The consortium bought over 570 million old buildings in Kowloon Tong

The consortium bought over 570 million old buildings in Kowloon Tong

The supply of urban land is limited. Many consortiums have started to build old buildings in the district. They have actively acquired them. Among them, Kowloon Tongge and Old Street Cuiheng Park have recently received more than 570 million yuan from the consortium, buying about 21 units and 8 parking spaces. It accounts for nearly 90% of the entire property.

Involving 21 units

According to the Land Registry, there are 21 units and 8 parking spaces in Tsui Hang Estate, Kowloon Tong. It was sold in early March and the transaction price was about 574 million. The registered buyer was City Concept Limited. Including Lu Yingyi, Ashley Pacific Limited and Carry Fortune Limited.

Can build a floor of about 29,000 square feet

Cuiheng Park provides a total of 24 units, ranging from 1033 to 1412 square meters, and the above-mentioned units sold account for nearly 90% of all units. The project was completed in 1966 and covers an area of ​​13,982 square meters. The total floor area can be reconstructed by approximately 29,362 square feet.

In addition, the company’s Dibang Investment, which has previously served as a director of Lu Yingyi and Ashley Pacific Limited, holds the No. 27 Luji Road on the Peak.

According to industry insiders, in response to the increase in land prices in recent years, the number of participants in the tendering land has increased, which has led some developers to re-enter the old building to acquire the market. As a result, the number of acquisitions in the old buildings is also relatively active. Apart from the traditional developers, the real estate consortium is also involved. In addition, due to the high cost and large area of ​​government land, unfavorable developers are diversifying risks, while the scale of urban acquisitions is large and small. The smaller sites often need only 800 million to 1 billion. Therefore, in recent years, there are many small and medium-sized developers to join. Old building mergers and acquisitions.