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Lam Ka-sing

CK Asset Holdings, the property conglomerate chaired by Victor Li Tzar-kuoi, has won the tender for what could be Hong Kong’s most expensive railway development, requiring a total investment of up to HK$38 billion (US$4.8 billion) for the Wong Chuk Hang site.
MTR Corp awarded the tender for phase three of the plot next to the Wong Chuk Hang MTR station on Thursday, two days after the tender closed.
Gentrifying Wong Chuk Hang on the up and up as Hong Kong’s business hub with cheaper rents
CK Asset, which Li took over from his father Li Ka-shing formally in May, beat Hong Kong property giants including Sun Hung Kai Properties, Henderson Land Development, Chinachem Group and a consortium consisting of New World Development, Wheelock Properties, Sino Land, China Overseas Land & Investment and K Wah International to secure the site.

Grace Woo Chia-ching, executive director of CK Asset said the company was confident in the site’s potential for development.
“The railway development at the station, which is only two stations away from transport hub Admiralty Station, is the only remaining one on Hong Kong Island,” she said, adding that the company expected to complete the project by 2023.
Surveyors estimate the total investment cost for the parcel would be between HK$27 billion to HK$37.65 billion.
The site, which will yield a total gross floor area of 1.5 million sq ft, will be developed into four towers with 1,200 units and a shopping centre of 505,908 sq ft.
CK Asset is required to pay nearly HK$13 billion in land premium to the government as a one-time payment, the highest among railway development projects.
Wong Chuk Hang Station attracts huge interest from property developers, showing worries over vacancy tax appear exaggerated
Flats are expected to sell between HK$30,000 to HK$45,000 per sq ft.
Analysts said the move marked CK Asset’s accelerating land replenishment programme after a two-year absence in successfully acquiring a major site in Hong Kong.
“It is not surprising,” said Thomas Lam, senior director at Knight Frank, referring to CK Asset’s win. “As the developer has sold a lot of flats in recent years almost immediately after they are available, it is time to replenish its land bank.”
CK Assets sold 3,300 flats last year for a total consideration of HK$52.5 billion.
Raymond Cheng, head of Hong Kong and China research and property at CGS-CIMB Securities, said
CK Asset might have become even more optimistic on Hong Kong’s property market now.
“The recent [planned] redevelopment of Hutchison House and the winning of Wong Chuk Hang land suggest that they are [getting aggressive in their bids for] land in Hong Kong.”
The acquisition comes two months after the completion of the HK$40.2 billion sale of The Center in Central, the world’s costliest office tower.
CK Asset, the second largest Hong Kong developer by market capitalisation, owns just six million square feet of land bank for development in Hong Kong, according to its 2017 annual report. Sun Hung Kai Properties and Henderson Land by comparison hold 21.4 million sq ft and 14 million sq ft respectively.
Li Ka-shing’s CK Property wins Sha Tin residential site with bid one third higher than market expectation
It was also the first land acquisition from the government after the developer won a mid-sized site for luxury residential development on Lai Ping Road, in Kau To Shan near Sha Tin for HK$1.95 billion in September 2016.
Lam said the developer is likely to continue to buy land in the world’s most unaffordable housing market, even if it is expensive.
“I believe the company will continue to buy if they can locate good and profitable opportunities.”


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Hong Kong property

Victor Li’s CK Asset wins tender for Hong Kong’s most expensive rail development

MTR Corp awarded the tender for phase three of the plot next to the Wong Chuk Hang station, pictured, to CK Asset Holdings. Photo: SCMP Handout

Victor Li, chairman of CK Hutchison Holdings Ltd. and CK Asset Holdings Ltd., adjusts his glasses during a news conference following the official opening of the CKC18 store, operated by A.S. Watson Group, in Hong Kong, China, on Thursday, May 31, 2018. Li took over as chairman of CK Hutchison and CK Asset from his father Li Ka-shing on May 10. Photographer: Justin Chin/Bloomberg

City’s builders dominate Wong Chuk Hang land sale, regaining upper hand over Chinese rivals

A general view of the Wong Chuk Hang MTR station under construction, as of February 10, 2017. Photo: SCMP / Edward Wong

Discover the secrets of Wong Chuk Hang, an unpolished gem 

Preparing a cocktail at Ovolo Southside, one of Wong Chuk Hang's many chic hangouts. Photos: Christopher DeWolf

Inside Ovolo Southside.

The interior at Mum.

Lane Crawford furniture showroom in WCH.

At work in Sensory Zero cafe.

A beef sandwich and fries at Butchers Club Deli.

Manager Scott Ferrier of The Butchers Club Deli.

Beef can be dry-aged to customers' specifications.

The interior of 3/3rds cafeteria.

Inside Ed1tus, a men's fashion boutique.

Chef Krzysztof Bandel in action at Cirqle in Ovolo Southside.

Ovolo Southside.

The roof garden at Spring Workshop.

Irene Capriz of Casa Capriz.

Farms, factories and the future: Wong Chuk Hang to change again with MTR opening

South Island MTR Line carves its way through Wong Chuk Hang towards Aberdeen Harbour. The area’s farmers once exchanged their produce for seafood with the fishermen in Aberdeen. Photo: Jonathan Wong

Portrait of designer Ranee Kwok, at her studio in Wong Chuk Hang. 29JAN16 [LIFE] SCMP/ Jonathan Wong

Double Tenth celebration at Wong Chuk Hang, 10OCT88

*** MEAT AND VEG *** Walk this way: Wong Chuk Hang. This image shows a view inside 3/3rds cafeteria in Wong Chuk Hang. 04JUN15 [16JUL2015 48HRs TRAVEL FEATURE]

The Human Body : Measure and Norms exhibition at Blindspot Gallery in Wong Chuk Hang. 04DEC15 SCMP/Jonathan Wong [LIFE]

Village of Wong Chuk Hang. 13FEB74

Handout image shows Wong Chuk Hang estate taken by architect Sarah Mui Sze-wa in 2007. 9/7/07 [FEATURES] SCMP / Sarah Mui Sze-wa

Handout image shows the Tai Wong Ye Temple next to the Nam Long Shan Road Cooked Food Market in Wong Chuk Hang. 9/7/07 [FEATURES] SCMP / Sarah Mui Sze-wa

Sarah Mui, an architect who grew up in Wong Chuk Hang estate that has now been demolished (rear) in Hong Kong on September 21, 2016. [FEATURES] SCMP / Jonathan WONG

(NOT in this picture) Southern District councillors Tsui Yuen-wa; Paul Zimmerman, and Chai Man-hon say the $18 million public transport interchange in Wong Chuk Hang is "The ugliest public transport infrastructure you can get. Picture taken at Wong Chuk Hang Station. 04APR16 SCMP/David Wong

Sarah Mui, an architect who grew up in Wong Chuk Hang estate that has now been demolished, as she sits in Nam Long Shan food market, In Hong Kong on September 21, 2016. [FEATURES] SCMP / Jonathan WONG

Gentrifying Wong Chuk Hang on the up and up as Hong Kong’s business hub with cheaper rents

The old industrial area of Wong Chuk Hang, east of Aberdeen, is fast emerging as an affordable central business district. Photo: SCMP

Handout picture of South Island Place. Photo: Handout

MTR may sell land site atop Wong Chuk Hang station amid rising home prices

Hong Kong’s rail operator says several residential blocks and a 450,000 sq ft mall can be built on the site above the station

A general view of the Wong Chuk Hang MTR station. 10FEB17 SCMP / Edward Wong

MTR property director David Tang Chi-fai stands in the phase two of Maritime Square shopping mall in Tsing Yi station. 07FEB18 SCMP / Sandy Li

MTR says it could put up a site atop the station for tender this year. Photo: Felix Wong

Business

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Property

Hong Kong & China

The phase three development of the site next to the Wong Chuk Hang MTR station will require an investment of up to US$4.8 billion


MTR Corporation

Cheung Kong

Victor Li