Fortress Hill and TKS thread

The FORTRESS HILL and Taikoo Shing thread


MAP: http://johomaps.com/as/hongkong/metroatlas/fortresshill.html#top


(I am hoping that I can entice LGMV and others who have more knowledge of this area that I do, to post the occasional bit of information here. After some period of time, it may represent a Treasure store of information)


To kick things off, here's a snippet from the TKT thread, where the idea for a FH thread originated:


LGMV:

Trainee. Spend some time around Electric Road during the weekend (I live in this area). There are some new developments coming up around there by Henderson Land ("The H" -- or something equally demented name -- on Gordon Road and the future Oil Street development by Cheung Kong. Note that they are both close to MTR stations Tin Hau and Fortress Hill. Also, note the bus stops outside Fortress Hill MTR and next to the Tin Hau MTR. Also close to the tram and within walking distance of Victoria Park, Causeway Bay and hipster-crazed Tai Hang. I would suggest looking at these areas between 9pm and 1pm to get an idea of how vibrant they have become. Many mainlanders also around as there are many hotels. Plus you have the markets and some good local schools to put a floor under prices. My daughter says if you are from Fujian province, you can get discount at the market stalls - so brush up your Hokkien.



OPT:

I think it would be great if other people would start threads like this on locations they know well. Obviously, Lloyd could do a great thread on the Fortress Hill area. I even made two trips there to have a look around, and would agree that there is some interesting gentrification happening there. I particularly like what is happening around Cocoon, and suggest people might like to ponder whether CC might be an engine for new company start-ups in that area, adding to the future vibrancy.



Also great, would be threads on: Sai Yun Pun, and YuenLong/KanSheungRoad



TI:

@ Loyd - thanks also.

I like the idea of having a thread for each of the different areas.

Lloyd / LGMV:

Not much more to say on Fortess Hill area really. Too busy at the moment to check out all the buildings. However, if the do extend to Tung Chung Line to Fortress Hill (see MTR's plan for North island line0 then it will be on a quicker direct line to Hong Kong Station (IFC2) and Kowloon whilst passing through Tamar (govt HQ).


OPT:

Yup. The extension of the Tung Chung line to FH (and beyond?) would make the area more convenient, and better connected to the airport and the XRL.


And so too would it help even more areas like Kowloon Central and Tai Kok Tsui. With the Express Train to China (the XRL) terminating there, it would give that part of Kowloon some claim to being the new heart of the Hong Kong SAR.


(Here's what Lloyd was talking about):


North Island Line (NIL)

6.3 The NIL "Swap” scheme links the Tung Chung Line (TCL) via the Central and

Wanchai reclamation areas through to the eastern section of the Island Line (ISL)

at Fortress. The Tseung Kwan O Line (TKOL) is then extended from North Point to

connect into the ISL at Tin Hau and run through to the western terminus at Sheung

Wan. It has a high priority for implementation as it relieves the ISL and TWL and

promotes the use of the TCL, WR and TKOL. It is common to all railway network

expansion options and its implementation needs to be co-ordinated with

reclamation and infrastructure development along the north foreshore of Hong

Kong Island.

====

/source: http://www.hyd.gov.hk/eng/public/publications/srds_es/doc/RDS2_E.pdf

MAJOR PROPERTIES - near Fortress Hill

=====

Fortress Metro Tower

Fortress Garden

Provident Centre

City Garden

La Place De Victoria

Echo Peak Tower

Le Sommet

Kings Centre

Jupiter Terrace

Viking Garden

Kiu Hing Mansion

Lime Habitat

=====

What have I missed ?

I wonder what Fortress Hill prices would be if we hit CCL-100?

=========


(From the Main thread):


I would expect some strong buying if Mid-Levels hits $10,000 psf.

And so if gdep's calculations are right, then maybe above CCL-100.


I note that

Taikoo Shing is now / Div. by CCLI :

Gross : $11,878 / 118.71 = 100.06

Net- : $13,603 / 118.71 = 114.59

=====

That suggests that TS will be almost exactly $10,000 psf-Gross, if CCLI hits 100.


... and maybe $11,459 psf-Net at the same time.


Is Mid-Levels really just 5-10% above a... er, "older" place like Taikoo Shing?

Lloyd's winning, and he's not even telling us. (!)


Assuming the Taikoo Shing Bellwether, is a good guide to what's happening in Fortress Hill.


(Last weekend was good for TKS):


GOOD NEWS for Bulls ... How else can I describe this?


BOC cuts its best home loan rate to just 2.10 percent (on home loans exceeding HK$3 million.)


... following similar news by HSBC last week.


MEANTIME, a record at Tai Koo Shing :


718-sf unit at TKS, sold on Saturday for $10.9 million - or HK$15,181 per sf, net.


Note: HK$15,181 x 87.32% (efficiency) = HK$ 13,256


That's a stunning price - well above the last reported $11,912 by CL

/see chart:

http://hk.centadata.com/cci/estate_info_e.aspx?id=001600


(SCMP revealed today):


Ten of the 33 sales on big Hong Kong Island housing estates were at TKS... Up from 7 sales in the prior week.

HISTORICAL PRICES



Mo: FortressHill : TaiKooSh : TKS-premium

2012

May : $ 7,771 : $10,659 : $2,888

Jun : $ 8,123 : $10,546 : $2,426

July : $ 8,265 : $10,689 : $2,424

Aug : $ 8,461 : $10,538 : $2,077

Sep : $ 8,787 : $11,485 : $2,698

Oct : $ 8,832 : $11,461 : $2,629

Nov : $ 9,209 : $11,590 : $2,619

Dec : $ 9,560 : $11,665 : $2,105

2013

Jan : $ 9,275 : $12,149 : $2,874

Feb : $ 9,321 : $11,939 : $2,618

Mar : $ 9,366 : $12,131 : $2,765

Apr : $ 9,151 : $11,710 : $2,561

====



/FH-source :

http://transactions.gohome.com.hk/records/Fortress-Hill/en/

/CL-Index : http://hk.centadata.com/cci/cci_e.htm

/CL-history : http://202.72.14.52/p2/cci/SearchHistory.aspx

(Month-end)

Drilling for Golden profits on Oil Street


Bulletpoints

====

+ Jan 16, 2012 – Cheung Kong (Holdings) (0001) is planning an 800-room hotel and a 400-unit luxury residential project on Oil Street in North Point.

It is awaiting Town Planning Board approval that will see seven towers, each more than 100 meters tall, erected on the 84,898-square-foot site with one of them designated for a 39-story hotel.


The remaining towers of between 35 and 38 stories will, Cheung Kong said, be designed for hotels and apartments.


Residential units will have an average size of 1,110 sq ft.


The buildings would offer a total gross floor area of 755,600 sq ft. Of that, 322,900 sq ft will be for hotel purposes, and 432,700 sq ft for apartments.


+ Last August (2011?), Cheung Kong grabbed an 84,000-square-foot site on Oil Street for $6.3 billion for a hotel, commercial and residential development. A massive waterfront site at Java Road will open for tender bids in late May, providing at least 700 flats. Left vacant since North Point Estate was demolished in 2003, the site is set to test high and market estimates predict the plot will fetch up to HK$10 billion or HK$20,000 per square foot.


+ Harbour Grand Hong Kong is pleased to announce that the Hotel has humbly attained two

awards from World Luxury Hotel Award 2012, namely:

Luxury City Hotel Award – 2012 World Luxury Hotel Global Category. Overall 2012 Winner of the 2012 World Luxury Hotel Awards

( MTR Fortress Hill Station, Exit A / 23 Oil Street, North Point, HK )


North Point comment:

The area has an interesting blend of public housing, older walk-ups and modern apartments offering studio flats as small as 370 square feet to spacious 1,000-square foot flats. Mid-range hotels that are experiencing the industry’s healthiest growth add to the skyline of the area. The high efficiency rate and relatively stable prices, hovering at around $8,000 per square foot (compared with Wanchai’s $13,000), remain a big draw for homebuyers and increasingly expatriate residents.


“With most developments in the area are well over 30 years and owned by end-users, prices are less volatile. Buyers in the area account for most transactions — either for upgrade or investment purposes,” explains Eric Wong, associated director of Landscope Christie’s Real Estate. “Plus, almost 60 percent of flats enjoy harbour views.”


Located a little uphill, the North Point Mid-Levels is a different world. Enveloped by soothing green hills, a 1,200-square foot flat at Braemar Hill Mansion demands a hefty entry price tag of $15 million. Though lacking public transport access except for minibuses, this part of Hong Kong Island is best known for its elite school networks with international schools and EMI (English as a medium of instruction) schools nearby.

===

Taikoo Shing Estate : HK Island's "most liquid bellwether"

.

Chart:

http://img90.imageshack.us/img90/4685/6crq.png

.

Taikoo Shing, last reported by CL at $12,256 (6/09)

.

+ That's only 0.43% below the double top high of $12,302 (3/17) /$12,309 (2/03)

+ The year's low of $11,326 (5/05) was only -7.99% off the High

+ More than 60,000 people live on the estate, about 1% of the SAR's population

+ Taikoo Shing Estate : Completed 27 years ago in 1986

+ Built on former site of Taikoo Dockyard

+ Swire Properties was kicked off with the closing of the dockyard in 1972

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/more: http://en.wikipedia.org/wiki/Taikoo_Shing