China Shipping Price 13523 wins Kai Tak Land 13%
After the drop in the price of the residential property from the peak of the peak, the land price has also followed suit. The Lands Department approved the third residential site in the Kowloon East Kai Tak Road Area yesterday. It is the No. 2 (4B2) site in Area 4B of the Kai Tak Cruise Terminal. The developer China Overseas (00688) was awarded a price close to the market floor of approximately RMB 8.034 billion. The land price per floor (hereinafter referred to as the floor price) was only 13,523 yuan, which is closer to the adjacent residential area 4 (4B4) in Zone 4B. The floor price was 15,497 yuan, a decrease of about 12.7% in just over a month. It was also the lowest price in the Kai Tak District for nearly 19 months. China Overseas estimates that the total investment of 4B2 land price and construction fees totals 12 billion yuan.
More than 8 billion winning bids
Since November this year, the Lands Department has approved three residential sites in the Kai Tak Runway area, all of which are rear-facing plots facing Kwun Tong. The first one was led by New World (00017) and the consortium was awarded on the 7th of last month. District 3 residential land (4B3), floor price of 14502 yuan; the other is Gao Yin Group Chairman Pan Sutong and other 4B4 land on the 14th of last month with a floor price of 15,497 yuan.
The above two runway area land, China and overseas have entered the standard, but failed to win the bid, after more than a month, the group finally won 80.3388 billion yuan, defeating 5 opponents such as Xindi (00016), Huaying, New World Consortium and so on. 4B2 land, the floor price is the lowest among the three plots. The floor area of the site is about 594,100 square meters. The floor price is only 13,523 yuan, which is 6.8% lower than that of the 4B3 land. It is much lower than 4B4. The land is about 12.7%. China Overseas pointed out that the 4B2 land enjoys sea view and has a superior location. It is planned to be a luxury residential project. The estimated total investment is about 12 billion yuan, that is, the total cost per floor is 20,199 yuan.
The 4B2 site is the third site of the Kai Tak site purchased by China Overseas. The last two sites were the “Hong Kong-Hong Kong Land” land acquired in June 2013 for a total of 4.54 billion yuan, which was awarded in the first two of the Kai Tak Development Area. In private residential areas, the floor price is 4,913 yuan and 5,428 yuan respectively. Calculated, in about 5 and a half years, the land price in Kai Tak has appreciated by about 1.49 times to 1.75 times. The two sites of “Hong Kong people’s land” have been used. Developed into Kai Tak No. 1 (I) and (II), which will be launched in 2016.
Victoria Harbour King of the Land next month to intercept the challenge of 10 billion
For the 4B2 land cost to create a new low in the runway area, Lin Haowen, executive director and valuation and consulting department of Knight Frank, pointed out that the winning bid price was slightly lower than the original expectation, but “the calculation is not bad”, I believe the cost reflects that the 4B2 land is not enjoying the ” Full-dimensional port view and weak market conditions in recent months.
At present, there are still six runway area residential plots to be approved, two for the rear row of land and four for the front row of the Victoria Harbour. Although the cost of the rear row of land is “breaking the bottom”, it is generally estimated that the frontier sea-side land is still strongly awarded at a high price. For example, in the 4th District 4C residential area (4C3) which is being tendered, the floor area can be built to be about 648,600 square meters. The first launch of the tender for the front row of land will be closed on January 18 next year. The market is generally expected to become a billion-dollar king with a valuation of about 10.378 billion to 11.765 billion yuan and a floor price ranging from 16,000 to 18,000 yuan.
The senior surveyor, Zhang Zhichu, is most optimistic about the cost of the 4C3 land. It is estimated that the floor price can reach 18,000 yuan. It is believed that the floor price of the “front row” of the land can be maintained at more than 15,000 yuan. As for the “back row” land The cost is similar to the three sites that have been approved.