9 November 2010, Hong Kong – Mayer Brown, a leading global law firm, is pleased to announce that it has advised on six Hong Kong real estate transactions during the third quarter.
These include the following deals:
- Acting for Phoenix Property Investors in the pre-sale of Gramercy, a residential/retail development at No. 38 Caine Road, Mid-levels, Hong Kong with a sale price ranging from HK$17,000 to HK$45,000 per square foot where most of the 106 units were sold within the first week of the pre-sale. The total consideration is expected to exceed HK$1.5 billion.
- Acting for Phoenix Property Investors in the acquisition of an old residential building at Nos. 8-12 Ha Heung Road consisting of more than 100 units. The first 89 units were acquired at a total consideration of approximately HK$200 million. As the building will soon be more than 50 years old, Phoenix will apply for compulsory sale after the acquisitions.
- Acting for Phoenix Property Investors in the acquisition of a residential development with 42 units at No. 116 Argyle Street. The acquisitions of the first 33 units were completed at the end of September 2010 and the total consideration was in excess of HK$301 million. Phoenix will apply for compulsory sale.
- Acting for Phoenix Property Investors in the sale of a Hong Kong property holding company which owns No. 7 Pollock's Path and its related shareholder loan. The sale price is HK$268 million and the sale was completed in September. The property is a fully converted/renovated luxurious detached house on the Peak which comes with a private swimming pool and other facilities. Allen & Overy acted for the purchaser.
- Acting for Capital Strategic Investment in the acquisition of a shopping arcade on the whole of the Ground Floor, Upper Ground Floor, 1st Floor and 2nd Floor of Listing Court, 34-36 Granville Road, Tsim Sha Tsui, Kowloon. The property is a shopping arcade with more than 100 retail tenancies. The purchase consideration is HK$320 million and the purchase was completed in late September 2010. Mayer Brown also acted on the sale when the property was sold three weeks later at HK$420 million.
- Acting for Capital Strategic Investment in the acquisition of the JIA Boutique Hotel at No. 1 Irvine Street, Causeway bay, Hong Kong. The boutique hotel consists of 53 rooms and a restaurant. The total consideration is HK$548 million.
The Mayer Brown team was led by partner Peter Ho on the above transactions.