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  • JD.com and Sino Land Win $2.1B Northern Metropolis Hub in Hong Kong

    JD.com and Sino Land Win $2.1B Northern Metropolis Hub in Hong Kong

    A consortium led by JD.com and Sino Land won the tender for an 11-hectare Northern Metropolis development site in Hong Kong with expected total investment of HK$16.8 billion ($2.1 billion). The group beat Henderson Land Development with a HK$1.03 billion land bid evaluated under a two-envelope system.

    Hong Kong authorities awarded the 50-year grant for three residential parcels and a dedicated technology park site in the Hung Shui Kiu-Ha Tsuen New Development Area. The residential plots will yield more than 3,000 homes, while the tech site provides 50,950 square metres of gross floor area.

    Logistics hub and residential split

    Four mainland developers joined JD.com and Sino Land in the winning group: China Overseas Land & Investment, China Merchants Land, China Resources Land (Overseas) and CTG Investment. The government weighted non-price technical criteria at 70 percent and price at 30 percent, assessing anchor tenant commitments, development speed and employment generation.

    Sino Land and its partners will construct an intelligent logistics centre on the commercial parcel, with JD serving as the anchor tenant. The tender conditions require the consortium to bring at least 15,300 square metres of gross floor area into operation within 55 months. The group must also complete site formation works for three government plots intended for public facilities.

    Expanding footprint across Hong Kong

    The land tender cements a fast physical build-out by Beijing-based JD across Hong Kong assets. The group bought grocery chain Kai Bo Food Supermarket last August to gain direct neighbourhood retail access. In December, it agreed to buy a 50 percent stake in Central’s China Construction Bank Tower from Lai Sun for HK$3.5 billion to house its local headquarters, followed by a HK$750 million purchase of the Silka Seaview Hotel in Kowloon for student accommodation.

    By securing industrial land directly adjacent to the mainland border, Chinese e-commerce operators are shifting from leasing third-party warehouses in the territory to developing dedicated automated cross-border fulfilment infrastructure. The project now enters detailed planning, with the 55-month countdown starting for delivery of the first automated supply chain space.

  • Henderson unveils prices for mini flats

    Henderson unveils prices for mini flats

    Discounted prices for Henderson Land’s “mini flats” at its One Prestige project in North Point are as low as HK$3.67 million or HK$22,130 per salable square foot, according to the first price list that the developer issued yesterday.

    The price list is for 50 flats of sizes between 163 to 170 ssf. The discounted prices range between HK$3.67 million and HK$4.54 million or in per ssf terms between HK$22,130 and HK$26,892.

    The lowest discounted price at Henderson Land’s project is 20 percent higher than a 163-sq-ft second-hand flat sold in July at The Harbourside, a housing project also in North Point but built 13 years ago.

    Henderson Land general manager Thomas Lam Tat-man said units at the One Prestige project will be on sale from next week at the soonest.

    Meanwhile, Sino Land this week launched an additional 30 flats in its Park Mediterranean project in Sai Kung. Associate sales director Victor Tin Sio-un said listed prices range from HK$5.64 million to HK$10.14 million.

    He said prices had gone up by about 2-3 percent from the launch of the first batch of flats, adding more flats will be offered for sale on Sunday.

    China Overseas (0688) launched the fourth price list for One Kai Tak, dubbed as “Hong Kong Property for Hong Kong People.” The latest price list covers 121 flats with sizes between 376 and 850 ssf. Listed prices for the units range between HK$7.22 million and HK$19.49 million. The company will offer for sale 221 flats on Sunday.

    park-mediterranean

    In related action, CBRE, a global real estate services and investment firm, said owners of commercial premises in Hong Kong have shown more willingness to rent out spaces to food and beverage operators amid changes in the local retail landscape.

    “The transformation of Hong Kong’s retail market is structural and is likely to continue in the foreseeable future,” said Joe Lin, executive director at CBRE Hong Kong’s retail advisory and transactions services unit.

    “This represents an ideal time for food and beverage operators to negotiate better leasing terms with retail landlords to expand their footprint,” Lin said.

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