The old headquarters of the Electrical and Mechanical Services Department changed its business to a valuation of 20 billion yuan
To increase commercial supply, the Government plans to relocate the EMSD Headquarters in front of the vacant Causeway Bay Road, Causeway Bay, together with the surrounding recreation areas this quarter for commercial and government agencies. The commercial area can have a floor area of 1.1 million square feet. Well, the valuation is over 20 billion yuan.
The old headquarters of the Electrical and Mechanical Services Department at Caroline Hill Road, which was closed in 2015, has remained vacant for three years. The Development Bureau recently revealed in response to questions from the district boards that the Planning Department plans to rezone the proposed advisory district board in the second quarter of this year, and Expand your plan.
Consolidation of leisure districts
According to statistics, the development plan for the Caroline Hill Road project will include two adjacent sports venues with a total area of approximately 290,000 square feet. The Development Bureau revealed that the entire site will be rezoned to “commercial” and “government, institution or community” respectively, with a total floor area of 1.83 million square feet, of which 753,000 square feet will be allocated for the construction of the District Court Complex. It will be used as a replacement for the District Court in Wanchai and the Lands Tribunal in Gascoigne Road, Kowloon.
As for the part that will be designated as a commercial site, the total number of buildings that can be built will reach 1.076 million square feet, which will become the largest commercial project in more than 20 years in Causeway Bay.
Expected to start demolition this season
Earlier, the Legislative Council approved grants for the demolition of government facilities at the current site of the Garland Hill Road. The project is expected to commence as soon as this quarter and be completed in the fourth quarter of next year. It will then be expected to launch a market tender.
The recent commercial market is hot. The current valuation of the market is between 21.53 billion and 26.91 billion yuan, and the floor price of the building is between 20,000 yuan and 25,000 yuan. This will have the opportunity to replace the Nanfung commercial area in the 1st District of Kai Tak and become a new generation. King of business.
Causeway Bay currently sells for about 20,000 to 30,000 yuan, for example, the 13th floor of the Emperor’s Watch and Jewellery Centre at No. 8 Russell Street, Ginza Commercial Complex. It has a gross floor area of 4,718 square feet and is valued at 108.5 million yuan, with a price of about 23,000 yuan.