King of Kai Tak is valued at more than 25.5 billion
The site of the 1st residential construction site in Area 1F of Kai Tak will be tendered this Friday. It has a floor area of more than 1,145,400 sq ft and a market valuation of 25.48 billion yuan, which is expected to be the most expensive residential land in Hong Kong history.
Zhang Shengdian, director of the Corporate Development Department of Vale’s Corporate Development Department (Valuation and Property Management), stated that the land mentioned above is adjacent to the Kai Tak station of the future Tiesha Middle Line. The statutory regulations stipulate that developers must develop underground shopping malls and the area involved must exceed 43,000 square meters.The successful consortium will also build residential care homes for the elderly and day care centers for the elderly. The net operating floor area of the residential care homes should not be less than approximately 26,600 and approximately 3,900 sq. ft., respectively, and must be included in the general building.
15 receipts
In view of the recent consultation document of the Land Supply Task Force, the actual land supply shortage figure is higher than the projected 1,200 hectares. Plus, urban land auctions have raised 15% of the value of the land to 21 billion yuan. The land price is about 15,000 yuan. He expected the land to attract large-scale developers and joint venture consortiums to compete and expected to receive about 15 bids.
According to statistics, the most expensive residential site in Hong Kong is the west of Hing Wah Street in Cheung Sha Wan. Two major developers, Sino Land (00083) and Hui Feng Real Estate, together with Shimao Real Estate (00813) and K. Wah International (00173) Java Holdings (00251) won 17.282 billion yuan. If the deadline for awarding a bid for Kai Tak to be approved, the old record will be significantly higher by 47.4%.
In the Kai Tak Development Area, a total of 12 residential sites have been awarded for a period of one to three years. Four HNA groups in the same area have been awarded at a rate of $13,000 to $13,600 per unit, and three of them have been transferred to other developers this year. Fang Fang’s “second-hand price” was about 15,000 yuan, which became the latest indicator for the market to calculate the valuation of land in the area.