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Luxury residential site in Kowloon Tong’s Beacon Hill attracts clever seductiveness from developers

A vast oppulance residential site during Beacon Hill in Kowloon Tong, a normal prestigious residence in Hong Kong, has drawn during slightest 10 bids, that could fetch as most as HK$7.5 billion. The supervision proposal sealed during Friday noon.

The site captivated developers such as Cheung Kong Property, a flagship skill section of Hong Kong richest male Li Ka-shing , Henderson Land Development, chaired by Lee Shau-kee, and casino and skill aristocrat Lui Che-woo’s K Wah International Holding. Wheelock Properties and Regal Hotels International are also creation particular bids.

Other submissions embody a corner try shaped by Shimao Property Holding, chaired by Hui Wing-mau who was named as a 41st richest male in China in a Huran China’s Rich List in 2015, and Shenzhen- formed Logan Property Holding. Logan in Jun won a residential site in Shenzhen with a corner try partner for a record 14 billion yuan. The other 4 bidders are unknown.

“We have seen rising land prices and clever sales outcome from new plan launches. The softened marketplace view and penetrating foe for a Beacon Hill site will set a new benchmark in a area,” pronounced James Cheung, a executive during Centaline Surveyors.

Prime site in Kowloon Tong’s Beacon Hill approaching to sell for some-more than HK$7 billion

Centaline Surveyors has lifted a foresee by 10 per cent to HK$7.54 billion, or HK$22,000 per block foot, from an strange guess of HK$6.85 billion, or HK$20,000 per sq ft.

The updated projection is above a forecasts expelled by other analysts, that operation from HK$6.2 billion to HK$7.5 billion, or HK$18,000 to HK$20,000 per block foot.

The 235,182 sq ft site on Lung Cheung Road is subsequent to a tract sole to Kerry Properties in Feb for HK$2.38 billion, or HK$21,000 per block foot, a record for a area.

Thomas Lam, conduct of gratefulness and consultancy during Knight Frank expects a winning bidder would need to deposit a sum of HK$10 billion, including land costs, to rise a site.

Taking into comment construction costs and seductiveness expenses, he predicts a flats to start during around HK$35,000 per block foot.

The penetrating behest come hours after a Rating and Valuation Department’s monthly cost index for private homes edged adult 1.91 per cent in August, a fifth running monthly increase.

The miscarry narrows normal city home prices to within 6.1 per cent of a rise in Sep final year, according to supervision data

The Lands Department will announce a series of bidders after Friday.

Article source: http://www.scmp.com/property/hong-kong-china/article/2023952/luxury-residential-site-kowloon-tongs-beacon-hill-attract