Causeway Bay 6 Redevelopment Project Commercial floor 1.09 million
There is a shortage of commercial space in Causeway Bay. The consortium has turned to the acquisition of old buildings and the redevelopment of existing hotel projects. The current six planned or planned redevelopment projects in the district provide a total of about 1.09 million square feet of commercial floor space.
Causeway Bay is one of the four core retail business districts. In addition, the rents in the Central Office have been expensive in recent years. The companies have also moved to Causeway Bay and Wong Chuk Hang, which have generated a lot of demand for commercial and commercial areas in the district.
However, there is a shortage of commercial supply in the district. Looking at the commercial sites that can be launched in the next few years, the old headquarters of the Electrical and Mechanical Services Department of Caroline Hill Road will only be used. Therefore, developers and consortia have been buying old buildings in the district, or they will study Renewed hotel property for many years.
China Resources Shopping Sugar Street Two Commercial Buildings approved for disassembly
According to the information, there are currently 6 planned or planned redevelopment projects in the district, providing a total of 1.09 million square feet of commercial floor space, including Yijing Commercial Building and Huijing Commercial, 25-31 Sugar Street, which was purchased by China Resources Group last June. Two commercial buildings in the center.
The two commercial buildings are about 20 to 30 years old. The developer has been approved for demolition and redevelopment in May. The building plans will be approved by the Buildings Department. A 25-storey commercial building will be built. 62,000 square feet.
In addition, Zhenke Group purchased J Plus Hotel in Yirong Street for RMB 1.7 billion at the beginning of this year, involving 56 rooms. The property was approved in the early years to be rebuilt into a 26-storey commercial building with a total floor area of approximately 81,000 square feet. Reconstructed into a Ginza-style commercial building; and the old building of No. 42-44, Yaohua Street, which was successfully acquired by Jin Chaoyang (00878), will also be rebuilt into a Ginza-style commercial building with a floor area of approximately 44,000 square feet.
The Excelsior Hotel is the most eye-catching
As for the consortium that owns the hotel in Causeway Bay, it also studies the redevelopment of the property into a commercial building to enhance commercial value. The most eye-catching is the Excelsior Hotel, which was sold by Mandarin Oriental last year. The project can be rebuilt into a 26-storey commercial building with a total floor area of approximately 684,000 square feet, one of the largest reconstruction projects in the region. Although the hotel ended up with a bid because the prospective buyer’s bid did not meet the requirements, the owner said that all development plans for the site were still being considered, including rebuilding into a commercial building.
In addition, the Crowne Plaza Hotel, 8 Leighton Road, which is owned by Java (00251), covers an area of about 11,000 square feet. The owners are also approved by the Town Planning Board. They can be redeveloped into offices, shops and restaurants. 15 times, the plan is to rebuild into a 22-story high-rise building with a total floor area of about 161,000 square feet.