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2/16 News Roundup: NWD Won Cheung Sha Wan Commercial Site For HK$7.79b, Eden Manor To Reveal Prices this Weekend

Hong Kong Property | February 16, 2017

NWD Won Cheung Sha Wan Commercial Site For HK$7.79b
New World Development beat eight competitors as it acquired in a government tender a commercial site at King Lam Street in Cheung Sha Wan with a winning bid of HK$7.79 billion. Its offer was about 4% over the upper limit of analysts’ valuation of the site. New World’s bid exceeded the HK$7.39 billion tag for a commercial site in Kai Tak last November, deemed the most expensive commercial site ever sold by the government. The 83,184-square-foot site is about a 10-minute walk from the Lai Chi Kok MTR station and the project to be built on it can produce a maximum gross floor area of 998,210 sq ft. Its price per square foot was HK$7,808.

Eden Manor To Reveal Prices this Weekend
First hand market remains viral with more upcoming supply. Mark Hahn Ka-fai, General Manager of Sales (2) Department in Henderson Land said yesterday that the developer would release the first price list and open show flats of its Fanling new project Eden Manor soonest this weekend. The first batch comprises at least 118 units. Meanwhile, Cheung Kong’s Real Estate Director William Kwok Tsz-wai said the company would upload sales brochure of its Ma On Shan new project – Seanorama – soonest next week, followed by the opening of it show flats in Hung Hom. On the other hand, K Wah has reportedly received over 1,600 subscriptions for the first batch of 208 units from its Kai Tak project K.City.

Equities Restricted from Investing China Main Cities’ Home Market
More cooling measures have been issued to curb the high home price in China’s main cities. Asset Management Association of China (AMAC) announced on Monday that private equity assets established by security companies are restricted from investing or financing any residential projects and developers in 16 main cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Xiamen, Hefei, Nanjing, Suzhou, Wuxi, Hangzhou, Tianjin, Fuzhou, Wuhan, Zhengzhou, Jinan and Chengdu.

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