The North Point Water Supplies Department has changed its commercial value by more than $ 10 billion
The Government plans to vacate the Water Supplies Department in North Point for commercial development. The site will be built in Chai Wan to build a new building. After 7 years, the site will be moved into and available for commercial purposes. The estimated value will be about $ 760,000 sq.
As early as 10 years ago, the Government had already planned to relocate to the Hong Kong District Building, North Point Water Supplies Department, 611 King’s Road, and to use it for commercial development. However, the relocation has not been implemented for many years.
Chai Wan Jian new headquarters material completed in 2024
Until recently, the Government has proposed the construction of two government buildings in Shing Tai Road, along with the Water Supplies Department’s headquarters at the Wan Chai Immigration Tower and the Correctional Services Department headquarters, to accommodate the facilities. The new building is expected to start construction in 2020 and will be completed in 2024. Means that with the new building occupation, the site of the Water Supplies Department’s premises in Hong Kong has been released for commercial development as soon as possible for seven years.
According to the data, the site area is about 50,600 square feet and has now been converted into “commercial” use. With a maximum plot ratio of 15 times, the gross floor area is 759,000 square feet, equivalent to half of the Hong Kong East Floor 1.5 million square feet), belonging to Hong Kong Island rare large commercial supply. The land market valuation of 9.11 billion to 11.57 billion yuan, floor price per foot up to 12,000 to 15,000 yuan.
Suitable for Tujia Ha floor price of more than 15,000
Gao Li International Asia valuation and advisory services executive director Zhang Qiao Chu said, the larger area of the land, each layer can be designed to more than 20,000 square feet of floor, suitable for playing a Class A commercial buildings, plus the next few years Taikoo Square 1 , Two completed, will help enhance the business climate in the region, the market value of land and materials reached 11.57 billion yuan, the floor price of about 15,250 yuan.
In the past, many government buildings occupied the urban prime locations. Taking the Water Supplies Department as an example, the office of the Mong Kok Laundry Street was also planned to be relocated with the adjacent FEHD offices to build two to three commercial buildings. Million square feet of commercial floor, valued at 15 billion to 16 billion yuan.