Continuing Mingtiand’s new roundup of Hong Kong real estate headlines, in today’s SAR news, a pair of local developers team up to win the MTR auction of a site in soon-to-be posh Wong Chuk Hang, while Wing Tai scores an industrial-grade win with its sale of a workshop in the New Territories. Read on for all these stories and more from Asia’s international financial capital.
Kerry and Sino Land Win Wong Chuk Hang MTR Site
Wong Chuk Hang, a neighbourhood of leafy streets and old industrial buildings close to Hong Kong’s Ocean Park theme park, is poised to become the kind of upscale residential location more akin to downtown Central, after two of the city’s biggest home builders secured a parcel of land.
Kerry Properties and Sino Land have won the tender from subway operator MTR Corp for the 600-home site adjacent to the Wong Chuk Hang MTR station on the south side of Hong Kong Island. Read more >>
Wing Tai Sets Industrial Price Record with HK$2.2B Tsuen Wan Deal
Billion Development and Project Management bought a workshop in Tsuen Wan from Wing Tai Properties this week for HK$2.16 billion ( $0.27 billion), setting a new record for the priciest industrial building transaction in Hong Kong.
Hong Kong-listed Wing Tai’s sale of the 500,000 square foot property works out to HK$4,325 per square foot, with the new owner of the New Territories asset planning to convert it to industrial use, according to local media accounts. Read more >>
Shimao, Shui On and Nanfang Lead HK$140M Round for Self-Storage Startup
Hong Kong storage start-up Boxful raised HK $140 million ($18 million) in a series B funding round led by developers Shimao Property, Shui On Group and Nan Fung Group.
The new investment comes after Hong Kong and Taipei-based Boxful previously raised HK$51.1 million ($6.6 million) in Series A funding in 2015. Boxful founder Norman Cheung said 70 per cent of the new cash would be used to expand beyond Hong Kong into new markets, including Shenzhen, starting in the first quarter of 2018. Read more>>
Japan’s Family Mart Puts Hong Kong Stores on the Sale Rack
FamilyMart Uny Holdings Co., Japan’s second-largest convenience store operator, is considering a sale of its Hong Kong retail business, people with knowledge of the matter said.
FamilyMart Uny is working with a financial adviser to gauge potential buyer interest in its three stores in the Chinese territory, according to the people. It is seeking to fetch close to $100 million from any sale, one of the people said, asking not to be identified as the information is private. Deliberations are at an early stage, and Tokyo-based FamilyMart Uny could decide to keep the business, the people said. Read more>>
Sun Hung Kai Prepares to Launch Sha Tin Project
Sun Hung Kai Properties is preparing to launch sales of its St. Moritz project in Sha Tin’s in Kau To Shan area. SHK deputy managing director Victor Lui Ting said that the New Territories luxury project had acquired its certificate of compliance from the local authorities and will make available 24 four-room apartments of between 2,900 to 3,800 square feet, in the first phase.
Details of the sales would be released within 10 days, Lui said. Read more>>
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