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The Kowloon Property thread /HK#2

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Mainlanders flock to Kowloon

Good shopping and transport links make district popular

 

Yvonne Liu .. Jun 17, 2009

Jiangsu businesswoman Ms Li secured Hong Kong residency in March under the government's Capital Investment Entrant Scheme by buying a flat in the Sorrento development above Kowloon Station for more than HK$7 million. ...

 

Mainlanders have spent a total of HK$7.51 billion in buying property / 2,683 visa to Chinese nationals since Oct.2003

 

/see SCMP home: http://www.scmp.com/portal/site/SCMP/menui...?s=idx_Business

= = =

 

WHAT attracts them:

+ HK$6.5 million investment is needed for the collective investment scheme

+ Property now looks safer than stock market investments (40% into property recently)

+ Kowloon (esp. KC, and West K.) is very accesible, and the new train to GZ will enhance that

+ Tsim Sha Tsui is a very popular shopping destination for mainlanders

+ "If I fail to expand my business in HK, I will lease my unit..."

+ 9 out of 10 applicants (for CIES visas) bought in Kowloon

+ Mainland banks have relaxed property lending terms

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Olympic area / Threads on GeoExpat

 

(Movers to):

One SilverSea : http://www.geoexpat.com/forum/thread22627.html

 

(Meet/Greet):

OneSilverSea or The Long Beach? : http://www.geoexpat.com/forum/thread29582.html

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The Express Railway is impacting negatively on some TKT Property values

 

tkt2.gif

 

"The government may face lawsuits for a much greater amount of compensation from residents in TKT as a result of the Guangzhou-Shenzhen-HongKong express link."

 

"The Railways Ordinance bans piling works within 30 meters of either side of an underground railway. Even with a special permit, developers could not drive piles deep enough for high-rise buildings."

 

Source / SCMP article (pg3. of two days ago):

tkt1.jpg

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SOLO PROJECT in Tai Kok Tsui - 135 industrial units, ranging from 474sf to 1,670sf

 

Developer: K Wah, completion 2011

Size.........: 23-storey, 135 industrial units, ranging from 474sf to 1,670sf

Location...: 83 Bedford Road, TKT

Price........: HK$3,100 psf, for 50 units (mopst buyers were investors)

 

Previous...: 33-years old renovation in Wong Chuk Hang

 

Comment: Wilson Chan, assoc. director of sales and marketing at K Wah:

"we can't make big money from this project. We just want to do something new in the HK property market."

 

K Wah's chairman is Lui Che-woo, and it is privately held

 

K Wah Int'l / HK173 ... update

kwah.gif

 

== == ==

 

Industrial project “Solo” intended for “creative industry”, K.Wah insists

 

Accused of selling units at industrial project Solo on Bedford Road as homes, the management of K.Wah finally came forward yesterday claiming that the project is purely industrial purpose built. But buyers are warned by lawyers that if buying into these units as homes they may have to face legal problems especially if they sell them in the secondary market in the future. It is reported that buyer registration began yesterday but was met with lukewarm response. Unit prices start from as low as below HK$3,000 per sq ft, according to the developer. (Apple Daily, 23.10.2009)

 

/see: http://www.vigers.com/index.php?option=con...98&Itemid=2

 

2a/

K.Wah repackages industrial building as loft apartments

Following the announcement of Government’s plan to revitalise disused industrial buildings, K.Wah Group has responded

promptly to it by converting its industrial project, called “SOLO”, at Bedford Road, Tai Kok Tsui into a loft-style residential

block. Touted as “a brand new residence in Kowloon West”, the industrial building has obviously been repackaged as an

apartment block coming with a price tag of HK$4,000 per sq ft. MPs have however criticised such “illegal conversion” and

called on the Government to rein in unpermitted conversions. (Apple Daily, 22.10.2009)

 

2b/

Flats rise from industry

K Wah International (0173) said it plans to sell its former serviced apartments at a Tai Kok Tsui industrial building as individual strata-title units.

Derek Yiu

Thursday, October 22, 2009

K Wah International (0173) said it plans to sell its former serviced apartments at a Tai Kok Tsui industrial building as individual strata-title units.

After naming the 23-storey building on Bedford Road as Solo yesterday, company associate director Wilson Chan Yuk-shing said the developer aims to charge about HK$3,000 or HK$4,000 per square foot for the 135 units.

 

The units range in size from 447 to 631 square feet, with the cheapest home costing about HK$1.6 million.

 

An entire floor of seven units, totaling 3,490 sq ft, would cost about HK$14 million.

 

So far, Chan said some 40 prospective buyers have expressed interest. He expects the property to attract both investors and people in the creative industry. The developer has yet to finalize a sales timetable or actual prices

 

3/

Lawmaker takes developers to task

23/10/2009

The Real Estate Developers Association will look into a complaint concerning floor numbering of Henderson Land Development's (0012) home project 39 Conduit Road, lawmaker Lee Wing-tat said.

"The developers association has agreed to study the complaint and will pay attention to the use of `creative numbers' for floor numbering," Lee said after a meeting with members of the association yesterday.

 

The Democratic Party member has received a complaint saying the skipping of floor numbers by Henderson Land was misleading to consumers.

 

Lee also criticized Sun Hung Kai Properties (0016) for marketing the Kowloon Peak residential project Aria to a customer at the firm's headquarters before releasing a sales brochure and a price list. Under Lands Department rules, developers are required to release a price list 24 hours before selling homes.

 

And REDA said members have reached a consensus to back the government's land application list system. They suggested the government should lower the minimum price from at least 80 percent of the government estimate to 60 percent to trigger a site for auction, a market source said.

 

"The land sale by application system is a correct one and should be sustained. It may need some improvement, though," said Wilson Chan Yuk-sing, associate director of property sales and marketing at K Wah International (0173). "It's OK for the government to sell land occasionally."

 

Lee accused K Wah of selling units at industrial project Solo on Bedford Road as homes, which is breaching rules of land use change.

 

Chan said Solo is an industrial building, however K Wah cannot control what buyers plan to do with their units.

 

/see: http://finance.thestandard.com.hk/chi/busi...w.asp?aid=89595

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Kowloon Central Per SF (###) : vs.MHV

Sorrento......... : $10,905 (100) : 226.7%

The Arch......... : $14,468 (064) : 300.8%

The Cullinan.... : $16,672 (026) : 346.6%

Harbourside.... : $23,717 (024) : 493.1%

Olympic Area - Averages

==========

One Silversea. : $11,192 (051) : 232.7%

Florient Rise..... : $7,429 (056) : 154.4%

The Long Beach : $7,008 (038) : 145.7%

Park Avenue...... : $7,022 (181) : 146.0%

Habour Green.... : $6,856 (095) : 142.5%

Island Harb.View : $6,805 (117) : 141.5%

Shining Heights : $6.2Ke (???) : 128.9%

Hampton Place : $6,098 (057) : 126.8%

Metro Harb.View: $4,810 (286) : 100.0% <

Charming Gdn. : $3,696 (051) : 076.8%

Cosmopol. Est. : $3,151 (060) : 065.5%

 

Cheung Sha Wan West area - Averages

=========

Sparkle ...... : $6,184 (007) : 128.6%

(4 Small Dragons):

The Pacifica : $5,271 (169) : 109.5%

Liberte ........ : $5,102 (126) : 106.1%

Aqua Marine : $5,228 (112) : 108.6%

Banyan Gdn : $5,164 (146) : 107.4%

 

New Territories

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

Manhattan Hill.. : $7,710 (058) : 160.3%

Mei Foo Sun Ch: $4,190 (614) : 87.1% <

Tierra Verde-TY: $5,344 (118) : 111.1%

Carib.Coast-TC: $3,257 (349) : 67.7% <

CoastalSkyline : $3,905 (248) : 81.2%

TungChungCrs: $3,385 (109) : 70.4%

 

TheCapitol-TKO: $4,422 (051) : 91.9%

GrandPromen'd: $8,367 (125) : 174.4%

 

HK Island

=======

Taikoo Shing.. : $7,579 (406) : 157.6%

Island Resort.. : $5,626 (135) : 117.0%

Baguio Villas... : $7,694 (038) : 160.0%

Resid BellAire: $11,480 (110) : 238.7%

ShamWanTwr : $6,447 (089) : 134.0%

RobinsonPlce : $10,071 (0??) : 209.4%

CentreStage...: $11,076 (026) : 230.3%

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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

CL's MetroHV

metrohvp2.png

HKP's MetroHV

metrohv.gif

Island HV

islandhv.gif

The Long Beach

longb.gif

CL's Long Beach

longb2.png

Florient Rise

florientr.gif

Park Avenue

parkave.gif

CL's Park Avenue

parkave2.png

 

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

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I have started a new thread on The Long Beach / Link

 

It is especially for Owners and Tenants on the estate

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