HILLSBOROUGH COURT
Mid Levels

 


 

No. 18, Old Peak Road

This important project at No. 18, Old Peak Road in the Mid-Levels stands out as one of Sun Hung Kai Property's (SHKP) first flagship projects when the were establishing themselves as sons of one of Hong Kong's most insightful tycoons, capable on their own.

I had the privilege to represent SHKP for the purchase of Cadillac Fairview's Alberta portfolio of retail and office buildings.   This deals was never consummated because CF refused to acknowledge the due diligence by SHKP's independent consultants to show that spalling occurred in the buildings.    This deal continues still to be a lesson to many doing global business.  

The triumvirate of  SHKP founder, Kwok Tak-Shing, a good friend of my Father's together with SHK Securities founder, Fung King-Hey and Lee Sew-Kay, Chairman and Founder of Henderson were 'the' success story in Hong Kong and laid the template of East Meets West.   In the 70's they founded their fortunes and i remember their regional outreach as early as 1983 when Mr. Fung brought his good friend, the Chair of Far East Organization in Singapore to my office when I was still a vice-president at Colliers..     These players continue to dominate the Hong Kong real estate market.     For example, Sino's Robert Ng is the runs the Hong Kong arm of patriarch NG TENG-FONG's fortune while brother PHILIP NG has been groomed to run the Singapore arm of the family fortune.    I sold their Father a small investment  which was my first glimpse into the world of Tycoon's during the early 1980's.

SHK Securities founder  Fung King-Hey who regrettably passed away during an Alaska Cruise a few decades ago, was the first to bridge into the West.    He is a role model for all of us who do business in the East and the West.

American Express paid several hundred millions USD to enter into the Asian market with this Chairman.    He was a forefronter and role model for those of us aiming to bridge the gap between EAst and West.   The relationship between Amex and SHF did not last because cultures are so different and perhaps the sibling were not made of the same fabric as the founders.

Hillsborough Court  like the adjacent Dynasty Court was developed in 1993 with the first phase accomodating 528 residences.   The rents for flats in this development continue to command a premium because of their strategic location and convenience to Central and Wan Chai.

Like the adjacent Dynasty Court, Hillsborough Court was designed by the same architect, Edward Ho of the Wong Tung & Partners. Developed by SHKP and completed in 1993, the first phase of Hillsborough Court housed 528 apartments.

Its popularity at that time was not just the superior construction and stragetic central location but also its clubhouse facilities and larger units more familiar with many of Hong Kong's expatriate community.  


Clubhouse, Garden, Gym, Playground, Shuttle Bus, Swimming Pool were featured in the sales brochure.

The following are some of the sales in earlier days:
ate Block Floor Unit Area
(sq ft)
Price Price /PSF
20 Feb 02 3 Low C 976 $  5.65M $  5,789
30 Jan 02 2 High A 841 $  5.45M $  6,480
16 Jan 02 2 Low C 976 $  5.80M $  5,943
11 Dec 01 2 Low B 783 $  4.40M $  5,619
15 Nov 01 3 High D 821 $  5.50M $  6,699
17 Oct 01 2 High C 976 $  5.80M $  5,943
13 Sep 01 02 High B 783 $  5.20M $  6,641
16 Mar 01 2 Mid C 1385 $  7.00M $  5,054
14 Mar 01 1 High D 1385 $ 10.55M $  7,617
21 Jan 01 1 Low A 1369 $ 11.50M $  8,400
21 Jan 01 1 Low A 1369 $1 1.50M $  8,400

What a jump now that they are launching Phase 4 at $18,000 and $19,000 per sq. ft.   Who says HK Property is not productive investment?!

 


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