CLP headquarters truncated consortium fight
At CLP’s headquarters in Argyle Street, Mong Kok, which has been in operation for over 70 years, the CLP Real Estate Investment Company, which holds the project, recently bid low for some consortia in the form of dark bidding. The project was closed at least 4 As the scale of development of the project is quite large, the market value is estimated to exceed 10 billion yuan and the land premium over 31,000 yuan per square foot. With the complicated entry criteria, it has become the target of large-scale developers.
Located in front of CLP’s headquarters located at 139 to 147 Argyle Street in Mong Kok, it is in a traditional mansion area with convenient access to the center of Mongkok. CLP was planning to rebuild its headquarters more than 10 years ago. In 2011, To conserve the clock tower building and apply to the TPB for planning permission to relax height and plot ratio, was approved in November of the same year.
Sell in dark form
According to market sources, the holding consortium has commissioned a surveyor to conduct a low-key bidding exercise a few days ago and closed its tender yesterday. At least 4 tenders were recorded. The major consortia, including Cheung Kong, Shatin, Wheelock and Sino Land .
Built in 1940 before the invasion of Hong Kong by Japanese troops, the bell tower of the headquarters is more similar to the clock tower design of the Star Ferry which has been demolished. It is one of the landmark in the area and was rated as a historic building in 2009.
Cheung Kong and other new standard
The TPB documents show that the site area of the former CLP headquarters is about 62,000 square feet and the floor area for residential use is about 309,700 square feet. Three 25-storey residential buildings with a five-storey platform have been approved to provide 175 The lowest five floors will house clubhouses, lobbies and parking facilities. The main non-residential floor area of the clock tower is about 31,000 square feet and the building has 4 storeys. Care should be taken on the part of the clock tower.
Sources said developers need to pay $ 3 billion to CLP and an additional $ 2 billion to make up for the land premium. In addition, the winning consortium will pay dividends to CLP when selling flats later, and the dividend ratio , Is the key to winning this project.
Need to keep the bell tower
It is said that the consortia invited to participate in this tender also have set limits. Apart from having to participate in MTR projects, there should also be experience in participating in childcare projects. Developers who can meet the above conditions in Hong Kong are in fact a minority.
The sources continued that the amount of land premium for the project, even the amount payable to CLP, had cost over $ 16,000 per square foot plus the cost of childcare bell tower, which led to a substantial increase in construction costs and cost per square foot of development costs 27,000 yuan, taking into account a reasonable profit, the project market valuation of about 31,000 yuan per square foot, equivalent to the market valuation of more than 10 billion yuan.