bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Peggy Sito

Hongkongers are getting the chance to buy in to a new development in London with flats in a waterfront building coming on to the market.
Henry Cheng Kar-shun, chairman of Hong Kong’s New World Development, will release his £8.4 billion (US$11.97 billion) redevelopment project in East London to local buyers on Friday, April 20.
Knight Dragon, a company that he owns privately, will test interest among Hong Kong investors with 86 units at the Greenwich Peninsula development. The units are priced at between £550,000 and £2.1 million each. 
The units range from one to three-bedroom apartments, as well as loft penthouses, measuring from 572 sq ft for studio flats to 1,758 sq ft for penthouses.
The average price is about £900 per square foot, according to Richard Margree, the chief executive of Knight Dragon.
Greenwich council approved Cheng’s master plan in 2015 to build more than 15,000 new homes as part of an estimated £8.4 billion transformation.
It will be London’s single largest regeneration project, with 48 acres of open green spaces, as well as 3.5 million sq ft of shops, hotels, schools and public facilities. The Greenwich Peninsula project is due to be completed in 2021 or 2022. 
“There are not too many opportunities to build a city in London,” said Sammy Lee, the vice-chairman of Knight Dragon.
Cheng is aiming to make Greenwich Peninsula a unique cultural destination for Londoners and visitors to the city, said Lee.
Hong Kong builder New World Development’s interim core profit falls 16pc, but still beats estimates
Cheng, 71, is rumoured to have suffered a minor stroke on the eve of Lunar New Year in 2017. His listed flagship company, New World Development, last year confirmed without elaborating that he was ill.

“(Cheng) is now back to normal. He is in good shape,” said Lee, who said he had meetings with him recently. Lee said Knight Dragon was in no rush to offload the units as it viewed the redevelopment as a long-term project.
There are not too many opportunities to build a city in London
Sammy Lee, vice-chairman, Knight Dragon
The company also has no plans to offer buyers bulk discounts, on the sale of 20 to 30 units for instance.
Prices in London fell by 3.2 per cent between January and March compared with the previous quarter, their sharpest decline in nine years, according to regional data collated by IHS Markit and published by Halifax, which is part of the Lloyds Banking Group.
New World Development offers Hong Kong’s young homebuyers a leg-up with new scheme
London also recorded the sharpest fall since the start of 2011 on an annual basis, with capital values falling by 3.8 per cent in the first quarter from a year ago, Halifax said in the report last week. 
Knight Dragon’s Lee said there was always “a bit of uncertainty” in the market, but he was confident in the gateway city in the long run. 

JLL, the sole marketing agent for the Hong Kong launch, said it expected prices and rentals growth at Greenwich Peninsula to outperform the Central London average over the next five years.


Hong Kong’s ageing challenge: is Singapore’s Kampung Admiralty model the answer?

Japan hotels keep luring Hong Kong families, global investors despite geopolitical strains

Chinese bubble tea chain Mixue straps in for theme park project

Singapore property clan puts rare Hong Kong estate up for US$38.4 million tender

International Property

New World’s Cheng to launch US$11.97 billion London residential project in Hong Kong

Under construction residential flats at the Greenwich Peninsula site in London, in July 2017. Photo: Bloomberg

***ONE TIME USE ONLY*** Greenwich Peninsula regeneration scheme.

Workers move pieces of glass as they build residential flats on the Greenwich Peninsula construction site in London, U.K., on Tuesday, July 25, 2017. U.K. house prices are "virtually at a standstill" as consumers contend with a squeeze on living standards, Rightmove Plc said. Photographer: Simon Dawson/Bloomberg

International schools become hot property in Hong Kong

Demand for privately owned international schools is expanding fast in Hong Kong. Photo: SCMP

Wide shot of Stamford American School in Ho Man Tin. 09APR18 SCMP / Felix Wong

Amsterdam property market draws new money

Amsterdam's canal houses are a Unesco World Heritage Site. Photo: SCMP handout

Canal house in Amsterdam

Amsterdam boat house

Is Manila the next best location for property investment in Asia-Pacific?

With below five per cent vacancy rate, analysts are upbeat about the Manila office market. Photo: Shutterstock

General photos of Filipino maids sitting on the streets on a Sunday around Hong Kong. 12NOV17 SCMP / Dickson Lee

Commuters hang from the back of a jeepney traveling along a road in Manila, the Philippines, on Saturday, April 8, 2017. Smoke-belching jeepneys are as iconic to Manila as the cable cars of San Francisco, the gondolas on Venice's canals and the black cabs in London. The most popular public transport in the Philippines is now being targeted for the scrap heap as President Rodrigo Duterte tries to modernize the nation and clean up its air. Photographer: Veejay Villafranca/Bloomberg

TOPSHOTSEmployees work at a construction site in Manila on August 24, 2013. ThThe Philippine central bank sees inflation staying low over the coming years even as economic growth picks up, its deputy governor Diwa Guinigundo said on August 8. AFP PHOTO/NOEL CELIS

London the new Lego City? Toy firm’s billionaire owners are shopping for more property

The fund behind the toy firm that creates cities with plastic bricks wants to increase its investments in real UK bricks and mortar

A Lego cityscape at a show in Hong Kong. The fund that manages the wealth of the toy company’s owners is looking to invest in London property. Photo: Dickson Lee

Property

International

Business

Units in Greenwich Peninsula are priced between £550,000 and £2.1 million each


New World Development

Property investment

Investing

New World’s Cheng to launch US$11.97 billion London residential project in Hong Kong

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Units in Greenwich Peninsula are priced between £550,000 and £2.1 million each

Units in Greenwich Peninsula are priced between £550,000 and £2.1 million each