Building 6 Commercial Buildings in Kowloon Bay involving 2.85 million towers
In the short term, there will be six commercial buildings under construction in Kowloon Bay, which will provide a total of 2.847 million square feet of floor space. This will be the area with the largest supply of commercial floors in the future. High-bank financial (00530) has previously paid for the Hongtai Road Industrial Building project.
Government promotes transformation
Kowloon Bay is part of the launch of Kowloon East. The government has promoted the upgrading of the district into a second core business district. In recent years, several commercial sites have been introduced to gradually promote the transformation of the district. Recently, many industrial building owners plan to rebuild. Gaoyin Finance, which holds two projects in Kowloon Bay, had previously paid land premium for Gaoyin Global Plaza, No. 7 Hongtai Road. The investment involved was RMB 1.65 billion. It will be reconstructed into a commercial building. It is estimated that the building can be built. About 360,000 square feet, or about 4,600 yuan per square foot of land premium. The market estimates that the project is expected to be completed after 3 to 4 years.
At the same time, the developer of the first group center at No. 14 Hongtai Road, the developer had earlier been awarded a building plan by the Buildings Department and will build a 21-storey commercial building, providing about 219,000 square feet of floor space.
Another project being built in the area is the commercial junction of Xiangye Street, Changyue Avenue and Waiyee Street, which was jointly invested by Yi Jing Jian (00083) and Capital Strategy (00497) three years ago, for 3.04 billion yuan. The plan is to construct a 29-storey commercial building with a plot ratio of 12 times. Apart from providing office space, it will also provide catering and retail floors with a total floor area of approximately 493,000 square feet.
Colleagues and waterfront commercial buildings completed as soon as next year
The beachfront meeting at No. 77 Haibin Road, which will be completed next year, will be led by Gongzhan (00823) and Nanfeng in January 2015 with a total investment of 5.86 billion yuan. Two commercial buildings will be constructed with a floor space of 884,000. In terms of square feet, the office building is a 17-storey building with 51,000 square feet of floor space. The basement has a 3-storey retail floor and more than half of the floor is used for food and beverage purposes. The rest is leased by banks and convenience stores.
The two commercial buildings that will be completed are the Kingston Centre at the junction of Wang Chiu Road and Lin Li Street and the Hong Kong Feng Centre at 18 Sheung Yuet Road. The former was originally developed by Swire Properties (01972) and the developers were subsequently Two years ago, the property was resold to Zhu Liyuehua, chief executive officer of Jin Lifeng (01031). The total project area was approximately 555,000 sq.ft., which was calculated at RMB 6.528 billion and the average price was approximately RMB 11700.
The Hong Kong HSBC Centre was awarded by the “Jeans King” Liu Hansong in 2012 for 1.82 billion Hong Kong dollars for the Kowloon Bay Trade Area, which was developed into a 27-storey commercial building with 8 to 27 floors for office use and another underground to 7 floors for a total of 70,000. Square footage is for retail and restaurant use, with a total gross floor area of approximately 330,000 square feet.