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1.
SHK outbids rivals for Island project
1. SHK outbids rivals for Island project
Raymond Wang, The Standard 18 August 2005
Sun
Hung Kai Properties won its second housing project on Hong Kong
Island in two months, outbidding five rivals for a HK$400 million
development site in North Point.
The
company, Hong Kong's largest real estate developer by market value,
confirmed on Wednesday that it bought Minster Court from China Resources
Group through a private tender arranged by Jones Lang LaSalle.
Industry
analysts said the existing 27-story residential building on a 12,000-square-foot
site at 38 Ming Yuen West Street can be redeveloped into a 40-story
residential tower, with better seaviews.
They
estimated the project will require an investment cost of more than
HK$500 million, including land costs of nearly HK$400 million and
construction costs of more than HK$100 million.
The
12-year-old property attracted bids from a number of major developers,
including Cheung Kong (Holdings) and Henderson Land.
In
late June, Sun Hung Kai Properties beat Nan Fung Development, Cheung
Kong and Sino Land to win Southside Villa in Island South via a
private tender for HK$1.21 billion.
SHKP
is considering redeveloping the nine-year-old luxury property at
9 Shouson Hill Road into a low-rise villa project for nearly HK$2
billion, including land and building costs. Separately, Henderson
Land is a leading contender to acquire Lane Crawford House after
making a HK$2.4 billion offer for the Central property ahead of
the tender deadline next month, market sources said.
The
current owner, Wheelock, had received a number of offers from local
investors and developers, including Angela Leong, wife of casino
tycoon Stanley Ho, and Chinese Estates Holdings, sources said.
Wheelock
had no one available for comment.
In
another development, Cheung Kong and its partner Nan Fung are poised
to reap more than HK$100 million from the sale of two duplex apartments
next month.
They
are at the Metro Town development above the Tiu Keng Leng MTR station.
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