Hang Lung Properties have expressed its concern over a delay in registration of a property at 37 Shouson Hill Road from the US government. The Hong Kong-based developer is expecting its $330.2 million acquisition to be completed at the earliest possible.
Hang Lung said that it will follow the transaction in accordance to the timeline mentioned in the sales and purchase agreement.
It is reported that the property was taken over by Delta Bridge and has listed these members of Hang Lung as directors: Chairman Ronnie Chan Chichung, Executive DirectorAdriel Chan Wen-bwo, CFO Ho Hau-cheong and Chief Executive Lo Wai-pak.
The delayed registration process has been a worrying factor for Hang Lung as it usually takes about 15 days for the development. According to Hang Lung, it had clinched a tender for the development of the six multistorey buildings at 37 Shouson Hill Road in September. The agreement to complete the purchase was provided by the land registry by Delta Bridge.
The pricing for the property represents a 20 percent discount on the lower end of the market valuation in an area like Shouson Hill Road, which is considered to be expensive. The per square foot for the property is HK$54,138. Two years ago, China Resources acquired a property for HK$86,800 per square at 39 Shouson Hill Road.
The global property market has recorded a slump as well as a surge in demand in select economies, due to the coronavirus pandemic. However, the cost of properties is expected to remain low.