HONG KONG | 235 - 245 Queen's Road East | U/C

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Nan Fung Wins Tender for Wan Chai Site
9 February 2007
South China Morning Post


URA

Nan Fung Development, a privately held mid-tier developer, has won the tender for an Urban Renewal Authority development site in Wan Chai.

Nan Fung outbid nine developers such as Cheung Kong (Holdings), Henderson Land Development and Sino Land for the site at 235 to 245 Queen's Road East, the authority said yesterday.

The 4,070 square foot site near Wan Chai Market, which can provide a gross floor area of 35,200 sqft for residential and commercial uses, will be Nan Fung's only residential project in the area.

Prices for the project could reach at least HK$5,500 per square foot due to strong demand for residential units in the area, Ricacorp Properties managing director Ivan Ho said.

Meanwhile, expressions of interest from developers are due today for a residential project by the authority in Tai Kok Tsui.

By fatshe from skyscrapers.cn :

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3/20

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Dang that's skinny.

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7/3

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New homes up for grabs
The Standard
Wednesday, September 15, 2010

Two developers look set to launch their projects even as policy uncertainties weaken sentiment in the property sector.

Cheung Kong Holdings (0001) will put its first lot of at least 50 homes at Oceanaire on the market later this month.

The developer intends to sell 600 homes at the 1143-unit project in Ma On Shan this year, Cheung Kong Real Estate director Francis Wong See-chung said.

The target price for penthouses with sea views at the six-building development is at least HK$15,000 per square foot or HK$15 million, Wong said.

Meanwhile, Nan Fung Development intends to launch Queen's Cube in Wan Chai next month, with a reference price of HK$17,000 to HK$18,000 psf.

The Consumer Council in July advised developers and agents against stating non-official intended prices before official launches.

Nan Fung's redevelopment with the Urban Renewal Council on Queen's Road East will provide 96 homes, ranging from 400 to 600 square feet. Managing director Donald Choi Wun-hing said the single-building project will hit the market after National Day and the chief executive's October policy address.

About 20 percent of the buyers are likely to be mainlanders.

Flats will be allocated on a ballot basis, Choi said, with up to two-thirds of the total homes on offer in the first batch.

Riding the recent fervor for Kowloon Tong, the price list for three more homes at Meridian Hill was released yesterday.

Sized between 1,275 and 2,098 sq ft, the three homes will go for HK$18,200 psf to HK$18,500 psf, or HK$23.6 million to HK$38.3 million.

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Nan Fung sees double on poor sales
Thursday, October 07, 2010
The Standard

Nan Fung Development managed to sell only two of the 72 homes available at its upscale Queen's Cube project during yesterday's sales launch amid selling restrictions and abundant alternatives.

One of the flats, a 451-square-foot studio unit, fetched HK$8.28 million, or HK$18,370 per square foot.

Nan Fung and partner Urban Renewal Authority are now allowing people to purchase two homes each at the Wan Chai development, rather than just one.

Centaline Property senior district sales manager Tommy Cheung Wing-chuen said the URA's restrictions - including a ban on corporate buyers for the first price list - have deterred some investors.

"Limits on investments or speculation naturally calmed sales sentiment," he said, noting some corporate investors hold more than 10 homes each at nearby projects.

As well, the successive launches of Oceanaire, Valais and Gramercy have absorbed much investor purchasing power, Cheung said. But he called the asking prices at Queen's Cube "reasonable." The most expensive project in the neighborhood - 5 Star Street - is selling at prices between HK$17,100 and HK$22,800 psf.

Meanwhile, Sun Hung Kai Properties (0016) announced that 14 villas at Valais II in Sheung Shui will hit the market at an average of HK$9,904 psf, and a house at HK$22,200 psf.

Some homes will be available late today.

After unloading all 89 units for HK$4 billion, SHKP may consider holding back on further sales, said Sun Hung Kai Real Estate Agency executive director Victor Lui Ting.

Separately, Sino Land (0083) will launch 12 homes for sale on Saturday at an average of HK$15,715 psf, up 4 percent from the previous batch.

Three are special units measuring 1,071 to 1,962 sq ft, each with a roof garden of 666 to 1,783 sq ft.

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All done!