The value of the proposed redevelopment project in Causeway Bay is expected to increase
The revised draft of the “Causeway Bay Outline Zoning Plan” proposed by the TPB many years ago has been reviewed by the consortium for judicial review. The proposed outline will be reviewed again this Friday. The proposed new site will be relaxed to a maximum of 135 meters for Hennessy Road, Yee Wo Street and Tung Lo Wan Road. Hysan Societe Generale (00014), Mandarin Oriental, etc. will benefit.
As early as 2010, the Town Planning Board joined restrictions on the building ceiling in the “Outline of the Causeway Bay Outline Zoning Plan”. The dissatisfaction of the holders such as Hysan Xingye Hotel and Excelsior Hotel will obstruct the future development and reconstruction of the project and put forward a judicial review. Finally, Winning decision by the court, the draft outline to be returned to the Town Planning Board will be amended.
The main level of standard basis to relax to 135 meters
Therefore, the Planning Department newly proposed 10 more amendments to the draft plan, including building height limits, building spacing, non-building area and air circulation and landscape development requirements in the area. The proposed “Commercial” and “Other Specified Uses (Mixed Use)” buildings in the northwestern part of Causeway Bay, along the streets of Gloucester, Percival Street, Hysan Avenue and Tung Lo Wan Road, will be freed up from the main level From 100 to 130 meters above the benchmark, the relaxation to 135 meters in a row will enhance the reconstruction or expansion of the project in the vicinity.
Hysan Place, the Hysan Place, Gold Shopping Mall, Lee Garden Phases 1 to 3 (Former Sunning Mansions) and Hysan Avenue 1, with more than 10 projects in the area, originally planned for non-construction area, The old restrictions such as platform building spacing will be canceled. The top of Lee Gardens and Hysan Place, the landmark buildings in the area, will maintain the highest limit of 200 meters above the main level, which is the tallest building in the area. As for the upper limits of the two or three phases of Lee Gardens and the one of Hysan Avenue One benefiting from the relaxation to 135 meters, it is also beneficial to further expand the project to increase commercial floors.
Gloucester Road project has great potential
At present, the commercial projects in Gloucester Road area are partially looking towards Victoria Harbor. The current maximum level is 110 meters above the main level. If it is widened to 135 meters, it is believed that there will be the greatest potential for benefiting. Industry insiders estimate that an increase of about 6 to 10 floors may be expected if the upper limit is relaxed by 20 meters and the floor area will have the opportunity to increase by 10% to 20%. As a result, the redevelopment value will be raised.
The Excelsior Hotel, which is owned by Mandarin Oriental, has in recent years been intending to rebuild the project in order to enhance its value. It has been approved by the Buildings Department many years ago to rebuild a 26-storey commercial building and is expected to speed up its pace of redevelopment.
In the meantime, there were a number of large-scale hotel and construction site sales in the district this year, including the purchase of J PLUS HOTEL by Zhenke Group (00859) and the inclusion of CRH of 950 million yuan in two commercial buildings such as Sugar Street into the scope of this revision. It is also benefited.
As for the residential area north of Huan Sha Street, the maximum building height is proposed to be widened from 85 meters above the main level to 100 meters. It is reported that constant (00012), Jin Chaoyang (00878), etc. in the project with a number of ongoing mergers and acquisitions, expected to benefit from the reconstruction in the future.
It is noteworthy that there are a few low-density developments on the ground near Pak Sha Road. The TPB considers it necessary to maintain the ceiling at 30 meters for the time being and leave it for future redevelopment projects in the area for further review.