sun hung kai hong kong
Filed Under : sunbury hotel by Admin
Jul 29, 2010
Sale brings in HK$8b for firm, partners as demand stays strong
Sun Hung Kai Properties Ltd, the world’s biggest developer by market value, has sold 300 flats at an apartment project in Hong Kong’s Island South district over the past two weekends.
The sale at the Larvotto project has brought in a total of HK$8 billion (S$1.4 billion) in revenue for Sun Hung Kai and partners Kerry Properties Ltd and Paliburg Holdings Ltd, Victor Lui, an executive director at Sun Hung Kai’s agency arm, said in an e-mailed statement yesterday.
The developers will offer another 64 apartments for sale this week, Mr Lui said.
Demand for luxury homes in Hong Kong remains strong even as the government tries to curb a 38 per cent surge in home prices since the beginning of last year amid concerns that housing is becoming unaffordable.
Luxury property prices may rise 20 per cent this year on a lack of supply and low interest rates, property broker Jones Lang LaSalle Inc said in a report last week.
‘The atmosphere is very hot,’ said Louis Chan, managing director of residential sales at Centaline Property Agency Ltd.
‘There’s a lot of momentum in both new and used home markets.’
Apartments at Larvotto, which have been selling for an average of HK$30 million, will be around 1,500 square feet to 2,500 square feet.
Larvotto is the name of the main public beach in Monaco.
Larvotto has a total 715 units. Hong Kong developers sell units in developments in batches instead of offering them all at once, to gauge demand and take advantage of rising prices.
There were 86 used-home transactions at 10 of Hong Kong’s biggest private housing complexes over the weekend, little-changed from a week earlier, Mr Chan said.
Source : Bloomberg – 27 Jul 2010
So, here’s a Hong Kong Nature 101 lesson and a Hong Kong Capitalism 101 lesson.
I’ll start of with HK Nature 101.
Saw the HKTrampers website this morning and remembered that they were going to my favorite part of Hong Kong (well, favorite after Sharp Peak and Plover Cove). So, make that 3rd favorite part of Hong Kong – Wong Lung Hang waterfalls. So, carried my camera for a change and decided to take it easy (at least for the first half).
Getting to Wong Lung Hang is easy. It’s walkable from Tung Chung station and takes about 15 minutes from there to get to the starting point (you can see the Garmin page for the map – link below). From there, there’s a lot of hopping over boulders and you eventually get to a beautiful waterfall.
Ready for action
The group
Waterfalls
There was too much demand for real estate by the main waterfalls so decided to go up a bit and found a private pool to occupy. After chilling for a while in the pools, it was time to undo all the “take it easy” stuff and so decided to go full throttle to Mui Wo. Enthusiasm was great but as usual sense of direction was not. Could not find the trail up to Lin Fa Shaan but after going in some random direction and heading back, the trail suddenly appeared in front of my eyes! Wasn’t too easy going up to 715m from 250m but wasn’t that incredibly tough either.
View from Lin Fa Shaan – Lamma, Cheung Chau and anything else you want to imagine is visible!
From there a straight run down to Mui Wo in about 30 minutes or so concluded the hike. (Dejavu from yesterday). Took a total of 1 hour 30 minutes from the waterfalls to get to Mui Wo ferry pier.
Now, for HK Capitalism 101.
ICC, The Arch, The Cullinan and co.
They say success leaves clues and the clues these beautiful buildings have left is that one owner has built all the 3 of them. Sun Hung Kai Properties. ICC is already attracted all the big financial giants (Morgan Stanley, Credit Suisse, Deutsche Bank and co.) This area will probably become like Central in the next couple of years.
Masterpiece and First Ferry
New World Development has built the Masterpiece (nice name) and they also own the First Ferry brand. They keep advertising First Ferry services on the ferry’s TVs YET have a monopoly on that route!
And finally, here’s Ocean Terminal in TST.
Ocean Terminal
This place is special because if you bring the word’s top 100 dirtiest, fattest pigs and have them all fart in Ocean Terminal, the interior of the building WILL STILL smell nice! That’s because this place hosts all the high end perfume/make up brands that HK has to offer.
So, after a nice long hike, I don’t have to worry about how much I stink as I am walking home through Ocean Terminal…
Pictures are here.
Garmin link is here.
Tags: Hiking in Hong Kong, Lantau, Wong Lung HangAlso check out:
Tags: Lantau, Wong Lung Hang
