Daily Archives: 28 Oct 2009

HK developers seek cheaper land

Posted on 28 Oct 2009 | Comments Off on HK developers seek cheaper land

Hong Kong’s biggest developers signalled they want cheaper land as the government seeks to increase supply and curb speculation after home prices surged 28 per cent this year.

‘The developers are requesting the government put the prices closer to the market level,’ Stewart Leung, an executive director at New World Development Ltd, told reporters in Hong Kong yesterday after a meeting with the city’s Financial Secretary John Tsang. ‘We also hope that the government will increase the opportunities for selling land via applications.’

Sun Hung Kai Properties Ltd, the world’s biggest developer by market value, and rivals including Cheung Kong (Holdings) Ltd fell in Hong Kong trading yesterday after the government tightened downpayment requirements for luxury homes, and suspended mortgage insurance for rental properties.

Executives from some of the city’s largest developers, including Thomas Kwok, vice-chairman of Sun Hung Kai; Cheung Kong deputy chairman Victor Li; Robert Ng, chairman of Sino Land; and Hang Lung Properties Ltd chairman Ronnie Chan met Mr Tsang at government headquarters yesterday.

Source : Business Times – 28 Oct 2009

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Lian Beng wins $112.7m contract

Posted on 28 Oct 2009 | Comments Off on Lian Beng wins $112.7m contract

LIAN Beng Group has bagged a $112.7 million contract to build The Gale, a freehold condominium in Flora Road.

The design-and-build contract was awarded by Tripartite Developers – part of the Hong Leong Group – and comprises 329 apartment units in nine eight-storey blocks, a basement carpark, a club house, swimming pool and other communal facilities.

Work is expected to start next month and to be completed by November 2012.

The Gale’s design has received the Green Mark Gold Award from the Building and Construction Authority.

‘Securing the contract for The Gale is a timely development for Lian Beng,’ the company said in a filing to the Singapore Exchange.

‘The group recently completed the construction of Ferraria Park, which is on an adjoining plot, thus minimising the resources required for the initial set-up at the new work site.’

The Gale contract comes two months after the company was awarded the job of building Waterfront Key, a 437-unit joint venture development by Frasers Centrepoint and Far East Organization, and will boost Lian Beng’s order book to about $658 million. Continue reading →

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Posted in Construction

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