Wheelock Properties has submitted an application for a minor relaxation of plot-ratio restriction from 0.5 to 0.55 for the proposed redevelopment of a residential property located at 77 Peak Road (also known as Dodwell Mansions). Currently standing on the site is a “Colonial style low-rise luxury building” containing 12 units of size 2,391 sqft or 2,734 sqft.

The increase in plot ratio is purported to be part of an exchange with the Government for giving up a portion of the lot to permit increasing the road width upon redevelopment.

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A house and plot of land at 13 Big Wave Bay Road sold in December 2009 to the billionaire founder of a mainland Internet company. The purchase price was a cool $480m for around 2,300sqm of land with an existing 10,000sqft residential dwelling on it. In October, 2006 an agreement for sale and purchase was entered into by George Sze Kwong Chao (趙世光) to purchase the property for $380m, and the transaction completed 6 months later. The capital appreciation on this over the three year holding period was $100 million.

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The owner of Regal Court, Perfect Perform Industrial Limited (PPIL), has applied for planning permission (Application no. A/H5/389) to demolish the 22-storey residential building and develop a 26-storey modern office building in its place. The building’s location at 12-18 Wing Fung Street is in the heart of Swire’s Star Street district. According to the meeting of the Metro Planning Committee of the Town Planning Board, their decision has been deferred while they wait for further information from the Applicant.

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For the super wealthy in Hong Kong a new luxury home option is taking shape at “Longview”, No. 45 Tai Tam Road. The 3,009 sqm site and existing dwelling was purchased on 18th December, 2009 for HK$480 million by Tania Development Limited, a Joint Venture between National Electronics Holdings Limited (NEHL) (0213.HK) and J.P. Morgan Asset Management (JPMAM). Their stated plan is to redevelop the site and build two residential houses.

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A planning proposal to convert an industrial building to a hotel has been deferred for a second time, at the request of the applicant. Power Concept Properties Limited applied for planning permission for an in-situ Hotel conversion of Perfectech Centre, an industrial building in Aberdeen/Wong Chuk Hang (Application no. A/H15/237).

According to the Application documents, the proposed hotel will be 25 storeys high and have no more than 98 guest rooms. Facilities promised include amongst others a swimming pool, restaurant and outdoor landscaped area.

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An application for planning permission for a larger InterContinental-owned Indigo Hotel has been rejected by the Hong Kong Town Planning Board. (More details of the rejected Application can be seen here: A/H5/383)

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Swire Properties purchased Tai Sang Commercial Building for HKD$1.36bn in November of 2007 and given the proximity to Pacific Place 3 theres a chance this latest acquisition may be the future Pacific Place 4.

The building was previously owned by the mid-size Hong Kong bank, Tai Sang Bank. It is in fairly poor condition right now and as of late 2008 many office tenants have vacated the building. One might speculate that Swire did not seriously attempt to retain these tenants and may have some plans brewing for a new use for the building (or at least a substantial re-furbishment, otherwise known as “Mutton dressed as Lamb”).

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The MTRC issued a press release (pdf) highlighting their green light from the Government to proceed with a detailed proposal for the scope, cost and implementation of the West Island Line.

The West Island Line is an extension to the MTR Island Line and includes the addition of three more stations to the west of the existing Sheung Wan station. The additional stations are Sai Ying Pun, University and Kennedy Town.

The new line, once completed will provide a great boost to the station areas and neighbourhoods in the vicinity and should lead to an increase in property prices in the area.

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