Friday, July 10, 2020
Martin Hennecke

Goldin forfeits $11b Kai Tak site
<p>Developer Goldin Financial (0530) has walked away from a multi-billion-dollar commercial plot at Kai Tak which it won by tender last month, as the Sino-US trade war continued to rattle the property market.</p><p>The company said it had forfeited the HK$25 million deposit it made to the government for the land premium at Kai Tak Area 4C Site 4.</p><p>It had won the tender with a successful bid of HK$11.12 billion in May, beating off competition from five other groups.</p><p>Despite opposition from chairman Pan Sutong, Goldin Financial&#39;s board voted in favor of forfeiting the project, citing recent social contradictions and economic instability in Hong Kong that would adversely impact the growth of commercial properties.</p><p>Pan denied claims that the company forfeited the project because it could not raise enough capital, and said this was an isolated incident.</p><p>In the long run, Pan said the company would continue to invest because he has &quot;hundred percent faith&quot; in Hong Kong&#39;s property market, and that its development at Liberty Avenue in Ho Man Tin will not be affected.</p><p>Meanwhile, Vanke (Hong Kong) launched the fourth batch of 142 units at tower one of Grand Lepont Tuen Mun at an average price of HK$12,481 per square foot after discounts.</p><p>Sales begin this Saturday with prices ranging from HK$4.66 million to HK$9.31 million. Fifty-three units under HK$6 million are one- to two-bedroom apartments.</p><p>Vanke HK&#39;s operations department vice-president Zhou Mingxi said the units sold earlier in March and May had an average price of HK$12,378 per sq ft after discounts, and the slight increase for this batch could be attributed to units having better views on higher floors.</p><p>Also in Tuen Mun, Sun Hung Kai Properties&#39; (0016) Mount Regency Phase Two announced the average price for its 108 units at HK$15,166 per sq ft after discounts, a 0.5 decrease from May 2018 when its phase one units priced at HK$15,248 per sq ft.</p><p>Cheung Cheuk Sau-Man, general manager of agent sales department at Sun Hung Kai Properties, said the rates were to attract purchasers and not a discount, and expressed confidence in both sales and the market response to other property launches.</p><p>So far, Mount Regency phase one has sold 471 units or 98 percent of total units.</p><p>Phase two is expected to start selling next week, with 58 units available under HK$6 million, and 7 units under HK$5 million.</p><p>In Jordan, two properties at 310-312 Nathan Road were put up for tender. The 6-story property at 310 Nathan Road has an area of 8,463 sq ft, with second to fifth floors for residential purposes and its ground and first floors for commercial use.</p><p>312 Nathan Road has a combined area of 2,974 sq ft across its ground and first floors, and the two buildings have the potential to be jointly combined and developed into a larger property.</p>

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