Wheelock Properties acquired three residential buildings in Staunton Street in Sheung Wan at the reserve price of HK$529 million through a compulsory sale yesterday.
The property, with a registered site area of approximately 4,333.55 square feet, is currently a pair of seven-story commercial/residential composite buildings completed in 1968, and Wah Yee Mansion, which is a sixstory complex completed in 1971, according to property agency Savills.
Caine Hill, a nearby new project developed by Henderson Land Development (0012), cost around HK$30,000 per sq ft when it was put on the market last year.
Managing director Ricky Wong Kwong-yiu said this was the company’s second site acquisition through compulsory sale this year, after No. 15 Ventris Road.
The site, with a buildable area of 36,000 sq ft, will be developed into a prime residential project at the core of the central business district where supply is tight, he said, adding that the project may be put up for sale in three years.
On recent proposals about lowering the compulsory sale application threshold for old buildings, Wong welcomed new measures from the government which would help speed up urban renewal while ensuring fair treatment with regard to owners’ interest.
Commenting on the recent performance of the residential market, Wong said prices have begun to recover some of the lost ground in the second quarter, and the strong demand amid tight supply should ensure support for home prices, despite the onset of US rate hikes and other external factors.
In the primary market, Lohas Park phase 11B in Tseung Kwan O has been named Villa Garda I, which provides 592 homes.
The project is jointly developed by Sino Land (0083), K Wah International (0173), and China Merchants Land (0978).
K Wah said the project is pending presale consent and it has confidence that the sales will be launched next month.
In Tai Po, Sun Hung Kai Properties (0016) said sales of 188 homes at phase 1 of Silicon Hill will take place on Friday, when the city celebrates the Dragon Boat Festival. On sale are 170 units on price lists and 18 via tender, the developer said. The 170 flats, with areas from 291 sq ft to 661 sq ft, are priced from HK$4.97 million to HK$11.35 million after discounts, or HK$16,006 to HK$20,254 per sq ft.
The buildings on Staunton Street. SING TAO
