Kowloon Wrestling Lung Cheung Road premium 28,500 expensive Kowloon
Kowloon re-birth to the new king, Kowloon Tong Lung Cheung Road mansion by Wharf (00004) to 12.45 billion won, the highest residential Hong Kong’s third highest, floor area of 28,500 yuan per square foot, District, expected after the completion of the material more than 46,000 yuan.
Luxury mansion last year record high transaction, last Friday tender Longxiang Road residential land, outside the power that is considered to be the first billions to the king this year, eventually by the Wharf Group to 12.45 billion yuan investment, land prices among the government calendar year Residential third expensive. In November last year, with the joint venture of Hing Wah Street, Cheung Sha Wan King, the group won two consecutive ten billion in two days to the king.
Leung Chi Kin: Group to market price
Head of Wheelock Real Estate Leung Chi Kin said that the land is a high-end traditional mansion lots with good environment and high plot ratio. It is not necessary to have the same series of top-level Mount Nicholson as Kowloon’s top high-end mansions At least 2,000 square feet of each household will be developed. There may be several bungalows to be set up. There is no final plan and total investment at this stage.
Leung Chi-kin said: “For Kowloon, the land price is not high, it is a market price, and the group has been bidding on the market price.” It is expected that this year’s small and medium-sized residential property will rise 5% to 10% , An increase of more than 10%.
Wheelock spokesman added that the project will be responsible for the development of Wheelock Properties, which will mainly provide medium to large-scale flats with a view of Kowloon Peninsula and lush mountainous terrain. It will create a landmark noble residence in Kowloon.
The price of land in the region rose 35% in 15 months
The floor area of 436,000 square feet of land can be calculated, the floor premium of over 28,500 yuan per square foot, in line with market expectations, but compared with the same area by Kerry (00683) in 2016 to 21,200 yuan per square foot vote In the Lung Cheung Road West project, the price per square foot in the district rose 35% in 15 months. At present, the price of second-hand fare for individual estates in the same district is less than $ 20,000. In other words, the price of Lung Cheung Road is 40% higher than the price of individual second-hand flats.
Assuming a project cost of about 5,000 yuan per square foot, taking into account the land, water, an estimated total investment of at least 14.9 billion yuan, an investment of 31,000 yuan per square foot, with 2 percent profit and 80% utilization rate projections, the project later sale Practical foot price will reach 46,000 yuan. Compared to the same district, the average floor area of Cloud Gate currently stands at 36,000 yuan, about 30% higher.
Punjian Group Corporate Development Director (Valuation and Property Management), said Zhang Shengdian, Wheelock Hill syndicate luxury sales ideal, enhance the confidence of the development of luxury land, I believe the land will be mixed stratification and bungalow development, the total investment of about 20 billion yuan, more than 60,000 yuan for sale in future. As a result of the high land grant, the valuation of the land at Anderson Road in Kwun Tong, which was closed on Friday, was raised. The floor price was raised to $ 10,000 per sq ft, with a total value of $ 2.59 billion.
Zhang Alice, Deputy Managing Director of Colliers International Asia, believes that the land price does not fully reflect the value of the Kowloon mansion. Currently, the price difference between the same district and town house is about $ 38,000 to 45,000. It is believed that if