The mainland consortium has thrown nearly 100 million yuan.
Some mainland consortiums have recently acquired the old property rights of No. 106-108 Queen’s Road East, Wan Chai, and have just spent nearly $100 million to purchase two properties under the No. 104 property to expand the redevelopment site. The increase to 17,000 square feet.
Expect to expand and rebuild the development site
According to the information of the Land Registry, the ground floor and first floor of Fu Tung Building, 104 Queen’s Road East, Wan Chai, were sold for a total of about $96.765 million. Among them, the property shop with a loft was changed to $85 million. The area was about 1,250 square feet. 68,000 yuan. The unit area of No. 1 is about 613 square feet, calculated at a transaction price of 14.67 million yuan, and the practical price is about 23,900 yuan. The new buyer is Tenghong Creation Co., Ltd. and the registered director is Zhang Tenghong.
Fu Tung Building is now a 6-storey property with a building age of over 50 years and a 10-minute walk from Wan Chai MTR Station. The new buyer has also accumulated about $400 million to complete the acquisition of the property adjacent to Queen’s Road East 106-108. It is believed that the acquisition is to expand the development of the site.
If the two sites are merged and developed, the site area is expected to increase to approximately 1,885 square feet. It will be redeveloped for commercial and residential development with a plot ratio of up to 9 times. It is expected to rebuild about 17,000 square feet of floor space.
With reference to the existing properties in the same district, the price of the new flats is about $30,000 to $36,000. The average price of the second-hand flats is about $23,000 to $29,200. The purchase price is close to the second-hand real estate in the area.