Latest news with #SinoLand
South China Morning Post
11 hours ago
- Business
- South China Morning Post
Hong Kong buyers forfeit deposits on Grand Mayfair project after 25% market slump
Several buyers of flats at Grand Mayfair II – a high-rise residential project in Yuen Long, New Territories – have cancelled their contracts after a market slump eroded home prices in the area by about a quarter since they acquired the units three years ago. They forfeited HK$15.6 million (US$2 million) in deposits on 19 flats on Tuesday to terminate their sale and purchase agreements from May 2022, according to the latest data published by developers. They added to the lone cancellation in 2022 since the project commenced in the aftermath of the Covid-19 pandemic. The units were from Tower Seven, with sizes ranging from 353 sq ft to 469 sq ft, sold between May and June 2022 for HK$7.12 million to HK$9.02 million each. The 805-unit Grand Mayfair II project on 29 Kam Tin Road was co-developed by Sino Land K Wah International and China Overseas Land and Investment . Sales were robust as buyers snapped up almost all of the units in two rounds of launches in May 2022 at an average price of HK$17,898 per square foot, according to Centaline Property. Buyers flock to buy flats on offer at Grand Mayfair in Yuen Long in May 2022. Photo: Handout 'The buyers chose a stage-payment plan and bought the flats at a peak price compared to now,' said Sammy Po Siu-ming, CEO of Midland Realty's residential division. 'They might think of repurchasing another flat in neighbouring new projects, as prices have dropped considerably over the past few years.'
South China Morning Post
31-03-2025
- Business
- South China Morning Post
22 Hong Kong, mainland firms express interest in pilot Northern Metropolis scheme
Henderson Land Development, New World Development and Sino Land are among 22 Hong Kong and mainland Chinese companies that have expressed interest in a pilot scheme to develop large land parcels in the Northern Metropolis after a Beijing official urged the business sector to get involved. Advertisement The Development Bureau said on Monday that it had received submissions from a range of companies. 'The enterprises or organisations making the submissions include local and mainland developers, contractors, conglomerates and e-commerce logistic companies, etc,' the bureau said. The Northern Metropolis is a government blueprint that aims to transform 30,000 hectares (74,130 acres) of land in the New Territories, near the mainland border, into an economic powerhouse and housing hub. It was not immediately known if tycoon Li Ka-shing's CK Hutchison Holdings had made any submissions. The group has come under fire over its plan to sell overseas port assets including two politically sensitive operations in the Panama Canal. Advertisement Henderson Land Development, New World Development and Sino Land all said on Monday that they had expressed interest in the pilot land disposal scheme in the Northern Metropolis. The bureau said it had received 22 submissions.
South China Morning Post
26-02-2025
- Business
- South China Morning Post
Hong Kong developer Sino Land reports 30% earnings drop, points to full pipeline
Major Hong Kong developer Sino Land reported a more than 30 per cent drop in earnings for the first half of its financial year amid a slow pace of recovery in the city's property sector. Advertisement The company earned HK$1.82 billion (US$234 million) in the six months ended December 31, according to its financial report on Wednesday, after taking into account a HK$407 million revaluation loss on investment properties. Revenue from property sales fell 63 per cent to HK$2.44 billion from HK$6.63 billion in the same period in 2023. Sino Land said its property revenue comprised 'mainly sales of remaining stocks' from projects completed in previous financial years, citing Grand Victoria in southwest Kowloon, St. George's Mansions in Ho Man Tin, La Marina in Wong Chuk Hang, Silversands in Ma On Shan and One Soho in Mong Kok. The developer is confident of the outlook, pointing to a pipeline of new residential projects including in Central, Yau Tong, Yuen Long and Lohas Park, billionaire chairman Robert Ng Chee Siong said. The group also expects presale consent for another project in To Kwa Wan this year. 'The year 2024 has been a pivotal one for Hong Kong's property sector,' Ng said. 'The removal of all demand-side management measures in February 2024 led to a notable uptick in activity. Additionally, the Federal Reserve's three interest-rate cuts since September 2024 … have further bolstered buyers' sentiment.' Advertisement In addition, the city's various talent-admission programmes and a campaign to draw more international students to the city lifted residential sales in Hong Kong last year, he said.
