|
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?!
|
