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LOFTER GROUP rolls on acquisition

The Tsim Sha Tsui area, which sits at the point of Kowloon peninsula closest to Hong Kong island has been hard hit by the pandemic, with US developer Hines having picked up the Butterfly on Prat Hotel for HK$925 million in November of last year.

That hotel, which is located four blocks east of the Hankow Road project had suffered from the same lack of visitor traffic which led Hong Kong’s Watsons chain of personal care stores to close its location next to the Star Ferry last October after more than 20 years in operation.

The Urban Renewal Authority (URA) intends to supply 22,000 flats in the coming five years under a new holistic approach that would see the statutory body also help build public infrastructure to improve Hong Kong’s living environment.

URA managing director Wai Chi-sing revealed in a blog post on Sunday that its entire slate of projects would cost about HK$120 billion and cover more than 200,000 square metres.

“As for the redevelopment projects planned to commence this year, they will include two large-scale ones which cover a total of 200 old blocks, involving 1,500 residential units and 200 ground floor shop lots,” he said.

In February of this year a mainland investor walked away from an opportunity to acquire a building in Tsim Sha Tsui via compulsory sale, after values in the area had dropped well below levels anticipated when the sale was applied for in 2019.

Lofter Rolls On

For Lofter Group, which was set up 10 years ago and has taken on projects in the residential, industrial and commercial sectors, the Tsim Sha Tsui project marks the latest cooperation with major fund managers.

In February Lofter announced a joint venture with Singapore’s SC Capital to develop a project in Ap Lei Chau after acquiring more than 90 percent ownership of the properties occupying that site. The partners plan to build a 35,000 square foot residential project with a retail podium at the location.

In March of last year, Lofter tied up with local fund manager Alphalex Capital Management to buy up 57 properties on Ki Lung Street in Kowloon’s Prince Edward area for HK$1.1 billion. The partners plan to develop a 67,500 square foot commercial and residential tower on the site.

Hong Kong’s property buyers mostly stayed on the sidelines over the weekend, buying up less than 15 per cent of the 200 apartments on offer at three locations across the city.

Country Garden sold 15 of the 70 flats at its Allegro project in Kowloon City, while Henderson Land Development sold eight of 15 of The Quinn apartments in Tai Kok Tsui, according to sales agents. Over at the former airport site at Kai Tak, Wheelock Properties sold six of 115 Monaco Marine units on offer.

“The buying sentiment appeared to be extremely weak,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division. “A bunch of negative factors are still weighing on homebuyers who are still taking a wait-and-see attitude.”

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大角咀地區正在經歷一個轉型的階段,該地區的工業物業發展潛力引起了廣泛關注。最近,樂風集團積極投入工廈物業的增值發展,他們以約2.6億元的投資收購了大角咀必發道100至106號工廈逾95%的業權。該發展商計劃未來補地價進行全新甲級商廈的改建項目。 樂風集團的創辦人兼首席投資總監周佩賢表示,目前剩餘的單位,如果業主提出過高的價格或者交易條件不理想,他們將考慮向土地審裁處提出申請,進行強制拍賣出售。 樂

樂風集團持續拓展大角咀的商業物業重建計畫,最新與美國私募房地產基金合作,在上週成功收購了大角咀必發道71至75號的100%業權。 樂風集團新型工廈該項目的收購總投資額約為1.92億港元,位置位於必發道與合桃街交界處,屬於單邊地塊,佔地面積約3322平方呎,最高容積率可達14.4倍,預計可建築面積約47837平方呎。樂風集團初步考慮是興建一座新型工廈,或是申請補地價進行全新的甲級商廈改建。整個項目的

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