Kerry to turn warehouse into 3,647-unit residence

Business | Kevin Xu 4 Sep 2020

Kerry Properties (0683) plans to redevelop the Kerry Hung Kai Warehouse in Cheung Sha Wan into a residential project offering a total of 3,647 units.

The redevelopment plan is pending approval from the Town Planning Board.

Meanwhile, the number of transactions of industrial properties, commercial properties and shops dropped 8.6 percent month-on-month to 318 in August, with the total consideration falling 31 percent to HK$3.1 billion from July, according to Midland IC&I (0459).

In the primary market, Sun Hung Kai Properties (0016) has released the sales brochure of Wetland Seasons Park Phase 3, offering 318 units measuring between 291 sq ft and 816 sq ft.

In Pak Shek Kok, a homebuyer has forfeited deposits of HK$1.51 million after backing out of the purchase of a 1,033-sq-ft flat at Centra Horizon, which was offered at HK$15.1 million, or HK$14,621 per sq ft.

In the rental market, Yuzhou (1628) is offering units at Upper Central for rent at between HK$80 per sq ft and HK$100 per sq ft per month.

In the secondary market, a 580-sq-ft flat at Taikoo Shing in Quarry Bay changed hands for HK$11.68 million, or HK$20,138 per sq ft, after HK$2.62 million was slashed from the initial asking price.

Also in the district, a 1,091-sq-ft flat at Kornhill sold for HK$18.46 million, or HK$16,928 per sq ft, after HK$3.03 million was slashed from the first asking price.

In Sha Tin, a 284-sq-ft flat at City One Shatin fetched HK$5.17 million, or HK$18,204 per sq ft, after HK$510,000 was cut from the original asking price.

In Tai Po, a vendor will suffer a loss of HK$2.06 million on paper after selling a 1,902-sq-ft luxury house at The Beverly Hills for HK$22.5 million, or HK$11,830 per sq ft.

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