Luxury Real Estate Blog and News
Sun Hung Kai Properties launched 4 units of The Cullinan, Kowloon Station yesterday, which have all been sold.
Hong Kong property developer Sun Hung Kai Properties yesterday bought a rare prime residential site in a highly anticipated government auction for HK$4.49 billion (US$578 million).
Real estate sales in Hong Kong fell 19% in September from a month earlier, reflecting a slowdown in the city’s red hot property market amid new government measures aimed at reining in rapidly rising home prices.
A prime Ho Man Tin site sold yesterday for HK$10.9 billion - beating records and market expectations and reflecting developers' bullish views on the luxury market. Sun Hung Kai Properties beat out seven other bidders for the 173,800-square-foot lot on Fat Kwong Street with gross floor area of 864,200 sq ft. It will build luxury homes on the site. Market estimates for the site ranged from HK$7.15 billion to HK$10.6 billion
Developers Sun Hung Kai recently hosted a Finance and Economics Forum to discuss Guangzhou’s rapidly developing economy. Sun Hung Kai emphasised the tremendous growth potential for real estate and related industries in the province, which has already charted rapid development over the past few years. The first three quarters of 2008 saw real estate investment reach US$29.7 billion in Guangdong, a year on year increase of 25.8 percent compared with 2007.
Tsim Sha Tsui
Two penthouses in Hong Kong were each put on sale for a record 38.5 million US dollars. As demand surges for luxury apartments,Sun Hung Kai Properties, the world’s largest developer by market value, has raised the price of two penthouses in Hong Kong by 50 percent to a record $HK75,000 ($11,075) per square foot. The penthouses, on the 91st to 93rd floor of the 270-meter (886-feet) towers, have six bedrooms along with their own outdoor garden and swimming pool.