Large redevelopment potential Nathan Road commercial building
The business and retail activities at Nathan Road in Mong Kok are frequent. The commercial project has been sought after by consortia and investors. In recent years, a large number of transactions have been recorded and there are opportunities for redevelopment, including Chow Tai Fook (01929) related parties purchased for $550 million last year. 579 Nathan Road and other buildings.
Nathan Road connects Prince Edward and Mongkok MTR Stations. With well-developed transport facilities, it is one of the busiest commercial areas in Kowloon. It is roughly estimated that there are about 70 commercial buildings and hotels in the area. Many of them have reached the age of 30 years or more. Has a certain reconstruction value. As the development of the hotel and retail industry gradually stabilized, the project and land use attracted many consortiums and investors.
Sunshine Real Estate Fund Commercial Building or merger reconstruction
Among them, Henderson (00012) last year withdrew about 550 million yuan from the entire property of No. 579 Nathan Road. It was reported that the new buyer was Mr. He Botao, the director of Chow Tai Fook’s “Older Son”, or the relevant person, and he was expected to have a chance to rebuild.
Chong Hing Bank (01111) also sold the entire building of Fengshun Commercial Building in Mong Kok last year. The cost is about 658 million yuan, the average price is about 20,000 yuan, and the buyer is Sunshine Real Estate Fund (00435). The mansion is 20 storeys high, and the fourth floor is a shop. The remaining floor is an office building with a total floor area of about 33,000 square feet. The current monthly gross rental income is about 1.6 million yuan. It is currently used for rent collection. However, the Sunshine Real Estate Fund also holds the FTSE Centre in the same location, and does not rule out the merger and reconstruction in the future.
In addition, the “minibus king” Maya Mu also purchased the Feida Center in Mong Kok for 580 million years ago. The existing building is nearly 40 years old and is believed to have certain reconstruction value. It is believed that when the implementation of the relaxation of the high limit of commercial land along Nathan Road will further increase the value of the land in the region and attract more financial groups and investors.