Push 7 commercial land, the high-speed rail station covers the whole sale
The Government will launch seven commercial sites in the 2019/20 financial year (the next year) land sales, with potential supply reaching a new high of approximately 8.77 million square meters in recent years. Among them, the most impressive land price is Tsing Sha Tsui. Railway West Hong Kong West Kowloon Station (hereinafter referred to as the high-speed rail station), the Secretary for Development, Mr Wong Wai-lun, said that the Government expects the site to be sold in full size, but the market is worried about the project land price or thus affected, the highest valuation is adjusted from the original 142.41 billion yuan As low as 126.58 billion yuan.
Wong Wai Lun announced yesterday that the Government’s land sale plan for the next year pointed out that the Government is committed to increasing the supply of commercial floor space to cope with the economic development of Hong Kong. Therefore, the sale of land includes seven commercial and hotel sites in core areas or major commercial areas.
Difficult to bid alone, the valuation fell to 126.5 billion
One of the seven sites is the upper part of the high-speed railway station, which can provide about 3,164,600 square meters of floor space. It is the largest commercial land sold by the government in recent years. Huang Weilun revealed that the project will not be launched as a “small piece" but will tend to be sold in the whole tender, which is considered to be more advantageous in design and operation management.
Earlier, the comprehensive surveyor estimated that the price of the high-speed railway station on the upper floor of the building was 25,000 to 45,000 yuan, and the land valuation was from 79.12 billion to a maximum of 144.11 billion yuan. However, if the “Big Mac" project is single-tender, the highest valuation will drop to 126.58 billion yuan, that is, the floor price will be 40,000 yuan.
Senior surveyor Zhang Zhichu said bluntly that the latest rental value of Grade A office buildings such as the nearby Harbour City and the International Trade Plaza will be calculated. The price of the high-speed rail station will exceed 40,000 yuan. However, the land area is too large. If it is not split and sold, it is difficult to attract a single developer to spend hundreds of billions of dollars to “lock up" the funds to invest in a plot of land. Therefore, the chances of the consortium’s bidding are greater, and there will be a discount on the bid. The floor price is less than 30,000 yuan.
In addition, Kai Tak will become a major commercial floor supply for the future. In the next year, there will be a total of 5 sites with a total area of approximately 5.5 million square feet. In the first quarter of next year, the Government will promote the commercial and hotel land adjacent to Kai Tak Sports Centre. The total gross floor area will be about 344,400 square feet. Some of the floor space will be reserved for hotel use. It is estimated that 300 rooms will be provided. However, market participants believe that there is no commercial support around the project. The valuation of the floor price is only 6,000 yuan, with a total value of 2.07 billion yuan.