Kwun Tong Changed Sky New Land Depot Factory approved the construction of two commercial buildings
Kwun Tong in the old district is changing. The former KMB site of Qiao Ming Street has been approved to rebuild 2 commercial buildings and shopping malls. The floor area is nearly 1.15 million square feet. The base shopping mall is 12 stories high. It is expected to be an apm extension. The commercial landscape of the same city of Genesis has expanded to 4.5 million square feet.
Kwun Tong District was originally a mixed industry and residential community. Its development facilities are mature and its industrial activities are gradually fading. In addition, the Government has been keen to develop the Kowloon East area into a second core business district in recent years. The URA has gradually accelerated the redevelopment of Kwun Tong District. The pace will lead the developers to seek transformation and development on the projects in the region and enhance the value of the land.
Involved in 1.15 million 呎 into the city of the Millennium 8
Among them, the new land has been stationed in Kwun Tong development more than 10 years ago. It is the former KMB Depot site of No. 98, Qiao Ming Street, which is cooperating with Zaidong (00062). It is adjacent to the first phase of the same city and the new building. The building plan was approved and 2 commercial buildings were approved, including a 12-storey pedestal shopping mall. A 21-storey commercial building will be built, and a 4-storey basement will be built. The total development floor will be approximately 1,146,600 square feet, making it a city of creation. No. 8.
At present, there are not many large shopping malls in the same district. Referring to the 5th phase (apm) of the City of Genesis, the 11-storey building has a total floor area of 600,000 square feet, but the design base of the second Qiaoming Street project has 12 floors. The size of the mall is larger than the apm, and it is expected to be an apm extension. It is a new landmark, and it will be completed in 2022 to 2023.
The predecessor of the site was the KMB Depot. In 2009, KMB resold it to the parent company for $980 million. In the following year, the new land purchased half of the equity of 490 million yuan. In August 2016, it re-invested about 4.305 billion yuan to complete the land premium. The land premium per square foot is 3,743 yuan, and the total budget investment is over 10 billion yuan.
The same business model expanded to 4.5 million 呎
SHKP has a number of commercial development projects in Kwun Tong District. After the approval of the site of Qiao Ming Street, the Group’s Millennium City map will be expanded to over 4.5 million square feet.
In fact, the pace of transformation in Kwun Tong has accelerated in recent years. Apart from the Government’s approval of a number of commercial sites in the past few years, the URA has also actively led the acquisition of old buildings in the district, including the Kwun Tong Town Centre Redevelopment Project, with a site area of 570 000 square feet. It is expected to develop in phases of five phases and plans to develop into a large-scale comprehensive reconstruction project integrating residential, hotel, commercial and leisure. The first issue has been granted to the letter (00083), that is, watching the moon. Huafeng; and Phases 2 and 3 were also invested by Xinzhi and Chinese Real Estate (00127), which developed into a recent hot new Kaihui.
As for the fourth and fifth phases of the Government Offices and Yumin Building, the commercial development will be the main one, and 2 million square feet can be built. However, the old buildings in Phase 5 are still in the acquisition stage. I believe that after a number of redevelopment projects will be launched, Kwun Tong will become a new commercial and residential community.