The consortium has purchased 80 million old buildings in Tsuen Wan.
The acquisition of old buildings in the urban area continued to be active. The Telford Building at 73 Nan’an Street in Tsuen Wan was built for $80 million. The new purchaser had already purchased more than 90% of the property of the adjacent building. It is estimated that the two sites will be merged. Development, it is expected to rebuild about 38,000 square feet of residential.
Expected to merge with neighboring buildings
According to the Land Registry, the entire building of Tel Fuk House at 73 Nam On Street, Tsuen Wan was sold for $ 80 million. The site site was about 1,020 square feet. It was calculated at 9,588 square feet of floor space. The transaction price was about $8,344.
The new buyer is Earn Benefit Limited and the registered director is Jiang Yingzhi.
The consortium last month spent about 216 million yuan on the closing of the property, the No. 67-71 Zhongqi Building, which already holds 90% of the site. It is estimated that the two sites will be merged and developed, and the estimated site area will increase to 4,020 square feet.
Near MTR station, high reconstruction value
Defu House and Zhongqi Building are adjacent to the Housing Society Project Le Rong Xuan. It is about 8 minutes walk from Tsuen Wan MTR Station. The two buildings are about 54 years old and have certain reconstruction value. If the redevelopment is a commercial and residential project, the highest plot will be built. The ratio is approximately 9.4 times and is expected to rebuild approximately 38,000 square feet of gross floor space.
In addition, an old building from 60 to 74, Gion Street, North Point, which was being acquired by the consortium, recorded another six transactions. The purchase price ranged from 345.87 million to 37.031 million yuan, involving nearly 200 million yuan.