Kwok Ping-cheng wins Tsim Sha Tsui “Seaman’s House” project
In recent years, the group of the imperialists, Guo Pingxiang (pictured), has been actively developing real estate projects in Hong Kong. According to this newspaper, the group recently won the redevelopment rights of the “Seafarer’s Home” at Tsim Sha Tsui Middle Road held by the Seafarers Club and The next 50 years the right to hotel management, but market participants estimate that the project price lower than the market valuation of 55 billion yuan, about 40 billion yuan.
Passing price of more than 40 billion lower than the market valuation
At the beginning of last year, the seamen’s house launched a tender bidding with a low profile. At the time, the market closed at the end of October last year when at least 8 consortia were admitted into the market, including Xindi (0016), Xinzheng (0083) and the Imperial Group, which lasted more than 3 months The result of the tender was finally exposed. It is learned that the project was eventually wholly owned by the Empire Group and was not replied by the relevant authorities until the deadline of last night. The last hotel on the market, King of the Land, was Cheung Sha Wan Hotel Crown Land at a price of $ 5.06 billion in October last year. At that time, the floor price per square foot was about $ 13,520.
The above project was approved last year to build a 40-storey high-rise hotel (another two-storey basement) with a gross floor area of over 346,000 square feet. Last year’s market tender was valued at about $ 5.5 billion with a floor price per square foot of about 1.6 However, it is reported that the Empire Group has only won about 40 billion yuan this time, which is lower than the market valuation. The developers mainly make bids on four sections, including the amount of premium for land, providing funds to sea club clubs for building clubs, property management fee expenses and related operating costs and expenses. Insiders believe that as the winning consortium is responsible for the reconstruction of the property, it has only obtained 50 years ‘right to operate the hotel. The ownership of the hotel remains at the Seafarers’ Club. In addition, about 50,000 square feet of floor space is required in the 346,000 square feet Leave the Seafarers Club as a church and clubhouse, the hotel floor only about 300,000 square feet, so the impact of the winning price.
50 years of hotel operating rights
The market also means that the target developers should submit the design drawings of the Club to the Seafarers ‘Club. The Seafarers’ Club also pays more attention to the design of clubhouses in the future. The bidder’s bid is not the only important consideration. It does not exclude the current bid price from the Imperial Group. highest. In recent years, the Empire Group has aggressively increased its real estate development projects in Hong Kong. Together with the “Seaman’s Home” that it has won this time, the company already has eight real estate development projects in Hong Kong. Since 2016, the company has won six consecutive real estate development projects. Real estate projects, joint venture in 2016 with the acquisition of Ocean Park Hotel development and operation rights, and Wong Chuk Hang commercial, the former investment of about 3 billion yuan, the latter won the bid price of about 2.528 billion yuan, the same year the company also Hong Kong Ferry (0050) won a residential land of about $ 2.7 billion at Castle Peak Bay, Tuen Mun. Last year, the company bought 1.58 billion yuan respectively Wong Chuk Hang Renfu Aberdeen car plant, and about 1.98 billion won the same district Tianfeng Industrial Building, 96.5% ownership.