Dahonghui invests 7 billion in Sheung Wan building
Recently, the price of commercial buildings has reached record highs. Dahong Fai Industrial Co., Ltd. recently spent RMB 810 million to purchase the Jinyi Seaview Boutique Hotel, 94-95 Connaught Road West, Sheung Wan, and will reconstruct and redevelop it into a Grade A commercial building together with its neighbors. At least about 30 can be built. With a total investment of more than RMB 7 billion, Wanfang Towers is the largest single investment project ever undertaken by the Group.
Active acquisition of adjacent property expansion site
Dahonghui Xingye Chairman Liang Shaohong [map] stated that he currently holds the entire title of 94-103 Connaught Road West, and holds the majority of the ownership rights of Des Voeux Road West 99 and 101, which will be merged and developed. About 20,000 square meters, 15 times the plot ratio to develop commercial projects, can build a total floor area of 300,000 square feet. As the Grade A commercial building will be constructed, the total investment will be more than RMB 7 billion, based on the purchase price and the construction cost.
He pointed out that it is still active in the acquisition of adjacent properties such as Guangde Building, 92-93 Connaught Road West. If purchased successfully, the site area can be increased to approximately 28,000 square feet and the total building area can be approximately 420,000 square meters.
However, if the acquisition is not successful within this year, it will develop the existing 20,000 square meters site as scheduled. The project has a full sea view and will be used for long-term lease collection. In addition, the entire Prince Industrial Building Nos. 368-370 Sha Tsui Road, Shau Kei Wan, which was previously purchased, will be refurbished or leased, or will be deployed for a new round of revitalization and will not be rebuilt.
The commercial building has a market price, and Fang Zhijie, a director of Jones Lang LaSalle’s Hong Kong capital market, said that the bank was commissioned to put up a full-floor parking lot on the 23rd floor of the U.S. Bank of America Center in a tender form and close the tender on June 13th. The unit construction area is approximately 13,880 sq ft. It is currently leased by CITIC International’s asset management company for 978,800 yuan. It is calculated based on the transaction price of the commercial building in the district. The market price is about 60,000 yuan, and the total material value is about 833 million yuan. The owner is Mitsui Sumitomo Marine Fire Insurance (Hong Kong) Co., Ltd., which was purchased in 2009 for 57.649 million yuan.