Tuesday, September 3, 2013

Peter Woo

Real Estate

Peter Woo expands Wharf - Wheelock

Karen ChiuThursday, November 07, 2013

Wheelock (0020) splashed out HK$4.4 billion to acquire the Murray Building in Central, which is to be turned into a hotel.

The price was about 35 percent higher than market estimates.

Also yesterday, Swire Properties (1972) struck across the harbor purchasing a site in Kowloon for the first time that is meant only for building offices. It paid HK$2.64 billion for a 46,253-square-foot plot located at the junction of Wang Chiu Road and Lam Lee Street in Kowloon Bay.
Experts had expected the 44-year-old Murray Building - now a 68,136 square- foot site on Cotton Tree Drive - to cost between HK$2.6 billion and HK$3.25 billion.

Outbidding 17 other tenders including one from Sun Hung Kai Properties (0016), the developer chaired by tycoon Peter Woo Kwong-ching snapped up the site for HK$13,535 per buildable square foot through its subsidiary Habour Centre Development (0051), the Lands Department said yesterday.

The firm will invest HK$7 billion on the project. The site yields a gross floor area of 325,073 sq ft.

Wheelock will not be allowed to demolish the building and should complete the hotel by the end of 2018 at the latest. About 30 percent of the Murray Building site has been allocated for retail facilities.

The government earlier expected the heritage hotel to contain about 300 rooms, which would mean the average cost to build a room would be HK$14.67 million - a hefty sum by hotel investment standards.

"The site is a unique property and possibly the last 
remaining prime site available to build a hotel in Central," Wheelock and Habour Centre Development said in a joint statement. This will be HCDL's second hotel as it now holds the Marco Polo Hongkong Hotel in Tsim Sha Tsui.

Surveyor Tony Chan Dung-ngok expected the room rate of the new hotel to stand at about HK$10,000 per night.

Nevertheless, a surveyor noted that Wheelock's bidding price was "very high" as he knew a consortium led by Sino Land (0083) had offered HK$3.25 billion.
But several other surveyors said the high bid was reasonable given its unique location. The 27-story building, situated next to the Peak Tram station, was Hong Kong's tallest government building in 1969.

It served as government offices including that of the Information Services Department, where press conferences and briefings were held. By 2011, the offices had been relocated to the new Central Government Complex at Tamar.

Meanwhile the site bought by Swire Properties in Kowloon East - with the firm outbidding 16 developers - was expected to have cost between HK$1.78 billion and HK$2.87 billion.
Swire paid HK$4,753 per buildable sq ft for the tendered site, which yields a gross floor area of 555,035 sq ft.

Also yesterday, Sino Land (0083) outbid eight other developers to win 86,898 sq ft site in Sai Kung for HK$850 million, slightly higher than market estimates.

With a gross floor area of 173,796 sq ft, the site located on Hong Tsuen Road in Sai Kung Tuk fetched HK$4,891 per buildable sq ft. At least 270 flats have to be built on the site.   --Hong Kong Standard

Murray Building, set to be hotel, sells for more-than-expected HK$4.4 billion
The 44-year-old Murray Building in Central, the former headquarters of various government departments, was sold for HK$4.4 billion yesterday, 35 per cent higher than market expectations.
7 Nov 2013

Family of shipping tycoon make real estate splash

Karen Chiu                                                                     Wednesday, November 06, 2013

The family of late shipping tycoon Pao Yue-kong has splashed nearly HK$340 million to acquire several shops in Sheung Wan from Kerry Properties (0683), further expanding its footprint in the territory.

Altogether, 15 shops located at the residential project "Soho 189" - on 189 Queen's Road West - were bought by the Pao Foundation last month.

The properties include nine ground-floor shops and six on the first floor.

They measure a total of around 17,000-18,000 square foot.

Pao is the father-in-law of Wharf Holdings (0004) and Wheelock (0020) chairman Peter Woo Kwong-ching.

Land Registry data showed Power Mighty Investments acquired the shops on October 10.

The company is controlled by Cornes Properties, whose director is Christopher So Tin- kwong.

So is also a member of the Pao Foundation, which is now operated by the late tycoon's third daughter - Cissy Pao Watari Pui-lai.

She has been active in the local property market over the past few years, even after the government imposed a series of property curbs.

The foundation also bought an industrial building on 8 Sze Shan Street in Yau Tong for HK$730 million last month.

It will reportedly be converted for residential use.

The site measures around 56,000 sq ft and will yield a gross floor area of around 358,200 sq ft.

The Pao Foundation has also submitted a bid for a tender of a Kau To Hill site although it was not awarded at the end.

Among its other plans are building two hotels in Lin Fa Kung, Tai Hang.
The hotels will provide 38 rooms.

Meanwhile, Wheelock (0020) and New World Development (0017) raised the prices on the latest batch of 100 units at their joint development, The Austin, by 1.25 percent.
Flats in the Tsim Sha Tsui project now average HK$29,101 per sellable sq ft.   
-- Hong Kong Standard


Wharf's Chengdu mall set to open

After years of sustained investments on the mainland, it's collection time for Wharf Holdings as its shopping centre in Chengdu opens next month.


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