Shanghuan business to feed more than 10 tenders

The Urban Renewal Authority, which has a valuation of over $ 10 billion, will be closed back to the retail sector and will be responsible for the maintenance of a Grade 1 historical building within the conservation area. However, the surveyor thinks that the Central And the ring on a hard to find, the project is expected to receive more than 10 tenders.

The above-mentioned Pok Oi Street / Kerry Street Development Site C, which commended the Commercial Department for more than two years since the URA, received 28 letters of intent in August this year. The URA finally invited 27 consortiums to enter the mark.

Earlier in addition to the large-scale development of Xinhe Real Estate (00083) and Sun Hung Kai Properties (00016), Longguang Real Estate (03380) and other Chinese companies also submitted their intention to participate in the auction.

Gao Li International Asia valuation and advisory services Deputy Managing Director Zhang Qizhu that the project location is more suitable for the development of Grade B office, part of the floor can be used for exhibition site rental, the rent is guaranteed. As for the hotel floor can be developed into a service-style residential. However, he believes that because the cost of conservation of Tanglou is not easy to accurately estimate, I believe the developers will consider the relevant factors, the price or will be more conservative.

No dividend mechanism valuation of billions

The tender for this project is different from the residential projects that the Council has introduced in the past. No dividend mechanism, only the consortium bid high and low will be the outcome. The retail premises, the public recreation space and the Grade 1 historical building “Wing Hee” are to be returned to the URA.

Developers will hold the project office, hotel and part of the parking spaces, which has no restrictions on the sale of office space.

According to the URA, after the completion of the project, it is expected to provide about 433,500 square feet of floor space for office space, hotel and retail use. The estimated price of the project is about $ 19,000 to $ 25,000 per square foot. About 8.24 billion to 10.84 billion yuan.