{"id":55241,"date":"2017-05-18T18:36:30","date_gmt":"2017-05-18T11:36:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=55241"},"modified":"2017-05-18T16:52:56","modified_gmt":"2017-05-18T09:52:56","slug":"parking-is-prime-in-hong-kong-property-market","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/parking-is-prime-in-hong-kong-property-market\/","title":{"rendered":"Parking is prime in Hong Kong property market"},"content":{"rendered":"


\n The most expensive plot of land ever sold in Hong Kong is a public car park squeezed between Cheung Kong Center and Hutchison House, two major flagship buildings owned by the city’s richest man Li Ka-shing.The HK$23.3 billion (Dh10.99bn) site at Murray Road, in the heart of Hong Kong’s Central business district, is the only plot of large-scale commercial land put up for sale in the area in two decades, and was seen as a prime site for a company headquarters thanks to its location and gross floor area of more than 460,000 square feet.
\n“The company is optimistic of the long-term prospect of this investment. The site will be developed into a landmark office building with retail facilities and is expected to be completed in around 2022,” Henderson Land, the buyer, said on Tuesday.Henderson outbid eight other developers to land the property. Henderson Land, one of the city’s four major property developers, was founded by Hong Kong’s second-richest man, Lee Shau-kee.
\nThe company, which also has investments in at least 14 mainland Chinese cities, does not have its own flagship skyscraper in Hong Kong and analysts expect it to move its headquarters to this new location upon completion.Office space in Central is the world’s most expensive, according to a CBRE survey released in March, which ranked the rents ahead of those in Beijing districts, Hong Kong’s West Kowloon, London’s West End, midtown Manhattan and Tokyo.
\nHaving effectively forked out HK$50,000 a sq ft, Henderson would need to sell at a price of at least HK$60,000 to recover construction and development costs. The most expensive office spaces in Hong Kong are currently going for about HK$39,700 (at 9 Queen’s Road, Central).Q&A: More details on Hong Kong’s current property market:What does the sale of the Murray Road site indicate about the overall market for Hong Kong commercial property?
\n“This transaction sends a very positive sign to office prices in Central [district],” said Antonio Wu, the deputy managing director of the property consultancy Colliers International Hong Kong.So the market has already been buoyant before the record sale? The sale comes as the availability of office space remains tight in the prestigious Central district and mainland Chinese financial companies are eager to set up offices there, pushing prices ever higher. European and US financial firms, trying to cut costs, reduced their presence in the three-year period to March 2016, according to property consultancy CBRE. During the same three-year period, their Chinese counterparts took up 73 per cent of the total banking and financial sector space expansion in the area, CBRE added.
\nBut demand may be cooling, as only one mainland Chinese company bid for the Murray Road site. The latest land sale halts a winning streak of prime land plots being acquired by mainland Chinese developers marking their territory in the former British colony. China’s strengthening of capital controls late last year, in an attempt to restrict funds flowing out of the country as the yuan plummeted, could be a factor behind the dampened enthusiasm for the rare Central site.
\n* Reutersbusiness@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Parking is prime in Hong Kong property market<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The most expensive plot of land ever sold in Hong Kong is a public car...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-55241","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-emZ","jetpack-related-posts":[{"id":103300,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/chinese-consortium-sees-off-hong-kong-rivals-in-ferocious-bidding-war-for-prime-shanghai-commercial-land-ending-their-stranglehold\/","url_meta":{"origin":55241,"position":0},"title":"Chinese consortium sees off Hong Kong rivals in ferocious bidding war for prime Shanghai commercial land, ending their stranglehold","date":"January 25, 2019","format":false,"excerpt":"\r A Chinese consortium has outbid Hong Kong developers in a ferocious bidding war for a much coveted plot of commercial land in the heart of Shanghai. The group led by China Resources Land paid a record-breaking price for the plot after winning a bitterly contested auction that lasted for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":100997,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-builders-pay-us1-billion-for-first-plot-on-runway-of-old-kai-tak-airport\/","url_meta":{"origin":55241,"position":1},"title":"Hong Kong builders pay US$1 billion for first plot on runway of old Kai Tak airport","date":"November 7, 2018","format":false,"excerpt":"\r What a difference six months makes. A plot of prime waterfront land in Hong Kong has sold at a price that is 18 per cent lower than a comparable tender in the same area. A consortium of four major local developers won the auction for the first residential site\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":89991,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-developers-finalists-in-battle-for-us2-1-billion-site-in-shanghai-shopping-heartland\/","url_meta":{"origin":55241,"position":2},"title":"Hong Kong developers finalists in battle for US$2.1 billion site in Shanghai shopping heartland","date":"May 31, 2018","format":false,"excerpt":"\r Hong Kong developers Shui On Land and Hongkong Land are vying for a prime plot of land in central Shanghai, a move that underscores the rising appeal of China\u2019s top cities among overseas companies. Two companies have entered the final stage of bidding for the land, according to a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108526,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-cuts-residential-land-supply-with-uncertainty-around-trade-war-protests-expected-to-weigh-on-prices\/","url_meta":{"origin":55241,"position":3},"title":"Hong Kong cuts residential land supply with uncertainty around trade war, protests expected to weigh on prices","date":"June 28, 2019","format":false,"excerpt":"\r Hong Kong has cut by a third the supply of private residential housing from its land sale programme for the three months to September, on the day unrest in the special administrative region became a talking point between Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe at\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108258,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-tender-hong-kong-government-must-introduce-guarantors-higher-deposits-to-prevent-another-kai-tak-fiasco\/","url_meta":{"origin":55241,"position":4},"title":"Land tender: Hong Kong government must introduce guarantors, higher deposits to prevent another Kai Tak fiasco","date":"June 19, 2019","format":false,"excerpt":"\r The aborted sale of a HK$11.1 billion (US$1.4 billion) plot of prime land has exposed a serious flaw in the tender process that may cause the Hong Kong government to suffer a huge loss if it is unable to sell the site for the same price in a depressed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108332,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/weak-response-among-property-firms-to-kai-tak-residential-plot-a-week-after-sale-was-cancelled-due-to-hong-kong-protests\/","url_meta":{"origin":55241,"position":5},"title":"Weak response among property firms to Kai Tak residential plot a week after sale was cancelled due to Hong Kong protests","date":"June 21, 2019","format":false,"excerpt":"\r A residential plot at Hong Kong\u2019s old airport received a lukewarm response from developers on Friday, with only about five bids submitted for the oceanfront piece of land by 7pm.The sale of Area 4C Site 1 on the Kai Tak runway was postponed last week because of mass protests\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/55241"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=55241"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/55241\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=55241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=55241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=55241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}