Friday, July 10, 2020
Martin Hennecke

Hong Kong Ferry wins URA project with $1b bid
Hong Kong Ferry (0050) yesterday won the Urban Renewal Authority's contract for the Tung Chau Street/Kweilin Street Redevelopment Project in Sham Shui Po with a HK$1.03 billion offer. The project, situated at 270 to 286 Tung Chau Street intersecting Kweilin Street, has a site area of about 16,038 sq ft and the project will produce a total gross floor area of about 144,300 sq ft. Other developers who had bid for the project included Sino Land (0083), Emperor International (0163) and Far East Consortium International (0035). Meanwhile, a house at Redhill Peninsula in Tai Tam, with a floor area of 3,013 sq ft, was sold for HK$93.3 million, or around HK$30,966 per sq ft, according to Land Registry. The vendor purchased the unit in 2007 for HK$45 million. Also in Tai Tam, Jones Lang LaSalle said a 41,500-sq-ft site at 29 to 31 Tai Tam Road is being offered for sale by tender, with the indication price set at HK$3.78 billion. A foreclosed flat at Regalia Bay in Stanley, with a floor area of 3,384 sq ft, changed hands for HK$85 million, or HK$25,118 per sq ft. The seller purchased the unit in 2007 for HK$67 million. The transaction price was significantly lower than the price of HK$29,000 per sq ft in the sale of another unit in the same development last month. In the secondary rental market, a two-bedroom, 503-sq-ft flat in Taikoo Shing was rented out for HK$39,000 a month, or HK$77.50 per sq ft. The deal raises the possibility of rent for two-bedroom flats hitting a record high in the estate. It may also set a record for rent per sq ft among major residential estates. In the primary market, a 287-sq-ft apartment at The Amused in Cheung Sha Wan was sold recently by joint venture partners Emperor International Holdings (0163) and Urban Renewal Authority for HK$6.45 million after the first buyer, who acquired the unit for HK$5.83 million last September, opted to forfeit his deposit and walk away from the purchase. Meanwhile, New World Development (0017) launched the second round of sales, involving 300 units, at its Fleur Pavilia project in North Point. Sources said at least 28 units had already been sold. Henderson Land (0012) is offering for sale 60 more flats at its Cetus.Square Mile project in Tai Kok Tsui. Mark Hahn Ka-fai, general manager of Henderson's sales department, said 120 more units will be launched on Saturday.

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