Saturday, 24 February 2018

Jaw-Dropping Real Estate

A rendering of what Victoria Harbour (the development) will look like
The other day I met up with an acquaintance I haven't seen in a while. She told me she was working on a property development called Victoria Harbour. It's being developed by Sun Hung Kai in North Point and apparently has unobstructed views of the water, hence the name.

What's the price per square foot? A whopping HK$40,000 (US$5,113) per square foot.

My jaw fell to the floor when she told me.

There are studio flats all the way to five-bedroom ones. I can't even imagine how much those would cost.

Construction of the buildings is already underway
Back in November, Sun Hung Kai Properties only released 10 units for sale, and prospective buyers had to hand over a HK$7 million cheque just to be able to view the units. If they decided not to buy, then the money would be refunded.

Victor Lui Ting, deputy managing director at SHKP said at the time that demanding the money up front was an "appropriate practice", as flats at Victoria Harbour are considered rare products.

The fact that developers can legally do this is outrageous -- the price per square foot is already a deterrent for most buyers anyway!

Included in the development will be a hotel and shopping mall of course that will be anchored by the largest Yata department store in the city. The hotel will apparently be young and hip with an all-day dining restaurant and a bar. Wonder what rents will be like for retail spaces there.

And apparently the owners (the Kwok family, now run by Raymond Kwok Ping-luen as his brother Thomas is in jail for bribery) aren't in a hurry to sell because they'd like to have some of those flats for themselves.

My jaw is still on the floor from hearing the price her square foot...

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