Property Digest, February 27, 2013

15 sites in Beijing sell for 12.7b yuan

Land sales in Beijing amounted to 12.7 billion yuan from the sales of 15 development sites so far this month as developers turned aggressive in their land replenishment, according to a data from Centaline China. Taking into account the land revenue fetched last month, it expected the total amount would climb about 40 billion yuan in the first two months of this year. This month, the government has sold 13 residential sites with a combined gross floor area of 2.5 million square metres. Winning developers include China Vanke, Greenland Group, Gemdale Corp and China Overseas Land & Investment. Among them, Greenland appears the most aggressive as it won three residential and commercial sites for a total of 2.87 billion yuan, adding a total of 471,300 square metre of gross floor area. Sandy Li

HK$1.8b Lucky Centre offered for tender

The Lucky Centre, at 165 to 171 Wan Chai Road, estimated to be worth HK$1.8 billion, is being offered for tender. The 23-storey commercial building includes 101,846 square feet of gross floor area with an annual rental income of HK$23 million, according to the sole agent, Hong Kong Property Services (Agency). The basement and the ground floor are retail shops; the ninth to 12th floors are leased to a business hotel and the remaining floors are for office use. The leases, which were due to expire by the end of this year, would have the potential for about 30 per cent growth for the new terms, the agency said. It expects the property to generate an annual rental yield between 3 and 4 per cent. The tender will close at the end of March. Sandy Li