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Villa Esplanada
From Wikipedia, the free encyclopedia
Villa Esplanada (灝景灣) is a private housing estate developed by Sun Hung Kai, China Resources and Cheung Kong on Tsing Yi Island of Hong Kong. It locates on the relocated oil depots on the former island Nga Ying Chau. It is close to Ching Wang Court, Tsing Yi Station of MTR and Airport Express. The flats were sold in three phases.
It consists of ten blocks of high-rise buildings surrounded by a terrace of green plants and tree and adjacent to the seashore.
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Phase one of Villa Esplanada was launched amid the property bubble of 1997. The 792 units being sold attracted a great deal of interest[1] from homebuyers, and also from leverged speculators hoping to make a quick turn. The market collapsed a year later, turning these into negative equity investments for many. Approximately 160 units were defaulted on by their subscribers, and the developer sold these on a year later, but at 50% of the price at the launch[2]. It therefore earned the nickname, 浩劫灣 (Ho Kip Wan) in Cantonese, namely Disaster Bay.
- Some short-piling in the foundation was uncovered[3] after a bribery investigation by ICAC. A series of similar incidents in other construction was uncovered afterwards, arousing concerns from public and legislators.
- ^ Luk, Veronica (June 05, 1997). Villa Esplanada project sets record for demand. Hong Kong Standard. Retrieved on January 24, 2007.
- ^ Seto, Peggy (October 26, 1998). Defaulted units at Esplanada sell well. Hong Kong Standard. Retrieved on January 24, 2007.
- ^ Ng, Simon (July 11, 1998). Flat owners mob buildings director. Hong Kong Standard. Retrieved on January 24, 2007.
- Phase II. Sun Hung Kai Properties. Retrieved on January 20, 2007.
- Official website (for phase II). Sun Hung Kai. Retrieved on January 20, 2007.
- Official website (for phase III). Sun Hung Kai. Retrieved on January 20, 2007.
- Hong Kong Property. Press Release (20 Septermber 2000). China Resources Enterprise, Ltd. Retrieved on January 20, 2007.
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