Tuesday, July 14, 2020
Martin Hennecke

Buyers paying the price of property gloom
<p>Trade war uncertainties and extradition bill rallies cast gloom over the property market with both commercial and residential buyers forfeiting investments.</p><p>Centaline Surveyors director James Cheung King-tat said the Goldin Financial (0530) incident will not significantly impact the residential property market because residential demand is much larger than that of commercial property.</p><p>On Tuesday, Goldin Financial rescinded the HK$11.12 billion bid for commercial plot 4C Site 4 at Kai Tak and forfeited a deposit of HK$25 million, which Cheung said is a meager amount for the company.</p><p>Bidding for the neighboring residential plot at 4C Site 1 ends tomorrow. The site allows for panoramic sea views and has a high potential to be luxury apartments priced at HK$14.28 billion or $20,000 per square foot, the highest in the Kai Tak development area, said Cheung.</p><p>The other residential plot at 4C Site 2 was previously awarded for HK$12.59 billion, or HK$19,636 per sq ft, to a consortium of China Overseas Land &amp; Investment (0688), Chime Corporation, Empire Development, Henderson Land (0012), New World Development (0017) and Wheelock Properties.</p><p>At LP6 Lohas Park in Tseung Kwan O, a buyer forfeited the 1,086 sq ft unit at a cost of the HK$851,900 deposit, or 5 percent of the apartment&#39;s HK$17.04 million price tag.</p><p>Meanwhile, Flat 7C at Harbour Place, Hung Hom, with an area of 590 sq ft, changed hands for HK$13 million, or HK$22,033 per sq ft, a record high for the estate.</p><p>The new buyer saw rising rents as motivation for moving into a self-owned flat, while the seller acquired the property in 2015 for 9.85 million, making a profit of 32 percent or HK$3.15 million.</p>

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