• Wed
  • Sep 24, 2014
  • Updated: 5:20am

Swire Properties

Swire Group, whose activities span property, aviation, beverages, marine services, and trading and industrial, is a Hong Kong listed conglomerate. It is the parent of Hong Kong carrier, Cathay Pacific Airways, and Dragonair, and Hong Kong Aircraft Engineering Co (Haeco) is a subsidiary. Swire Pacific and Swire Properties are the main listed arms of the group, which also owns Swire Hotels. 

PropertyHong Kong & China

Swire Properties fails to sell HK$470 million Opus luxury unit

Developer withdraws the 5,409 sqft flat from the market after tender bids fall short of its reference selling price of HK$470 million

PUBLISHED : Friday, 20 December, 2013, 3:00am
UPDATED : Friday, 20 December, 2013, 3:21am

Swire Properties failed in its bid this week to attract a buyer for a unit in its super-deluxe apartment tower, Opus, at a record-breaking reference price of HK$86,892 per square foot.

Up for tender was a 5,409 sqft unit on the 11th floor of the residential tower in the Mid-Levels at a price tag of HK$470 million. On a per-square-foot basis, that would have made it the most expensive apartment ever sold in Hong Kong.

But bidding fell short of the reference price and the unit was withdrawn from sale.

"The bids received did not reflect the true value of Opus. Therefore, we have decided not to accept any bids," a company statement said.

Rival developer Hutchison Whampoa fared better, however, with the sale of a third super-deluxe free-standing house at 28 Barker Road on The Peak for HK$530 million.

The 5,692 sqft House No2 included a 1,214 sqft flat roof, a 654 sqft garden and two parking spaces. The HK$530 million price tag worked out at HK$93,113 per square foot.

Inclusive of the latest sale, Hutchison has now raised HK$1.8 billion from the sale of just three houses in its Barker Road project in less than a month.

Meanwhile, Swire announced it had acquired the office project, DCH Commercial Centre, in Quarry Bay, from Citic Pacific for HK$3.9 billion through Marvel Glory, in which it has a 50 per cent stake. The transaction price represents a per-square-foot value of HK$10,025.

With more residential sites being offered for sale, it was likely that developers would sell more new projects to shore up their cash flow to buy land, said Alnwick Chan Chi-hing, executive director of property consultancy Knight Frank.

Developers would also like to cash in on the improving buying interest after seeing most new launches generate better-than-expected responses, he said.

Separately, MTR Corp yesterday invited expressions of interest from developers in a large site near Ting Wing light rail stop in Tin Shui Wai. The site will yield a gross floor area of 982,280 sqft or 1,500 flats. The tender will close on December 27.

The site was withdrawn from tender in February when it failed to attract bids.

On Wednesday, the government announced it would release 12 residential sites and one commercial plot for tender in the January-March quarter.

Surveyors expect the 12 residential sites to provide a total of 5,500 units.

James Cheung, an executive director at Centaline Surveyors, said the 116,896 sqft commercial site at the junction of Shouson Hill Road West and Wong Chuk Hang Path could fetch a winning bid of about HK$2.12 billion or HK$30,000 per square foot.

"It will be the most expensive commercial site in per-square-foot terms," he said.

Share

Related topics

For unlimited access to:

SCMP.com SCMP Tablet Edition SCMP Mobile Edition 10-year news archive
 
 

 

5

This article is now closed to comments

captam
@"The bids received did not reflect the true value of Opus"
Well that statement's true! The bids received probably exceeded the true market value by ten times or more.
dynamco
waaah
even too rich for Mainland black money
sucker no more
except of course the British Consul using UK taxpayer money to live there at USD 100k per month having downgraded the HKG passport office for citizens to a courier to UK
is it a British consulate or its citizens or a business promotion office ?
captam
Neither. The British Consulate's main function in Hong Kong is now for the co-ordination of spying activities directed against Chinese nationals and companies.
14u2nv
"The bids received did not reflect the true value of Opus. Therefore, we have decided not to accept any bids."
No.... the market is telling you it's not worth what you're asking.....
johnyuan
Vitruvius, a Roman author, architect and engineer in 1st century BC, is best known for his book the De Architectura in which he wrote that building should exhibit the three qualities of firmness, utility and beauty. I believe in these qualities as essentials in architecture. The appearance of Swire’s deluxe apartment tower, Opus I don’t find it consists of these qualities. Instead I see instability, superfluousness and ugliness in these twisting hair-locks glass tubing. Perhaps Swire would do a makeover to get bids that worth of the design. It is best to remove all of them.
 
 
 
 
 

Login

SCMP.com Account

or