Wan Chai 6 Redevelopment Project Commercial floor 1.7 million
There is a lack of new commercial land supply in Wan Chai District. The old buildings in the district have become the target of developers. At present, there are at least six redevelopment projects in the district, providing a total of over 1.7 million square feet of commercial floor space.
Wan Chai is a well-developed commercial and development area. The main Grade A commercial buildings in the district are located in Wan Chai North, Gloucester Road, Hennessy Road, Johnston Road and Queen’s Road East.
Old houses are mostly old deeds
Due to the large number of old buildings in the Wan Chai area, many of them are also old deeds, attracting developers to purchase old residential buildings in the district and applying for redevelopment to become commercial projects with a high plot ratio. Together with Hopewell (00054), the second phase of the Hopewell Center, which has been in preparation for more than 30 years, currently has six reconstruction projects in Wanchai, providing a total of 1.7 million square feet of commercial floor space.
The largest development project in the district is the Hehua Center Phase 2 project. The project is located in the west of the Hehe Center. The site area is about 106,000 square feet. It will be developed at a plot ratio of 10.3 times to build a 52-storey integrated commercial. The project, for hotel, retail and other comprehensive purposes, involves approximately 1,010,000 square feet of floor space and 1,024 hotel rooms.
Hopewell Center Phase 2 will be used as hotel retail
As for the neighboring Queen’s Road East, 153-167, originally belonging to the old building property, after the reunification of the ownership at the beginning of this year, Hehe plans to build a 26-storey commercial building to provide restaurants, shops and service industries, offices and massage parlours. Etc., the total floor area involved about 115,000 square feet, which will bring synergy with the second phase of Hopewell Center.
In recent years, Swire Properties (01972), another major landowner in the region, has also actively expanded its business kingdoms in Admiralty and Wanchai. The redevelopment projects of the Baohua Building, the Dayton Street and the Old Building of Lan Du Street, which were acquired for many years, were completed at the end of last year. After that, he is also preparing to apply for redevelopment into office use.
The project was originally composed of 6 Tang buildings and a 13-storey commercial and residential building covering an area of 14,400 square feet. It will be rebuilt into office use and is expected to provide 216,000 square feet of commercial floor space, which is another large-scale reconstruction project in the district. The expected target will be completed after 2022.
As for the large-scale developers SHKP (00016) and Henderson Land (00012), there are also acquisitions and redevelopments in the district. The former will acquire 222 to 228 Wan Chai Road. It will be redeveloped into office use and can build about 130,000 square feet of fabric; The latter, at 206-212 Johnston Road, is a small and medium-sized reconstruction project with 65,000 square feet of floor space.