Tuesday, August 4, 2020
Martin Hennecke

Vanke, CNQC fork out $3.7b for Tai Po site
Mainland developer Vanke Property (Hong Kong) and CNQC International (1240) won the residential site at Ma Wo Road in Tai Po for HK$3.7 billion, or HK$4,739 per buildable sq ft, in line with market estimates. Market surveyors valued the site at HK$2.74 billion to HK$4.57 billion. This indicates that developers are positive about the outlook for the local home market, said Centaline Surveyors executive director James Cheung King-tat. The site, which measures 243,350 sq ft, has a maximum buildable floor area of 781,890 sq ft. Vanke and CNQC outbid 12 other developers, including Sun Hung Kai Properties (0016), CK Asset (1113), and Henderson Land Development (0012). In the secondary market, Ricacorp Properties recorded 3,487 secondary transactions worth HK$8 million or below in June, accounting for 68.4 percent of the total secondary transactions, down 2.3 percentage points from May. In Tai Po, an 887-sq-ft flat at Mayfair By The Sea changed hands for HK$10 million, or HK$11,274 per sq ft, after HK$2.8 million was slashed from the initial asking price. In Yau Tong, a 535-sq-ft flat at Ocean One fetched HK$8.08 million, or HK$15,103 per sq ft, after HK$1.72 million was cut from the original asking price. In Lai Chi Kok, a 674-sq-ft flat at Mei Foo Sun Chuen sold for HK$8.5 million, or HK$12,611 per sq ft, after HK$1.3 million was slashed from the initial asking price. In the commercial property market, a shop at Sai Yeung Choi Street in Mong Kok which measures 900 sq ft in gross floor area changed hands for HK$45 million, after HK$15 million was taken off from the initial asking price. Meanwhile, prime residential prices in Hong Kong dropped slightly by 1.6 percent in the second quarter compared with the previous quarter, narrowing from the decrease of 2.6 percent in first quarter, Knight Frank said. And the one-month Hong Kong Interbank Offered Rate, which is linked to the mortgage rate, rose to 0.25393 percent yesterday.

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