18/6/2018-5

Wide range of high places in Mong Kok to benefit Hang Lung

The Planning Department proposes to amend the “Mong Koc Outline Zoning Plan” to uniformly increase the maximum height of 100 metres for a number of residential areas in Sham Mong Road. The commercial areas on both sides of Nathan Road are also subject to a relaxation of high limits. The Town Planning Board will consider this. Materials (00012) and Hang Lung (00101) benefited.

To expedite the renewal of the Mongkok District, the Planning Department has proposed amendments to the draft Mong Kok Outline Zoning Plan, which was deliberated at the Town Planning Board today. It includes proposals for multiple plots of residential land along Sham Mong Road. The above (the same below) 60 to 80 meters, a wide relaxation to 100 meters, will help improve the land development potential.

Relaxation of high limits to increase land development potential

Currently, most of the belts are old buildings and old industrial buildings, attracting consortium mergers and acquisitions and reconstruction. Among them, Henderson holds a number of development sites in the region and plans to co-develop large-scale commercial and residential projects such as the recently launched Lioufang. . Kay Bank, the current project has a high limit of 100 meters, but the Dazhi Factory Building within the revised scope has been requisitioned by Henderson in full ownership. Last year, it was reconstructed into a commercial and residential project, providing about 520 people. If the land is to be implemented with a higher limit, it is estimated that the developer will consider making optimizations to increase the number of redevelopment projects and units for the project.

In recent years, Henderson has actively acquired the old buildings of Sham Mong Road and Yangsong Street and expanded the territory. For example, the widening of land plots will surely accelerate the pace of its acquisition and development.

Attracting owners to rebuild and speeding up regional renovation

In addition, the Planning Department also proposed to commercialize land on both sides of Nathan Road to Dundas Street and three commercial sites adjacent to the Port-au-Prince Railway Station. The building heights were respectively relaxed to 110m and 130m. The scope of revision covers about 70 buildings. Commercial buildings and hotels are estimated to attract owners to seek reconstruction of properties and speed up the pace of renovation in the area.

Nathan Road is currently one of the heartlands of regional commercial and retail activities. The revised scope includes the Arran Centre and Hollywood Business Center held by the large property owners, Hang Lung. Both projects are more than 30 years old and are expected to benefit. The project will be modified or redeveloped in the future.

Commercial buildings in the area around Nathan Road have recorded a lot of sales in recent years and it is estimated that new buyers will benefit. The district owner Chow Tai Fook (01929), apart from holding the Chow Tai Fook Commercial Centre, the Group’s related parties also purchased the whole building of 579 Nathan Road last year and is expected to be rebuilt. The “minibus king” Maayamu also purchased the Feida Center in Mongkok for a total of RMB 580 million. The building is nearly 40 years old and is believed to have certain reconstruction value.