Cheung Sha Wan transforming business area involving 2.56 million towers
In recent years, Cheung Sha Wan has gradually transformed into a business district. Seven commercial projects will be launched in the region in the future, providing a total of approximately 2.56 million square feet of floor space, including 3 commercial and commercial lands for New World (00017) in recent years.
The Cheung Lam Street and Lai Chi Kok Road areas in Cheung Sha Wan are traditional industrial areas. In recent years, with the expansion of the commercial areas from Tsim Sha Tsui and Kowloon Station, and the government’s initiative to push land and activate industrial buildings, the Cheung Sha Wan District has been gradually transformed. At present, there are at least seven commercial and hotel projects in the district, involving a total of 2.56 million square feet of floor space.
Last year pushed 3 new places to 14.8 billion won
The Chinese government successively launched three commercial sites in the region last year, all from the New World with a total of RMB 14.8 billion, involving a commercial floor of 1.908 million square feet, of which Qionglin Street is the largest commercial site.
The commercial site of King Lam Street covers an area of approximately 83,000 square feet, with a total floor area of approximately 0.998 million square feet. It is the largest commercial site in the region for more than 10 years and was won by the New World at 7.79 billion yuan per square foot. With a floor price of RMB 7,808, the developer plans to build two Grade A office buildings and provide commercial and retail floors in the base section for diversified use.
As for the other, the Lai Chi Kok Road and the near Cheung Shun Street commercial site can have a total floor area of approximately 539,000 sq.ft. and the New World has a total investment of approximately $4.03 billion. It is planned to be a Grade-A office building. It is expected that some high-rise units will become available in the future. Looking at the seascape, the last piece of land in Zhangzhou West Street, formerly known as the Quzhou West Street Cooked Food Market, will be reconstructed into a Grade A office building with a total floor area of 371,000 square feet.
4 projects in the district approved for modified hotel development
At the same time, many old-style projects and industrial buildings in the district were also deployed and redeveloped into hotels to enhance the project’s development potential. These were concentrated in the areas along Cheung Sha Wan Road and Lai Chi Kok Road. Four projects have been approved and can be used for hotel purposes. Up to 1,302 hotel rooms can be provided, involving approximately 650,000 square feet of floor space.
For example, the No. 838 Lai Chi Kok Road, owned by the chairman of Bao Group, Chen Zhenbin, is approved to convert the entire building into a hotel development, involving a floor area of 212,000 square feet and will provide more than 300 rooms.
The transportation facilities in the Cheung Sha Wan District are mature. With the approval of a number of commercial land plots and the activation of old-style projects, it is beneficial to agglomerate a strong commercial atmosphere and promote the pace of transformation and development in the region.