Acer Wanchai Xiefei Building Shenqiang’s valuation is about 320 million
The acquisition of the old building continued to be active. Acer Capital (02288) acquired nearly 90% of the ownership of the Wanchai Xiefei Building. Recently, it applied for a compulsory auction order. The market valuation is 315 million yuan, which is expected to be rebuilt into 49,000 square feet. In the commercial building, the floor price is about 6,437 yuan.
In recent years, the small and medium-sized consortium has actively increased the land reserve through the acquisition of old buildings. The Lands Tribunal has just received the 26th strong application for this year. Of these, 9 were for large developers and the remaining 17 were for small and medium-sized consortium applications. %. Compared with 6 cases in the same period last year, nearly twice as many.
The remaining 3 connected shops have not acquired
The latest application is for Acer Capital’s Shenqiang Filming at Sheffield Building, 216-222 Jaffe Road, Wan Chai. The project is adjacent to Novotel Century Hong Kong and is about 10 to 15 minutes walk from Wan Chai MTR Station. It is now 8 storeys high. Commercial residence in Tanglou, the age of the building is about 53 years, the underground is divided into 4 floors, and the 1st to 7th floors are residential, with 42 units. The developer accumulatively acquired 88% of the ownership of the project, and the remaining 3 connected sites were not successfully acquired, and are now held by Yongfu Paint Co., Ltd.
The surveyor commissioned by the developer has a current valuation of 315 million yuan and a residential market value ranging from 3.67 million to 4.56 million yuan. The floor plan is from 34.52 million to 37.71 million yuan. 1.1 billion yuan.
The property is currently classified as “commercial" and is an old deed project. It is estimated that it can be developed with a maximum plot ratio of 15 times. It can rebuild a nearly 30-storey commercial building with a floor area of approximately 49,000 square feet, calculated at a project value of 315 million yuan. The floor price is about 6,437 yuan.
According to the Land Registry, the new shop, Bosida Investment (HK) Limited, has also purchased the 274B and C shops. It is estimated that the site will be redeveloped.