Agile 1.9 billion buy Quarry Bay public servant cooperative
The residential land on Hong Kong Island is hard to find. It belongs to the Civil Service Cooperative’s site No. 2 to 16 of the Bering Hill Road, Quarry Bay. It has been acquired by the consortium for many years. It has recently been purchased by Chinese developers for $1.9 billion. Refers to the new buyer as Agile.
A number of properties on the site of No. 2 to 16 of the Bering Hill Road in Quarry Bay have been actively acquired by the consortium in recent years.
Baijia Mountain Road involves 24,000 baht
It is reported that the project is adjacent to King’s Road and has a site area of about 24,000 square feet. It is a rare residential site on Hong Kong Island. The news said that the project was awarded by a Chinese developer of about $1.9 billion. According to the site area of about 24,000 square feet, more than 200,000 square feet can be rebuilt, and the land price will be replenished in the future.
After reviewing the information, the consortium started to purchase the old buildings No. 2-8, No. 10-12 and No. 14-16 of Baijiashan Road. The consortium bought the last group of No. 10 to No. 12 Baiyatai for $19 million last year. The price was about 18,800 yuan, up 65% year-on-year. The entire project took five years to acquire.
The entire project took five years to acquire
According to the news, the new buyer is a Chinese developer, Agile or related person. As a matter of fact, the group purchased four old buildings in the same row from 992 to 998 King’s Road, which belonged to the Civil Service Co-ordination, more than a year ago. It was only one road away from Sites 2 to 16 on the Bering Hill Road.
Agile bought the site for $400 million last year and is expected to rebuild it into a 80,000-square-foot home. According to the information, the civil service cooperative property was granted to the Government Teacher Cooperative by the Government at a low price in the early years. In 1997, the relevant cooperative application was dissolved and the members were allowed to apply for resale. After the developer purchases the site, it needs to make two land premiums. The first is to remove the resale restriction. The second land premium is to increase the building floor of the site.
The urban land is rare. Chinese developers have rarely bid for government official sites in the past year. They have mostly buried their hands in old urban construction sites. For example, China Aoyuan (03883) acquired the Yanbian Building in Robinson Road in the Western Mid-Levels last year. 84% of the ownership, earlier applied for a strong shot.