Hong Kong's First Land sales in a year beat estimates

"Hong Kong's First Land sales in a year beat estimates | AboutHK.Com - more information about HK"

Hong Kong sold a house in Sheung Shui for a higher than estimated HK $ 61 million ($ 7.9 million) in the city of the first sale for almost a year, again an appetite among developers for land. Cents Aline Real Estate Agency Ltd. and rival agency Midland Holdings Ltd had estimated that 306 square meters (3300 square feet) in Sheung Shui in the north of Hong Kong would sell for HK $ 39 million. The land was sold to become successful Real Estate AG, according to the country. Hong Kong home transactions rose to its highest level in 10 months in April, signaling the city-real-estate market is recovering from recent slump. The Hang Seng Property Index, which tracks the city six largest developers, has more than 28 percent this year, making it the best component in the benchmark. “There were eleven bidders in total and that shows the market has confidence,” said Alvin Lam, a director at Midland Surveyors, part of Midland Holdings Ltd. “The sale exceeded most estimates by 20 percent and this is a positive sign for market sentiment.” Hong Kong has the second largest luxury home prices in Asia, with an average price of $ 16,125 per square meter, after Tokyo, with an average of $ 17,998, according to the Global Property Guide website. The number of housing units increased to 9856 change in April of 7102 in March, the Land Registry, said today on the website. The amount for these transactions climbed to HK $ 31.6 billion from 25.5 billion HK $. First Residential Sales The Government of Hong Kong's largest provider of vacant land, sold the land, as a system in which developers trigger auctions from a list of available sites by promising to pay a minimum amount. Today's auction is the first of the fiscal year that 1 April and the government started the first public sale of a construction site at least partially for housing since 9 May 2008, after the Lands Department. The winning bidder is 1407 square meters on the ground, a height of 20 meters (66 feet), Midland said. Build the retail buyer under a few steps from the apartments that cents Aline Wong said. “The sale indicates positive sentiment,” said C. Mills, assistant director of the Lands Department, at a press briefing today. “I don’t think it will have a great impact on prices in the sector though due to the size of the lot.” Wan Chai Gold Bigger developers will probably be more interested in the 15th Urban Renewal Authority June tendering of a 88,500 square-foot in Wan Chai, Wong said. an 835,000 square-foot commercial-residential building can be built on the site, the state agency, said in a statement on the website yesterday. “This is a golden lot, as there are very few sites left near the Central district for sale,” Wong said. The Urban Renewal Authority said yesterday it invited 15 property developers to tender for site development rights. Wan Chai is a nightlife district, the Hong Kong Convention and Exhibition Center and office towers, including Central Plaza, one of the highest buildings in the city. The area is on the second subway stop from the central financial district. Comments Please login to post comments or replies.