Taikoo Place Park House reserved for service

The property market has changed, and some developers have reconsidered the development plans of their projects. Among them, Swire Properties (01972) announced in May this year that it intends to sublease the Taikoo Place, a serviced residential project at No. 23, Sugar Factory Street, Quarry Bay. Dismantled within this year, but after the group reconsidered, it announced that it would continue to hold the property yesterday and hand it over to its Taikoo Hotel as a serviced residence.

Swire Properties said that the decision was based on the overall long-term development of Taikoo Place. It is believed that the continued holding of Taikoo Place will give the company more flexibility and advantages in further optimizing the entire Taikoo Community in the future.

Located on the 28th floor of Taikoo Place, it is located at the junction of Sugar Factory Street and Bay Street. It is adjacent to Taikoo Place Dehong Building and is only about 5 minutes walk from MTR Quarry Bay Station. There is a restaurant on the plaza at Taikoo Place, which offers 111 units, including open, one and two rooms.

As Swire Properties revisited the development of Taikoo Place, the property will be injected into the name of the Taikoo Hotel, a subsidiary established in 2008, and will become the fifth managed serviced residential project of Taikoo Hotel. According to the information, another serviced residence managed by the Taikoo Hotel in Hong Kong is the plaza in Pacific Place in Admiralty. The remaining three properties are located in Chengdu, Shanghai and Miami.

Developers and other “prices” to sell

In fact, Swire Properties has a dense operation in the Quarry Bay area. Apart from the construction of two Grade A office buildings in phases in Taikoo Place, it will also be the $3 billion in the Tai Kwai Town Centre in Quarry Bay in June this year. The four commercial buildings were sold to Chen Changwei, the chairman of Hengli Investment Holdings, a mainland investor.

Lin Haowen, Senior Director and Director of Valuation and Counseling at Knight Frank, said that Taikoo Place Parks has been used for rental purposes and has continued rental income. When it announced the planned sale, it was believed that developers had the ideal price, but the government launched in recent months. In view of factors such as the new housing policy, it is estimated that the developer “will want to sell the property at the lowest price”, so it is reserved for rental purposes and will be treated after the market conditions are clear.