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Henderson confident of delivering world-class landmark at Central harbourfront, dismisses dividend payment fears

Henderson beat five other rivals for a 50-year land grant for New Central Harbourfront Commercial Site 3 with a record bid of US$6.5 billion

Henderson vice-chairman Colin Lam says they are open to discussions with other parties who would be interested in jointly developing the project

Henderson Land Development said it has deep pockets to develop a prime harbourfront site in Central into an iconic landmark.

The city’s third-largest developer by market value on Wednesday won the bid for a 50-year land grant of New Central Harbourfront Commercial Site 3 for a record HK$50.8 billion (US$6.5 billion), beating five contenders in the government’s “two-envelope” tender.

“We would sign the cheque immediately if we were asked to pay the HK$50.8 billion tomorrow. It is not a problem,” said Colin Lam Ko-yin, vice-chairman of Henderson, said at a briefing on Thursday to discuss the company’s plans for the site. “We do not have any [financial] pressure and [the land purchase] won’t impact our dividend payment.”

Lam said that Henderson was open to discussions with other parties who would be interested in developing the project together.

The company plans to invest HK$63 billion to develop the site to create an iconic landmark and a “social destination dedicated to public enjoyment”. Henderson’s blueprint calls for three buildings on the harbourfront to accentuate Hong Kong’s image as Asia’s World City. The block closest to the harbour will be multifunctional, while the other two will be office buildings. Sizeable green areas and open spaces for the public have also been included in the design.

The focal point of the entire design is the old Star Ferry Clock Tower, which will be reconstructed close to its original position to maintain a visual connection with the harbour and Hong Kong’s maritime heritage, according to the land sale condition.

“My father beamed from ear to ear knowing that we won the project,” said Peter Lee Ka-kit, Henderson’s co-chairman and the elder son of founder Lee Shau-kee.

He added the land would be developed attentively, offering plenty of green space.

Martin Lee Ka-shing, co-chairman and the founder’s younger son, said the site will be developed into a world-class landmark destination. “Henderson Land is rooted in Hong Kong and we are confident of the city and we hope to leverage what we are good at to give back to society,” he said.

According to property agency, the Central Site 3 ranks as the second most expensive land transaction worldwide of all time, after a 861,120 sq ft ( 80,000 sq metre) site in Seoul’s Gangnam district was acquired by a Hyundai Motor-led consortium in 2014 for 10.5 trillion won (US$10 billion).

Market observers said the record price for the prime plot will boost the city’s commercial property market and reinforce Hong Kong’s position as a world class global financial hub.

“It is another instance of a local developer casting a vote of strong confidence about the prospects of Hong Kong, considering the project’s long-dated development cycle,” another property agent said. “The additional office space, while modest in size, will serve well as the Hong Kong financial market continues to widen in breadth and depth.”

Others pointed out that Central will remain the most sought-after district even if the North New Territories, the location of the proposed Northern Metropolis, becomes the focal point of development in Hong Kong.

“Although there are other large-scale developments such as Northern Metropolis and Lantau Tomorrow Vision in the pipeline, it would take 15 to 20 years for these projects to be fully completed and at least another decade for the areas to mature,” agent said.

“Central will remain the financial centre for Hong Kong in the foreseeable future,” the agent added.

(South China Morning Post)


After Henderson Land’s record bid, here are the 5 other most expensive land sales in Hong Kong

Henderson Land’s record bid beat out five contenders in the government’s ‘two-envelope’ tender for the harbourfront plot

Hong Kong – one of the most expensive real estate markets in the world – has consistently set record land sale prices in recent years

Henderson Land Development may have set a record by bidding HK$50.8 billion (US$6.5 billion) for Hong Kong’s most coveted commercial plot in the main business zone of Central, but the city is no stranger to eye-watering land deals.

Henderson Land’s record bid beat out five contenders in the government’s “two-envelope” tender for the harbourfront plot in Central. North of the city’s old General Post Office and next to the International Finance Centre, the plot measures 516,316 sq ft (47,967 square metres), and can yield 1.6 million sq ft in gross floor area.

The bid for Central Site 3 is “an exceptional result considering the complexity of the site, the two-envelope tender and the huge investment sums in terms of the premium and construction costs to follow,” surveyor said. “This is a historic record high lump sum for a single development site in Hong Kong and a mega sum from any investment perspective.”

Before Henderson’s bid, Hong Kong – one of the most expensive real estate markets in the world – has consistently set record land sale prices, with many of the plots forecast to yield around 5 to 6 per cent. Henderson’s Murray Road project is only likely to yield 3 per cent though due to the high price paid, according to a property agent.

After Henderson’s record bid, here are the next five most expensive commercial land bids ever made in Hong Kong, according to information provided by some property consultancies:

1. Sun Hung Kai Properties (SHKP) won with a bid of HK$42.23 billion in November 2019 for a commercial site atop a high speed rail station at West Kowloon with an estimated gross floor area of 3.17 million sq ft. The winning bid of HK$13,345 per square foot was at the low end of a valuation range between HK$13,000 and HK$20,000 per square foot. The project, which can be developed for retail, office or hotel use, is still under construction.

2. SHKP also had a winning bid of HK$25.16 billion for the Kai Tak Area 1F Site 1 in May 2018. With a gross floor area of 1.42 million sq ft, the bid for the site translates into HK$17,776 per square foot. The developer said the total investment cost for the site would be about HK$40 billion, and the project would have 300,000 sq ft allocated for retail spaces, plus an underground shopping street connected to the Kai Tak station on the Tuen Ma line of the MTR.

3. Nan Fung Development’s unit Rich Union won with a bid of HK$24.6 billion for the Kai Tak Area 1F Site 2 in May 2017, with a gross floor area of 1.91 million sq ft. The bid translates into HK$12,863 per square foot. Nan Fung has commenced construction of the AIRSIDE, a mixed-use commercial development on the site. The 47-storey building is touted to be the tallest building in Kai Tak, which is being developed as the city’s second most important business district.

4. Henderson Land bid HK$23.28 billion for the Murray Road Car Park in Central in May 2017. The site can be developed into a commercial building with 465,005 sq ft of total gross floor area, and the bid translates into HK$50,064 per square foot. The property, to be called The Henderson, is designed by the prestigious Zaha Hadid Architects, and the 36-storey building is scheduled to open its doors in 2023.

5. Patchway Holdings (HK), a joint venture by Hysan Development and Chinachem Group, bid HK$19.78 billion for a site on Caroline Hill Road in Causeway Bay in May 2021. With anestimated floor area of 1.1 million sq ft, the successful bid translates into about HK$18,400 per sq ft. The land sale document stipulates that the winning developer must include a health care clinic, a child care centre and a public car park with at least 125 spaces in its development plans.

(South China Morning Post)

For more information of Office for Lease at International Finance Centre please visit: Office for Lease at International Finance Centre

For more information of Grade A Office for Lease in Central please visit: Grade A Office for Lease in Central


Henderson in solid shape to handle Central project

Henderson Land (0012) said it will remain financially sound even after settling the HK$50.8 billion land price for a prime Central Harbourfront site.

Shares of the developer dropped 3 percent yesterday after the announcement of the total investment of HK$63 billion, the biggest outlay ever for a project in Hong Kong.

Its current gearing is only 20 percent as of end-July, and it will only be 30 percent after borrowing for the site, executive director and vice-chairman Colin Lam Ko-yin said yesterday in a virtual meeting.

But he added that Henderson does not rule out collaborating with other interested developers in the three-tower-block project.

The group enjoys stable rental incomes, dividends and revenues from property sales with a strong cash flow, Lam said, and it can settle the land premium in a short time without raising more funds from a share placement. To that end, the developer has no intention to change its dividend policy, Lam said.

The average rental prices for office buildings and shops in the Central stand at HK$130 to HK$190, suggesting a rental yield range of 4 percent to nearly 6 percent for the 516,300-square-foot Site 3, Lam said.

Henderson Land will relocate the General Post Office, reconstruct the Star Ferry Clock Tower and also provide over 300 public parking spaces, said Yu Wai-wai, general manager of project management department at the developer.

Lee Shau-kee, founder of Henderson Land, is very happy about winning the tender, said his son Peter Lee Ka-kit, co-chairman of Henderson Land. It had made him "grin from ear to ear," Peter Lee added.

Peter Lee also said his 93-year-old father is in good health.

The other co-chairman of Henderson, Martin Lee Ka-shing, said the company has confidence in Hong Kong, and the developer will use its expertise to give back to society.

Central district is always the top pick for multinational companies given that Hong Kong is an international financial hub, Martin Lee added, and the project is expected to deliver a good return.

Site 3 occupies a prominent location on the new Central Harbourfront. It is bounded by the Central Piers to its north, Two International Finance Centre to its west, Statue Square to its south, and the Hong Kong Observation Wheel to its east.

(The Standard)

For more information of Office for Lease at International Finance Centre please visit: Office for Lease at International Finance Centre

For more information of Grade A Office for Lease in Central please visit: Grade A Office for Lease in Central


Flats at Monaco One in Kai Tak rolled out

Wheelock Properties unveiled its first price list of Monaco One in Kai Tak, offering 99 flats at an average discounted price of HK$23,365 per square foot.

The price came in at 3 percent higher than the first batch of the sister project Monaco in the same district launched early this year, but 17 percent lower compared to that of Henderson Land Development's (0012) The Henley III in August.

The batch comprises 49 one-bedroom units, 34 two-bedroom units and 16 three-bedroom units with saleable areas ranging from 319 sq ft to 671 sq ft.

The cheapest flat - a 319-sq-ft one-bedroom unit - is priced at HK$7.57 million after discounts, or at HK$23,724 per sq ft.

The prices of future batches may be at least 10 percent higher and the developer will start receiving checks Saturday, managing director Ricky Wong Kwong-yiu said, adding that the sales are expected to launch in mid-November.

This came as data from the Lands Department revealed that eight new residential projects filed an application for pre-sale consent in October, involving 5,378 flats.

Among the new applicants, a project on Hang On Street which is co-developed by the Urban Renewal Authority and Lai Sun Group has been named as Bal Residence.

The project will provide 156 homes upon completion and Lai Sun previously said more than 90 percent of them will be one-bedroom units.

Together with the ones applied in the previous months, 29 projects with 14,662 flats altogether were pending approval as of the end of last month.

The department only granted three pre-sale consents covering 1,221 units in the month, down around 60 percent from 2,966 units in September.

Meanwhile, there were 602 private homes completed in September in the city, up 18.5 percent month-on-month, reversing a three-month downward trend, data from the Rating and Valuation Department showed.

A total of 11,168 private residential units were completed in the first nine months of this year, accounting for 61.3 percent of the government's estimation of 18,228 units.

Class B units, which range from 40 square meters to 69.9 sq m, took up more than half of the built flats, followed by Class A units with salable areas less than 40 sq m which accounted for nearly 30 percent of the total.

(The Standard)


Number of private residential units completed up 18.5pc

Hong Kong saw 602 units of private residential units completed in September, up 18.5 percent month-on-month and twisting a three-month downward trend, the latest data from the Rating and Valuation Department showed.

For the first nine months of the year, a total of 11,168 private residential units were completed, accounting for 61.3 percent of the government's target of 18,228 units for the whole year.

The figure for the first nine months, however, was still down by 18.4 percent when compared to the 13,684 units completed in the same period last year.

(The Standard)


工商舖9月買賣 險守500宗


根據代理資料所得,今年9月全港共錄得510宗工商舖物業買賣登記 (數字主要反映2至4星期前市場實際狀況),較8月的582宗再跌12%,已連跌3個月創近7個月新低,亦為年內次低,反映股市回落對工商舖市道影響不輕;至於該月買賣合約總值錄得89.42億元,按月跌25%,連跌兩月,並跌穿百億元水平。


商廈僅91成交 7個月新低






中環地王建40萬呎城市綠洲 恒基:重置天星鐘樓及郵政總局


中環商業地王設計方案全城關注,恒基主席李家傑、李家誠及一眾管理層,昨日出席網上記者會講解項目的設計概念。李家傑指出,集團投得的中環地王綠化面積達四點八公頃,並着重綠色設計,將設有大量綠色元素,並建三百米長的天台公園,提供六十個不同項目,包括引入不同高科技設施;並循減碳、能源控制和污水處理等方面加入不同的新科技,冀成為國際指標和新的榜樣,同時將貫切集團ESG理念建造項目,即「環境保護 (Environmental)、社會責任 (Social) 與公司管治 (Governance)」,希望為下一代提供更美好環境。





據賣地條款,中環郵政總局屆時將會拆卸,恒基地產策劃 (一) 部總經理余惠偉表示,未來郵政總局設施將設於該項目中間的一座地下及地庫;同時亦會重置「天星小輪鐘樓」。據賣地章程顯示,中標發展商須負責重建天星小輪鐘樓,並於該鐘樓原址作興建、管理及維修。



從該項目設計概念圖可見,由三座建築物組成,部分位置刻意留中空,作通風廊及都市窗戶,而建築物天台「Horizon Park」相連平台串連起三座建築物,長約三百米,未來公眾可在平台上眺望中環和維港景色。平台將以植物營造空中森林,同時提供草坪、緩跑徑及戶外空間予公眾使用。另外,該項目商場集合藝術、雕塑、自然、文化和劇場於一身,其核心為一個六層高的水族館,預料將會成為新一個矚目景點。




中環海濱地王 Lead 8王歐陽操刀設計

供大量綠化空間 李家傑:ESG理念打造項目

恒地 (00012) 相隔4年再下一城,重注508億元奪中環新海濱3號商業地王,項目的設計由Lead 8及王歐陽負責,除興建300米長的天台公園外,亦會提供大量綠化及公共空間,與海濱產生協同效應。恒基兆業地產集團聯席主席李家傑指,將貫徹ESG理念打造項目。

中環新海濱3號商業地王,由Lead 8及王歐陽負責,其中Lead 8於2014年成立,曾負責多個內地地標項目,包括上海徐家匯中心項目,不少為中資龍湖旗下項目,如龍湖重慶公園天街、星湖天街等。本地項目則包括新世界發展的香港國際機場航天城11 SKIES及北角和富薈等。


設300米長天台公園 引文化表演




















土瓜灣美善同道商住地盤獲洽 屯馬綫通車帶動財團區內覓盤








莊士「逸 · 酒店」獲洽購

紅磡區內亦有大型酒店獲洽購,莊士機構公布,集團旗下紅磡蕪湖街83號「逸 · 酒店」,正與獨立第三者進行初步洽談,可能出售持有該酒店及其牌照之附屬公司。




「逸· 酒店」樓高25層,地下及1樓為酒店大堂及商鋪,5至25樓為客房,每層約23間房,前身為莊士紅磡廣場,屬商廈用途,於1996年落成,業主近年把物業改裝成酒店,於2015年正式啟用。



鄧成波家族5億 沽筲箕灣全幢工廈

黑石基金購入 擬改裝作迷你倉



持貨2年轉手 蝕約8000



另近日消息指,一家美資基金正以16億元,洽購紅磡蕪湖街「逸•酒店」。莊士機構 (00367) 指,集團可能出售旗下位於紅磡蕪湖83號的「逸•酒店」,集團現正與一獨立第三者,並就集團持有上述酒店及其牌照的附屬公司,進行初步洽談,惟暫未就可能進行之交易訂立任何條款或確實協議。



軒尼詩道錦祥樓 1.99億易手

土地註冊處資料資料顯示,銅鑼灣軒尼詩道470號錦祥樓 (樓齡50年),剛以約1.99億元易手。

資料顯示,項目屬於一幢約5層高舊樓,估計購入重建。據悉,中銀香港 (02388) 目前持有軒尼詩道472號,數月前獲批重建1幢24層高商廈,總樓面約4.2萬平方呎,估計是中銀購入合併重建機會甚大。