(By Liang Yueqin, Yan Lunle and Su Hongqiang)
Kowloon Tong York Road 3 which was put on sale at HKD 280 million in last September just sold at about HKD 180 million, lower HKD 100 million or 36% than its first quotation, and the floor area land sq ft price is about HKD 49,086 base on area after rebuilt, up to the latest peak in Kowloon, market source pointed. Another side, historical building Cheuk Yuen in Hung Shui Kiu Yuen Long just sold at HKD 53 million, which is predicted will be rebuilt.
It is known, Stafford Road 27 was sold at sq ft price of HKD 44,000 which was the last latest peak in Kowloon Tong. York Road 3 is an independent three layers house in 6,113 sq ft, which can be built on about 3,667 sq ft of floor area base on plot ratio of 0.6 times. This big house has garden in about 4,000 sq ft, among which there is a large red human-shaped sculptures up above 2 meters. It is known this house has been inherited to the third generation, and it is maintained well, with many antiques & collectibles in there currently.
Floor area can be built is nearly 4,000 sq ft.
Although the buildable area is limit, but house lot in Kowloon Tong always is popular with investor and user. For example, in last December, female merchant Gao Peixuan bought York Road 6 house land by HKD 238.4 million with floor area sq ft price at about HKD 37.8 thousand; And in last July, investor Lu Yue purchased Somerset Road 24 house land by HKD 315 million with floor area sq ft price at about HKD 38.2 thousand, showing the hot of house land in Kowloon Tong. In fact, York Road always is good choice for famous people, there into Kowloon Tong York Road 5A mansion is owned by the former chief secretary for administration Henry Tang Ying Yen.
Historical building Cheuk Yuen was sold.
New Territories also has historical building being sold. Hung Shui Kiu New Development Zone in Yuen Long gets into the third stage of community participation recently, according to Land Registry data, Cheuk Yuen just sold at HKD 53 million, which can be built on 12 layers of medium low density residence with floor area in about 31 thousand sq ft. However, Antiquities and Monuments Office is suggesting to rate it as level three historical building, so the rebuild plan may be blocked.
It is known, in June, the original owner Zhi Sheng Development sold Cheuk Yuen to Man Xin Property Development by HKD 53 million, directors of which include Tan Wochou owning Ji Da Chuang Jian company and Pan Shunguo owning Lain Shun Group. Another company Yang Hui International that is run by both two has developed Yuen Long The Brand and Tuen Mun The Hill Grove and so on.
By old data, Cheuk Yuen currently is Chinese local-style dwelling houses in three layers, which was built by prewar Tang police Wong Cheuk in 1939, and it also reflects Tan Kwai Tsuen had many riches long upon a time. However, insider predicted this 76 years old historical building will be pulled down.
Cheuk Yuen had been kept by Wang family, and according to Town Planning Board data they had applied for building school and residence in 2005, which has no progress. In 2006 February, it was sold to Zhi Sheng development at HKD 12.7 million, directors of which include Ling Yunwei, Huang Runxing, Leung Chun Woon Kee Co. Ltd. and so on, and the latter is oldest shroud shop in Hong Kong.
This land belongs to 'Residence (Style B)3' , which can be developed by plot ratio of 1 time, and the buildable floor area will be about 30,928 base on its area in 30,928 sq ft, then the floor area land price is only HKD 1,714. Recently, sq ft price in Domus which on South East of this site is up to about HKD 12 thousand.
Henderson sold parking place taking in HKD 340 million.
Another side, there are developers selling property to take in cash in succession, according to market source, Henderson sold the three parking places of its Sha Tin Centre, Sheung Shui Lung Fung Garden and Tai Po Plover Cove Garden by sealed-bid auction, prices of which respectively were HKD 135 million, HKD 98 million and HKD 115 million, totally taking in cash up to HKD 348 million.
