Leading today’s Hong Kong real estate news, the city’s metro operator plans to offer a land site above Wong Chuk Hang station for residential development this year. Also in the headlines, 20 percent of Hong Kong buyers say they will still purchase flats despite the city’s stratospheric home prices, and there’s much more if you just keep reading.
MTR May Sell Wong Chuk Hang Site Amid Rising Home Prices
Hong Kong’s subway operator MTR Corp may release one of the largest parcels of land for residential development – atop Wong Chuk Hang station – on the south side of Hong Kong Island for tender in 2018 despite a volatile stock market.
MTR’s property director David Tang Chi-fai said the rail operator was currently solving the technical issues on the site to get it ready for the tender, which is planned as the third phase of a residential and commercial development. Phases one and two of the development are located next to the station. Read more>>
Hongkongers Will Buy Flats Despite Sky-High Prices, Citibank Survey Says
A survey conducted by Citibank has showed that 63 percent of Hongkongers believed that home prices would rise further, but 20 percent would still buy flats in the city even if prices were among the most expensive in the world.
A separate survey by CBRE showed that living in Hong Kong remains the most expensive among 29 key global cities. The average price of an apartment in Hong Kong is US$1.16 million (HK$9.05 million) or US$1,616 per square foot, according to CBRE. Singapore and Shanghai ranked second and third, respectively. Read more>>
Taiwan Property Companies Build HK Presence as Demand Grows
The appeal of holiday and retirement property in Taiwan is beginning to grow on Hongkongers, who see the island’s alternative lifestyle and cheaper home prices as a major draw.
Prices of flats that are only about a third of those in Hong Kong are among the main reasons capital flows to the island have been picking up in recent years, even as curbs to deter speculators have put a damper on the market, analysts said. Read more>>
Agile Property’s Spin-off A-Living Set to Raise HK$3.9B in IPO
Mainland China property management company, A-Living Services, today set its IPO price at
HK$12.30 per share to raise HK$3.91 billion.
The company said that the Hong Kong offer shares were “very significantly over-subscribed,” while the international offer was also “significantly over-subscribed.” Trading in the shares will begin tomorrow. Read more>>
Shop on Carnarvon Road in TST Selling for HK$73M
A shop of 500 square feet located at 8 – 12E Carnarvon Road in Tsim Sha Tsui is selling for an asking price of HK$73 million. The price is equivalent to HK$146,000 per square foot.
The shop is occupied by the owner, who sells watches. Midland Realty said shops available in Tsim Sha Tsui rarely sell under HK$100 million. Read more>>
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