New World wins Shanghai site for 4.1b yuan

Business | Stella Zhai 12 Aug 2020

New World Development (0017) won the bid for a site in Shanghai at a reserve price of 4.11 billion yuan (HK$4.59 billion), a second land acquisition after the developer launched the K11 Art Mall in the city in 2013.

The prime commercial site, in Huangpu district, has a ground area of about 17,170 square meters and a maximum gross floor area of 128,683 sq m.

The parcel is the first plot released along the Huaihai Road in the past 20 years, and the project will be built into an upscale commercial complex, said the developer.

In Hong Kong, HKR International (0480) sold four flats at Poggibonsi, Discovery Bay, to a single local buyer for a total of HK$46 million.

Among them, the cheapest unit, sized 551 square feet, was sold at HK$8.72 million, or HK$15,817 per sq ft.

In other news, Knight Frank partner Seb Warner said Hong Kong buyers have become the fifth most important in central London. The company found in a survey of 700 global clients that Britain, Spain and France are the top three locations for those considering a move abroad after Covid-19.

The agency expects that Hong Kong investors will continue to seek prime London and other British residential property in the future.

Despite a 34.1 percent decline in hotel rents, as well as a 19.2 percent drop in retail property rents in the first half, Hong Kong remains the most expensive market in almost every other segment examined, including office, prime retail malls, luxury serviced apartments and prime villas or townhouses, says real-estate adviser Savills.

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