Cheung Kong eyes prime Central lot

Business | Samantha Wong and Janice Huang 10 May 2017

Cheung Kong (1113) will bid for the Murray Road commercial site in Central which is very close to the company's headquarters, executive director Justin Chiu Kwok-hung said yesterday.

The deadline for submission of tenders for the first grade-A commercial site in Central in 20 years is on Friday.

Cheung Kong said it has sold 193 flats in the first round of sales of its Seanorama project in Ma On Shan. It plans to offer a 15 percent discount and up to 85 percent mortgage loan to homebuyers.

Meanwhile, Henderson Property will launch next Tuesday an additional 128 flats at its Novum West project in Sai Ying Pun for HK$23,435 to HK$33,618 per square foot. They comprise 59 studios, 56 one-bedroom flats and 13 two-bedroom apartments.

Chinachem Group will offer for sale 10 more flats at its Parc Inverness project in Kowloon Tong. The units, with sizes between 1,156 and 1,719 sq ft, are on offer at an average price of about HK$25,000 per sq ft.

Separately, CLSA Capital Partners (HK) Limited is offering for sale via public tender a commercial building in Causeway Bay, called Zing! It expects the property to fetch over HK$2.3 billion.

Joint marketing agents Colliers International and Savills plc have set June 22 as closing date for the tender.

"The price for a similar property in Sheung Wan and Admiralty is now more than HK$30,000 per sq ft and our price should not be lower than this level," said CLSA Capital investment director Ronald Chiu. He is the son of Justin Chiu.

The shopping mall, which is situated in the heart of Causeway Bay's retail market, has been generating a rental income of more than HK$60 million a year.

"Rental levels have risen by 70 percent in three years from HK$35 to HK$60 per sq ft," said Savills senior investment director Jonathan C.P. Chau. Retail shops, that have been rented out recently, fetched rent of more than HK$60 per sq ft.

CLSA acquired the building in 2014 for HK$1.4 billion. After completing refurbishments, it renamed the property Zing! from Bigfoot Center.

Chiu said the commercial building is aiming to become the next landmark in Causeway Bay offering an array of retail premises and nighttime entertainment.

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