A basket of property on Wan Chai Street sells
the supply of land in the urban areas has become increasingly scarce, and developers are actively acquiring old buildings with potential for development, with the most sought after commercial core areas. The owners of Sun Street and Moon Street Properties in Wan Chai commissioned Jones Lang LaSalle to sell a basket of property in the form of an open tender. The tender closing date was 12 noon on July 20. Market participants estimate that the market value of the property will be approximately RMB 180 million and the property will be put up for sale in the form of company transfer.
The properties to be put up for sale this time include the fourth floor of Shun Ho House, 1-1A Sun Street, Wan Chai, the ground floor and loft, the second floor and the platform, and the third floor of Sun Plaza, 2 Sun Street. The area of these properties ranges from 281 to 570 square feet, which is an important part of No. 1-9 Sun Street and No. 1-17 Yue Street, and accounts for more than 20% of the property rights of Sun Rise. The redevelopment value of Sun Street and Moon Street in Wan Chai is also the key to the future development of the site in the area.
Value of old buildings in the urban area
Mo Kaijie, regional director of Jones Lang LaSalle’s Capital Markets Department, said that the properties and land with potential for development in the urban areas have been rarely purchased. The property put up for sale this time is adjacent to three Pacific Place buildings and the redevelopment site of Baohua Building on Queen’s Road East. It is also the key to the future reconstruction of the site in the Street Street and the Lunar Street. It is believed that many developers and investors will be attracted.
According to the Wanchai Outline Zoning Plan, the location of the batch of properties can be developed as a “Residential (Group A)”, and an application for the construction of a Class A commercial building or hotel can also be submitted to the Town Planning Board. Furthermore, in recent years, specialty restaurants, fashion apparel shops and international furniture brands have been stationed in the streets of Rijie, Yuejie and Xingjie, making the district a hot spot for Wen Qing and one of the distinctive communities in Hong Kong. The value of shops in the district is very high.