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City One Home Prices Polarized After Cooling Measures, Ho Man Tin Station Site Receives Warm Response

Hong Kong Property | November 22, 2016

City One Home Prices Polarized After Cooling Measures
Two weeks after the government launched the new cooling measures, second hand home prices seem to be polarized, as some home owners urged to sell their flats while small units tend to be sold in higher prices. A 451-square-foot three-room unit in City One Shatin is sold at HK$5.75 million or HK$12,749 per square foot, with original asked price at HK$6 million. On the other hand, a 284-square-foot two-room unit is sold at HK$4.268 million or HK$15,028 per square foot, breaking this month’s record price for the estate.

Ho Man Tin Station Site Receives Warm Response
MTRCL’s residential development site at Ho Man Tin station received 28 expressions of interest from developers, which equals the highest number of expressions of interest ever received for MTRCL projects. Most of the responses are from local big developers and estimated valuation of the site is HK$9.6 to 11.1 billion, or HK$13,000 to 15,000 per square foot.

Buyer of Asia’s Pricest Apartment Unveiled
Billionaire Edwin Leong Siu-hung is the buyer of the latest most expensive apartment in Asia, unveiled by several local newspapers. A ‘first time buyer’ spent over HK$1.2 billion on 3 units in Mount Nicholson, in which 2 of the units cost HK$104,803 per square foot, making it Asia’s most expensive apartment. Leong is a veteran property investor and the chairman and founder of property developer Tai Hung Fai Enterprise. According to Forbes,he is ranked 17th among Hong Kong’s 50 richest people this year with a net worth of US$3.9 billion. He said all the apartments bought will only be self used by him and his family.

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