Latest news with #ThePeak
South China Morning Post
04-07-2025
- South China Morning Post
Indonesian can leave Hong Kong pending decision to drop fallen tumbler case: court
A Hong Kong court has allowed an Indonesian tourist to return home while awaiting authorities' decision on whether to continue with his prosecution over a fallen tumbler that hit another visitor at The Peak. Merchant Satnauli Bangun, 44, was not required to enter a plea on a count of allowing an object to fall from a height when he first appeared at Eastern Court on Friday. Court prosecutor Jennifer Cheung Toi-ling said the Department of Justice needed time to decide whether to press on with prosecution, having reviewed CCTV footage of the incident that occurred on Wednesday. Magistrate Kestrel Lam Tsz-hong scheduled the next hearing for August 1 and noted that the defendant had to be present in court even if the prosecution decided to drop the charge. Police arrested Bangun after a mainland Chinese woman claimed she had been hit in the head by an unknown object at The Peak Tower on Wednesday. The force said the accused, who was sightseeing on the floor above, had put his backpack on a fence, but his tumbler fell out from a side pocket.
South China Morning Post
02-07-2025
- South China Morning Post
Indonesian tourist arrested at Hong Kong's The Peak after tumbler hits woman
An Indonesian tourist who was sightseeing at The Peak in Hong Kong has been arrested after a tumbler fell out of his backpack and hit another visitor walking below. Police said they received a report at 12.16pm on Wednesday that a mainland Chinese woman had been hit by an unknown object at The Peak Tower and reported injuries to her head. 'A man standing on the floor above was sightseeing. He had put his backpack on a fence, but his tumbler fell out from a side pocket, falling to the floor below and hitting the woman,' the spokesman said. Officers arrested the man, who was a tourist from Indonesia, on suspicion of allowing an object to fall from a height. The injured woman, a tourist in her 40s, was sent to Queen Mary Hospital in Pok Fu Lam. The tumbler was 17cm (6.7 inches) high and 8cm wide.
South China Morning Post
13-06-2025
- Business
- South China Morning Post
Yet another distressed seller puts Peak luxury property on sale at 30% discount
Distressed sales in Hong Kong's luxury property market persist, with a mansion on The Peak now listed at two-thirds the purchase price six years ago. The three-storey detached house in Twelve Peaks at 12 Mount Kellett Road, developed by Sun Hung Kai Properties, has been put up for sale for HK$330 million (US$42 million) by the creditor, according to Colliers, which has been appointed as the sole agent for the asset. Yip Yuen Sai bought the property for HK$450 million in 2019, according to the Land Registry. Yip is the founder of Shenzhen-listed Grandland Group, according to local media reports. A second mortgage of 321.6 million yuan (US$44.8 million) was taken out on the property on June 5, according to the Land Registry. Grandland Group did not immediately respond to a request for comment. 05:12 Tranquillity of secluded Hong Kong luxury estate shaken by burglaries, influx of imported workers Tranquillity of secluded Hong Kong luxury estate shaken by burglaries, influx of imported workers Across Hong Kong – from The Peak to Southern district and elsewhere – high-net-worth individuals have found themselves caught in a tight spot between their ritzy , overleveraged properties and a quickly draining pool of liquidity.
The Star
30-05-2025
- Business
- The Star
Gabungan AQRS poised for rebound on potential job wins
PETALING JAYA: Gabungan AQRS Bhd is expected to see improved earnings ahead, supported by the rollout of major infrastructure and property projects, following weaker results for the nine months ended March 31, 2025 (9M25). According to RHB Research, the group could benefit from potential job wins linked to the reinstatement of five Light Rail Transit 3 stations, due to its prior experience working on the Shah Alam Stadium and Glenmarie stations. It is also poised to gain from Phase 1B of the Pan Borneo Highway in Sabah, where its 49%-owned SEDCO Precast Sdn Bhd is a contender to supply precast components worth an estimated RM400mil to RM500mil. The formation of new property joint ventures, such as the Serena Gambang project in Pahang, may further boost earnings. RHB Research noted that, as of today, the group has an outstanding construction order book of RM335mil, which the research house described as 'reasonable at this juncture, as job awards have yet to pick up.' Meanwhile, its Johor Baru development, The Peak, may gain traction due to its proximity to the Johor Baru–Singapore Rapid Transit System Link station. The group has unbilled property sales of RM191mil. In the third quarter of financial year ending June 30, 2025 (3Q25), Gabungan AQRS posted a net loss of RM7.88mil, or a basic loss per share of 1.45 sen. This compared with a net profit of RM3.18mil, or a basic earnings per share of 0.58 sen, in the same quarter last year. Revenue also dropped from RM66.96mil to RM41.08mil during the quarter. For 9M25, the group recorded a net loss of RM16.13mil, compared to a net profit of RM16.91mil in the same period last year. Revenue also dipped from RM376.05mil to RM151.31mil. The negative deviation was due to a weaker-than-expected property division and higher-than-estimated sales costs. While Gabungan AQRS' results missed the research house's forecasts, they exceeded street expectations, accounting for 56% and 115% of the respective full-year projections. Following the results, RHB Research trimmed its FY25 to FY27 earnings forecasts by 14%, 10% and 13%, factoring in slower property revenue recognition and more conservative cost assumptions. 'We also take the opportunity to ascribe a lower target price-to-earnings (PE) (ratio) of eight times, as Gabungan AQRS' remaining orders have not been replenished at the same pace as that of peers,' it added. Nonetheless, RHB Research maintained a 'buy' call on the group, with a revised target price of 33 sen. 'Given the plethora of catalysts and its track record in infrastructure projects like Mass Rapid Transit 1 and Sungai Besi-Ulu Klang Elevated Expressway, the stock remains undervalued relative to peers, trading more than two standard deviations below its five-year mean PE – which justifies our firm 'buy' call,' it added.
South China Morning Post
29-05-2025
- Business
- South China Morning Post
After selling homes on The Peak, low-key Ho Shung-pun family puts building on the block
The family of Ho Shung-pun, a low-key clan of real estate developers in Hong Kong, has put a commercial property on the block after selling several luxury houses on The Peak last year to repay debt. Advertisement Colliers is the sole agent for the five-storey building located at 18 Bute Street in Mong Kok. Ho is the director of the Kowloon Investment, which bought the building in 1971 for HK$420,000 (US$53,580), according to official records. The total gross floor area of the building is about 13,000 sq ft, with an average area of 2,550 sq ft per floor, according to Colliers. The property agent said the indicative price for the vacant building, listed on Wednesday, was HK$350 million. Last year, the sale of multiple houses on The Peak fetched the family about HK$3 billion. The Ho family sold a town house at 28 Peak Road for HK$1.05 billion in November to Zhansheng Network Technology, according to official records. The sale of a town house at 28 Peak Road fetched the Ho family HK$1.05 billion in November. Photo: Handout In October, the family sold three units at 99, 101 and 103 Plantation Road to an executive of Hong Kong-listed power-tools maker Techtronic Industries for HK$828 million. The proceeds from the sale were partially used to repay a HK$1.6 billion private loan extended to the Ho family by Gaw Capital that was due in January, sources told the Post.
