Emperor’s two-year 2.1 billion acquisition of 4 reconstruction projects
Difficulties in urban areas, the acquisition of old buildings has become one of the important sources for developers to increase soil reserves. The old buildings connected to the two buildings, Chung Chi Building and Tak Fuk Building, Tsuen Wan, Tsuen Wan, were recently acquired by the consortium and involved nearly $300 million. Among them, the entire building was purchased by the consortium and the Zhongqi Building has acquired over 90% of the shares. , refers to the acquisition of the consortium for Emperor International (00163) and related parties. Emperor International has spent at least 2.1 billion yuan in the past two years to acquire four Hong Kong Island redevelopment projects.
According to the Land Registry, there is a ground floor and five residential buildings in No. 73 Nam On Street, Tsuen Wan. It was acquired by Earn Benefit Limited on the 21st of last month for $80 million.
The same company purchased two plots and 27 residential units in the Zhongqi Building, 67-71 Nan’an Street, at the beginning of last month. The transaction price ranged from 5.292 million to 24.38 million yuan, with a total value of about 216 million yuan. right. In other words, the two properties have spent a total of about 296 million yuan for the acquisition.
According to the news, the purchase site was Emperor International and related parties. The construction of Zhongqi Building was about 54 years old. There is still one more shop and two houses not purchased, but it has already met the strong threshold to unify the title. The newspaper once sought confirmation from Zhang Bingqiang, executive director of Emperor International, but he declined to comment on the matter.
Difficulties in land investment, buy old buildings and add land
A total of 4020 square feet of land is zoned “Residential (Group A) 2″. The highest commercial and residential plot ratio is about 9.4 times. It is expected to be redeveloped into a single pedestal for a shop. The floor area that can be built is about 37,788 square meters, and it is estimated that there are about 100 residential units.
According to the information, the above two properties were jointly tendered for sale in 2013. The intention price calculated with 100% of the title is 338 million yuan. It is expected that the final purchase price will be similar to the price five years ago.
Adjacent to the 5-year-old single-family building, the latest transaction price is about 20,000 yuan.
The property market has been active in the past few years. In addition, Chinese developers have joined the competition, making it difficult for local developers to develop opportunities. For example, in the case of the Emperor, the land that was lasted through the tendering method has won the bid for the Redevelopment of Sham Shui Po Fuk Wing Street, Sham Shui Po, in March 2015. It is therefore necessary to increase the development of land by acquiring old buildings. reserve.
Main attack on Hong Kong Island
According to the comprehensive market news, the Emperor has launched a number of urban old building acquisition plans since the end of 2016, and is mainly engaged in Hong Kong Island property, together with the newly acquired Tsuen Wan Property. So far, it has successfully purchased most of the ownership of 4 sites, distributed in the Mid-Levels West. In the Kennedy Town and Central District of the Western District, the capital involved nearly 2.1 billion yuan.
One of the larger projects is the Chonghua Building, No. 24 to 26, Banham Road, Mid-Levels West, and the 28th to 30th Bonham Road, in the luxury residential area. Both projects hold close to 90% or above. The purchase price of the currently purchased unit has reached approximately 1.17 billion yuan. The total area of the two sites is about 13,337 square meters. It is estimated that the total floor area of the building can be nearly 120,000 square feet.