?) and maybe $5,000 psf for larger, combined units.

 

+ Longer term, extensions of the MTR and a bridge to Macau may make TC seem alot more central.

If West Kowloon attracts more high-end office jobs, and the Internatioan school at Disco bay grows,

there's good upside in the years to come.

 

ALTERNATIVES:

 

3/ A traditional way to speculate on HK property appreciation, is to buy new properties with soft financing

of long duration. Let me use my own property purchase in Olympic (Long Beach) as an example. I could

have paid around $5million for a 750sf flat ($6700 psf) on a high floor. The standard finance package would

have required 10% paid within 10 days, and the rest on completion within six months. That already gives

excellent leverage in a market where prices are rising at 1% per week or more. But I took a more

aggressive plan. I paid 5% extra (about $5.25 million), and that's with 10% payable within 10 days, and

another 5% at the six months anniversary; with the rest on completion. Effectively, that's an extra payment

of 5% upfront, for an extra six months prior completion*. That is very cheap time, in a hot market, and I

do not have the headaches of finding a tenant, since I can just defer completion of the sale until I find a

buyer.

 

Unfortunately, the HK developers are well aware of how attractive these "soft finance" plans are to buyers.

So like off-plan sellers in the UK, they pump up the sales price. On LB, we probably paid 10%-15% over

the existing market in the Olympic area, albeit we are comparing new to secondhand. Fortunately, the

secondary market has caught up, and is now pushing higher. So my $5.25million purchase is now worth

$5.75 million or more, and still rising each week (I hope), so on paper, I have doubled my 10% deposit.

 

Other developers are getting even more aggressive on new properties than Hang Lung was at LB.

SHKP is asking an approximate 30% premium (to nearby older secondhand) for soft financing on their

Harbour Place project at Hong Hom. And probably Cullinan will have soft finance too, but do you

really want to pay a big premium on what is already an expensive price? Effectively, these plans aloow

the developers to sell at levels well beyond current prices, capturing nearly all the price appreciation

that is expected in HK over the next year or so.

 

4/ A smarter move might be to try to buy a secondhand property at a discount, because it is tenanted

at a below market rental. If you can get a discount for the lower rental, and a longer than normal completion,

such as 4-5 months, then time works in your favor, since you will be getting the property when there is

liuttle or no time left on the tenancy. This may requires some greater risk appetite than buying new, because

you may not be able to see the flat.

 

5/ Another way that you can play the HK property market is by purchasing stocks with property portfolios.

You should look at my thread on Playmates-HK635. the company has an NAV of maybe HK$1.50, trades at

around 80 cents. Over 80 cents of the NAV is represented by properties, mostly in good locations. The rest

is cash, shares, and their legacy toy business. I reckon that I am buying a HK property exposure at a fat

discount to market, and taking a risk on whether the controlling shareholders wil be willing to share the

spoils with their shareholders. At a huge discount, it is a risk worth running as part of my portfolio.

 

6/ I am thinking about backing a friend in setting up a HK property investment company. I would help him

with fundraising, and strategy, and maybe in identifying opportunities. I have already investing in a company

like this that invests in Berlin, and that is going well. So maybe it is worthwhile to set up something in HK too.

If anyone wants to know more about this, post something here, or PM to me. I will not be seeking outside

investors, unless I am willing to put in my own cash for a minimum of 10% of the stock.

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(If you are reading this thread, please let me know):

 

Say just, "hello", or "i pop in from time to time", "keep posting",

or even: "It's all rubbish, I think its a blow-off", or whatever you like.

 

I'm just trying to find out how many are interested in property opportunities in HK

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Others might be interested in a question that I received by PM.

Please feel free to disagree and offer alternative points of view

 

/Paraphrasing/=============:

 

Are there good opportunities in Hong Kong Property for overseas investors?

 

I travel to HK only once or twice a year. Would it be sensible to investing in a single top-end prime unit ?

My assumption is that would be administratively easier than buying a portfolio of units. Would you agree ?

 

I was looking at the Cullinan complex but the apparent price range ( Hkd sqft) seems very high for (perhaps ?) a non prime location. Is my view correct do you think ? Any alternative prime units due to be released this year ?

 

/End Question/============

 

Cullinan will be very expensive, and will become the price leader and bellwether for the newly emerging "luxury corridor" in West Kowloon. ...etc. ...

 

6/

I am thinking about backing a friend in setting up a HK property investment company.

I would help with fundraising, and strategy, and maybe in identifying opportunities.

 

I have already investing in a company like this that invests in Berlin, and that is going well.

So maybe it is worthwhile to set up something in HK too.

 

If anyone wants to know more about this, post something here, or PM to me. I will not be seeking outside

investors, unless I am willing to put in my own cash for a minimum of 10% of the stock.

 

I have posted in Early Oct 2007 that I had done a S&P on a property in Hung Hom area in HK, which I could buy at a 5% discount to the existing market then, the transaction was completed by mid Nov 2007 and I have already got offers of upto 30% above what i paid for the property including the renovations as it was a second hand property. The market is becoming so tight in this area that prices are being pushed higher. There is a site in front of Harbour Place which the government is now going to put up for auctions and some property agents in Hung Hom area with who I now have build a very good rapport are saying that the price per Sq Ft will be very high, thus again driving the market in Hung Hom upwards. The new MTR spur line has been confirmed and it should be operational by 2014 and thus thats another boost to property in this area.

 

I am planning to sell my property and this was a "Proof of Concept" transaction and am now in talks to set up the above mentioned HK Property Investment company. There are still good deals in HK property, espically second hand tenanted properties with short/medium term tenure which can be bought for bargains. Once the tenant moves out, all it takes is renovating the property and putting it in the market for a good profit. Another interesting venture, which is existing in HK is buying two adjecent flats and making it into a bigger flat which generates a big premium with increase in size of the property. A good example will be two flats of about 800 Sq ft bought at about 5500 HKD/Sq ft and once made into a single large flat, wherein renovations will cost about 300 HKD Sq ft and take around 70 days, can be sold at around the 7000 HKD/sq ft price thus giving appreciation of about 20%. I shall keep posting on developments in the near future.

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Others might be interested in a question that I received by PM.

Please feel free to disagree and offer alternative points of view

 

/Paraphrasing/=============:

 

Are there good opportunities in Hong Kong Property for overseas investors?

 

I travel to HK only once or twice a year. Would it be sensible to investing in a single top-end prime unit ?

My assumption is that would be administratively easier than buying a portfolio of units. Would you agree ?

 

I was looking at the Cullinan complex but the apparent price range ( Hkd sqft) seems very high for (perhaps ?) a non prime location. Is my view correct do you think ? Any alternative prime units due to be released this year ?

 

/End Question/============

 

Cullinan will be very expensive, and will become the price leader and bellwether for the newly emerging "luxury corridor" in West Kowloon. It is next to what will be the tallest building in HK, and fourth tallest in the world,

and the ICC (next door) will have over 20,000 high-salaried workers. There will be a short walk to the new

West Kowloon cultural district, and it is sitting onto of Elements the highest luxury shopping mall in HK, and one

of the best in the world. You can hardly call it "a non-prime location". Within 2-3 years, West Kowloon may be

competing with the top locations on HK island, and for those that work in the ICC, they will prefer it to commuting

all the way to mid-levels, and paying the silly prices there.

 

I see your point about the admin headaches of managing a portfolio of small properties. I agree that may not

be right for you. Let me explain my own logic, and then some alternatives that might work for you.

 

1/ Cullinan properties will cost hk$20,000 psf (or more), from what I am hearing. So if you buy 1,000 sf,

you will be paying HK$20 million. That's: US$2.56 million, or Pds. 1.3 million. Big money for most folks.

 

2/ I am planning to spend a bit less than that (although I am creeping upon the figure fast) by purchasing

a portfolio of properties in Tung Chung, plus one in Olympic. West Kowloon. The TC properties have cost

between $1.55mn and $3.5mn each, and they range in size from 650sf to 1220sf. If we get to hk$20mn

in total cost, we will have an advantage: we only live in one flat, and the others will be rented. So we

will have help in carrying the mortgage payments. Here are some other reasons:

 

+ I live in TC, so can more easily deal with the admin headaches

 

+ Mass market locations have lagged behind the luxury end, but buying is heating up in HK as rates

come down and momemtum increases (people dont want to "miss out")

 

+ Some locations may benefit greatly from the ICC. And I think TC is a prime candidate for a nice

upwards "kick" from ICC tenants buying and renting interest. It is only 23 minutes away by the Tung

Chung line MTR. The area is clean and expat friendly. CS, CC, SC, and even TCC are all newish projects

built to good standards, with nice clubhouses. For those who cannot afford the prices of West Kowloon

($8,000 - $10,000 psf to buy, maybe $25-35 psf to rent- and higher!), then TC projects look very

cheap (at $3,000 - 4,000 psf to buy, and $10-12 psf to rent.) TC prices should push up to a higher

range ($4,000 - 4,500 psf by year end?) and maybe $5,000 psf for larger, combined units.

 

+ Longer term, extensions of the MTR and a bridge to Macau may make TC seem alot more central.

If West Kowloon attracts more high-end office jobs, and the Internatioan school at Disco bay grows,

there's good upside in the years to come.

 

ALTERNATIVES:

 

3/ A traditional way to speculate on HK property appreciation, is to buy new properties with soft financing

of long duration. Let me use my own property purchase in Olympic (Long Beach) as an example. I could

have paid around $5million for a 750sf flat ($6700 psf) on a high floor. The standard finance package would

have required 10% paid within 10 days, and the rest on completion within six months. That already gives

excellent leverage in a market where prices are rising at 1% per week or more. But I took a more

aggressive plan. I paid 5% extra (about $5.25 million), and that's with 10% payable within 10 days, and

another 5% at the six months anniversary; with the rest on completion. Effectively, that's an extra payment

of 5% upfront, for an extra six months prior completion*. That is very cheap time, in a hot market, and I

do not have the headaches of finding a tenant, since I can just defer completion of the sale until I find a

buyer.

 

Unfortunately, the HK developers are well aware of how attractive these "soft finance" plans are to buyers.

So like off-plan sellers in the UK, they pump up the sales price. On LB, we probably paid 10%-15% over

the existing market in the Olympic area, albeit we are comparing new to secondhand. Fortunately, the

secondary market has caught up, and is now pushing higher. So my $5.25million purchase is now worth

$5.75 million or more, and still rising each week (I hope), so on paper, I have doubled my 10% deposit.

 

Other developers are getting even more aggressive on new properties than Hang Lung was at LB.

SHKP is asking an approximate 30% premium (to nearby older secondhand) for soft financing on their

Harbour Place project at Hong Hom. And probably Cullinan will have soft finance too, but do you

really want to pay a big premium on what is already an expensive price? Effectively, these plans aloow

the developers to sell at levels well beyond current prices, capturing nearly all the price appreciation

that is expected in HK over the next year or so.

 

4/ A smarter move might be to try to buy a secondhand property at a discount, because it is tenanted

at a below market rental. If you can get a discount for the lower rental, and a longer than normal completion,

such as 4-5 months, then time works in your favor, since you will be getting the property when there is

liuttle or no time left on the tenancy. This may requires some greater risk appetite than buying new, because

you may not be able to see the flat.

 

5/ Another way that you can play the HK property market is by purchasing stocks with property portfolios.

You should look at my thread on Playmates-HK635. the company has an NAV of maybe HK$1.50, trades at

around 80 cents. Over 80 cents of the NAV is represented by properties, mostly in good locations. The rest

is cash, shares, and their legacy toy business. I reckon that I am buying a HK property exposure at a fat

discount to market, and taking a risk on whether the controlling shareholders wil be willing to share the

spoils with their shareholders. At a huge discount, it is a risk worth running as part of my portfolio.

 

6/ I am thinking about backing a friend in setting up a HK property investment company. I would help him

with fundraising, and strategy, and maybe in identifying opportunities. I have already investing in a company

like this that invests in Berlin, and that is going well. So maybe it is worthwhile to set up something in HK too.

If anyone wants to know more about this, post something here, or PM to me. I will not be seeking outside

investors, unless I am willing to put in my own cash for a minimum of 10% of the stock.

 

 

As the originator of the above mentioned PM first let me say thank you for your detailed thoughts.

My own opinions and questions relating to your numbered points above are ;

 

1) I take your point about this block being the price leader for West Kowloon. In many ways that is why I am attracted to it. In the same area (union Sq) I read one post that said The Arch had sold units for $15,800psf for regualar apartments and for $33,500psf for a Penthouse. I would imagaine that the Cullinan could be expected to be priced at a 30% premium to adjacent apartment blocks which gets you somewhere close to the 20k-40k numbers.

 

2) I do like the sound of the West Kowloon area as a counter weight to Mid levels & Peak. If Long Beach (Olympic) will open up again at $10,000psf does that sound expensive versus The Arch at $15,800 psf or you think the proximity to ICC is not such a problem ? With respect to TC, the pricing seems competitive as a suburb but I dont know the area so I will continue my research.

 

3) So if I understand the example the extra 5% is analagous to the cost of an extended option ? ie if the market does not perform after 6m you can walk away with 5% loss as opposed to 10% loss with the usual funding option.

 

4) This I like the sound of but do not have the local expertise. I have read the next post and am interested in that scheme. See my answer to point 6 below.

 

5) Yes agreed, I paid 79c a month or so back (thanks to your thread).

 

6) I am keen to explore this as it makes me a more passive investor. Perhaps its early days yet for these questions but ;

 

- what sort of leverage would you expect ?

- what would you say would be its benchmark ?

- what would be the timeframe, realisticly, to get started ?

 

7) If I may now just ask some generic questions pertaining to a standard HK purchase.

 

- whats the typical costs of BTL ie stamp tax, agency & management fees?

- on new builds do they offer a full letting service ie furnishings ? Or do HK properties typically let unfurnished ?

- whats the standard mortgage rate now being offered ?

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As the originator of the above mentioned PM first let me say thank you for your detailed thoughts.

My own opinions and questions relating to your numbered points above are ;

 

1) I take your point about this block being the price leader for West Kowloon. In many ways that is why I am attracted to it. In the same area (union Sq) I read one post that said The Arch had sold units for $15,800psf for regualar apartments and for $33,500psf for a Penthouse. I would imagaine that the Cullinan could be expected to be priced at a 30% premium to adjacent apartment blocks which gets you somewhere close to the 20k-40k numbers.

 

(Both areas: Kowloon Central and Olympic, are moving up too fast for my taste. The agent we met last week said prices were zooming up at "3% - 5% each week !" I dont feel comfortable buying a market moving so fast since rents are not keeping pace -obviously- and so yields are falling fast. Those high figures for Cullinan are possible, and that means premium prices ontop of premium prices.)

 

2) I do like the sound of the West Kowloon area as a counter weight to Mid levels & Peak. If Long Beach (Olympic) will open up again at $10,000psf does that sound expensive versus The Arch at $15,800 psf or you think the proximity to ICC is not such a problem ? With respect to TC, the pricing seems competitive as a suburb but I dont know the area so I will continue my research.

 

(The better flats, larger and with better seaviews will be released at LB in the next round- or the one after that. I suppose there will be a logic to such pricing, but the community will be less developed that mid-levels, so it is a risk.

You have o see TC with your own eyes, to assess whether you agree with my that it has high potential.

I would suggest looking at refurbishment opportunitirs in Hung Hom also.)

 

3) So if I understand the example the extra 5% is analagous to the cost of an extended option ? ie if the market does not perform after 6m you can walk away with 5% loss as opposed to 10% loss with the usual funding option.

 

(Walking away will leave you with some risk of being sued for the balance, so it is not a true option. You can pay 10% down for a 6 months closing period, or 5% extra for a 12 months closing period. After 6 months out of the 12 months, you will have 15% invested, and your final price will be 5% higher.)

 

4) This I like the sound of but do not have the local expertise. I have read the next post and am interested in that scheme. See my answer to point 6 below.

 

(My agents in CC are looking out for such opportunities for me. I would be happy to introduce them to you. And at ;east one, Ricacorp has read the above comments already. They would want to know more about your requirements, including the budget.)

 

5) Yes agreed, I paid 79c a month or so back (thanks to your thread).

 

(Playmates: Glad to see you are ahead on the investment. Fingers crossed the stock may be headed to $1.00 plus soon)

 

6) I am keen to explore this as it makes me a more passive investor. Perhaps its early days yet for these questions but ;

 

- what sort of leverage would you expect ?

. (Probably 70% maximum, but it may need a personal guarantee)

- what would you say would be its benchmark ?

. (I would hope to beat the Centaline index, by purchasing well and selling well, and using some of

the tips dicussed herein.)

- what would be the timeframe, realisticly, to get started ?

. (Ah, that;s a good question. The market is moving fast. Ideally it should get started before

March, but there are some documentation and management issues to solve.)

 

7) If I may now just ask some generic questions pertaining to a standard HK purchase.

 

- whats the typical costs of BTL ie stamp tax, agency & management fees?

. stamp tax depends on price: hk$100 up to hk$2mn, rising to xx% : link

. EA's charge 1%, but that can be negotiated lower in certain circumstances

. management: depends: there's money collection, plus more

 

- on new builds do they offer a full letting service ie furnishings ?

. you can rent out furnished or unfurnished, Unfurnished is less hassle, but yield a bit less.

We have had tio ove furniture out of a partially furnished flat, creating some extra hassle for us.

We will soon try to rent a fully furnished flat. Will let you know howthat goes in gthe next 2-3 weeks

 

- whats the standard mortgage rate now being offered ?

Currently HSBC charges: Prime (6.75%) less 2.75%, so that's 4.00%. floating.

Rates are expected to drop by another 0.25% to 0.50% soon, as the Fed cuts US rates

 

( One big problem: it is not easy (maybe near impossible) to get a loan, if you do not

have a secure HK income, or a HK based guarantor.)

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(I need to think more about those questions regarding a possible business plan for a HK oriented property

company. Meantime, in case you havent seen it, here's post#27 from the "Restructuring Dream" thread ):

 

Build costs here are probably: HK$1,500 psf: say US$200 psf.

What is really expensive is the land, which is very scarce, expecially in Central HK.

Hence the need to find cheaper land and connect it by public transport.

 

That's what happened at Lantau: A remote island, larger than HK, and with few people living

on it, had Hk's new international airport built right next to it. (Note: the International Herald

has called HK's airport the "best in the world" - I glance out my window and look down on it.)

A mass transit line was built to connect the airport to central HK. That allow people to get

here easily by MTR. They have taken a tiny village here in Tung Ching, and are turning it

into a new town of over 150,000 people, with more coming as it develops.

 

1361225---1.jpg..038.gif

 

As mentioned in a prior post, Lantau island is an ecological paradise in some respects.

So here we have a great connection to a vibrant city, with monestaries and nature's riches

within easy walking and hiking distance.

 

Land here will become more valuable as more people move here, and/or as jobs move closer

to this beautiful island.

 

2/

Another comparison : Build costs in Germany are maybe:

Eur.1,000 - 1,200 psm = hk$ 1,350 psf = us$ 170 psf

(Berlin Properties, a company run by a GEI poster is buying property near Berlin's new airport

at auction at prices as cheap as Eur.600 - 700; below build cost, with "land for free".)

 

How can costs be so cheap in the US?

Must be cheap materials, and low cost labor where you are. Any manufacturing there?

 

My interest is more than idle curiousity. I plan to buy US Builder shares within 2008, and maybe

actual US property within 2009. I am leaning towards Florida, and pondering where else to buy.

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TRICKS exposed at Harbour Place- in article in today's SCMP

 

"Buyers hoping for more usable space on offer at units in the Harbour Place project in Hung Hom will be disappointed".

The original efficiency of 80-86% has been restated

 

+ Usable space in the 770 sf flats is 592 sf- that's only 76%

+ Parking lot space of 225,000 sf was turned into a clubhouse

+ More common areas, like lift machine rooms, hose reelsd, and covered passage ways are included

.. in the gross area, then allocated out to individual units

 

Despite these tricks, about 950 flats have been sold at between hk$6,500 - 6,800 psf

 

Maybe they should call it: Harbour-no-space ??

Prices at nearby Royal Peninsula range between $5,005 - 6,233, and have an average effeciency of 81%

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EXCERPT from PM:

 

To give you an idea of prices, XXX has shown me a price list for Harbourside

....which ranges from $17,135 psf (1026sf- Bl.2, C.8) to $20,881 psf (Bl.1, A-12) These dont look particularly cheap to me, but I did hear from another agent, than a "mediocre" property in The Arch- lower floor, no seaview- sold this past week for $18,000 psf.

 

HARBOURSIDE: Between ICC and The Arch

TheHarbourside-001.jpg

 

510px-Union_square.svg.png

 

The Harbourside is Hong Kong's second tallest all-residential tower

 

Official Name: The Harbourside

Designed by: P&T Architects and Engineers

Construction Completed: 2003

Type: Skyscraper

Stories: 75

Maximum Height: 837 feet / 255 meters

(including spires, antennae, etc...)

Location: 1 Austin Road West

Area: Tsim Sha Tsui

 

(Out-of-date ccmment?):

 

"We are delighted to introduce 10 prestigious apartments in The Harbourside at 1 Austin Road West, Hong Kong. Unit sizes range from 1,065 sq.ft. to 1,463 sq.ft., with asking unit prices from HK$14,000 to HK$17,000 per sq.ft. All properties are strategically located above the 30th floor enjoying the most remarkable panoramic views of the Victoria Harbour."

Contact:

Kowloon Residential Sales Team on

+852 2622 9222

resklninfo@savills.com.hk

/ see: http://www.savills.com.hk/showcase/Search....ory=Residential

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PHOTOS FROM THE LONG BEACH - high up on the 50th floor / typical floorplan

 

1/

lblkv6.jpg

2/

lbwindowlx1.jpg

2B/

lbl2qi5.jpg

3/ showing Island HarbourView, next door- a 38 story project

lbdwn2bs6.jpg

4/

lbr3cg7.jpg

5/

lbrfl7.jpg

6/

lbrrsw0.jpg

Down

lbdwnuh5.jpg

 

LB video (Cantonese): http://www.cpn.com.hk/easylink/template/ea...code=SYOSJVEQYG

 

LB for sale : http://cybersearch.midland.com.hk/cybersea...By=&lang=en

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