Kowloon Bay Extension Linhai Business District
The Government has implemented the concept of the Kowloon Bay Action Area. In recent years, it has approved five commercial sites in the area and plans to free up some government land use facilities and rezone the site for commercial development. It is estimated that it will involve nearly 10 million square feet of floor space and will be transformed into a coastal waterfront. Business community.
Leading Hongye Street to build two-storey buildings
In recent years, Kowloon Bay has awarded 5 commercial sites, many of which will be completed one after another. It will provide about 3.1 million square feet of commercial floor space, and some of them will have been sold or leased. Among them, the largest Hongye Street, Wai Yip Street and Waterfront Road junctions will be built by Link Show (00823) and Nan Fung Investment and will be built into two connected Grade A commercial buildings. The bases will be shopping malls and parking lots. The fastest is expected. Completed next year.
During the project construction period, the US-owned investment bank JP Morgan has pre-leased at a monthly rent of RMB 6.8 million, involved approximately 225,000 sq. ft. of floor space, and rented more than RMB 30 per sq. ft. It is believed to be the largest rental commercial building in East Kowloon in recent years.
Another section of Hong Chiu Road and Lin Li Street Junction Commercial Building, which was awarded by Swire Properties (01972), was re-sold to Mr. Zhu Liyuehua, Chief Executive Officer of Jin Li-Feng (01031) for $6.53 billion the year before. The price was about $11,700. As for the plots of Xiangye Street, Changyi Avenue and Waiyee Street at Shunjiao (00083), Yijing and Capital Strategy (00497), etc., it is planned to construct a 29-storey commercial building to provide office buildings, restaurants and shops. The fastest completed in 2 to 3 years.
In addition, the Government plans to rezone the four sites in the area, including the site of the Kowloon Bay Waste Transfer Station at the junction of Sheung Yee Road and Cheung Yip Street. It will be adjacent to the corporate square and will be studied for development. The pedestal will be used for retail and public use. At the traffic intersection, an office was built on top and a hotel and office was mixed development with a total floor area of 2.02 million square feet.
As regards the land adjacent to the new Kowloon Bay Vehicle Examination Centre and the Department of Transport Examination Division of Kai Fuk Road, which covers an area of about 270,000 square feet, it is also suitable for hotel, office and retail use. The building can have a floor area of about 1.948 million square feet and will be provided Eco-friendly connection system, etc. to connect residential and commercial developments such as the Kowloon Bay waterfront.
As the business transformation in Kowloon Bay and Kwun Tong has gradually matured, the pedestrian facilities in the district’s traditional industrial uses may not be able to cope with the pace of development. The Kowloon East Office initiated the mid- and long-term planning study last year and proposed the construction of 10 additional footbridges. And tunnels, connecting a number of new commercial buildings to the MTR station and extending to the waterfront area.