The 36th Letter of Intent on Ventilation Floor in Yau Tong, MTR
The property development project of the Yau Tong Ventilation Building under the MTR Corporation (00066) (hereinafter referred to as Ventilation Building Project) received a letter of intent yesterday and successfully attracted 36 developers to submit it. It has become the Kowloon Railway Project with the largest number of developers ever submitting letters of intent; Project count is the third largest. Chinese and local developers actively submitted letters of intent, of which at least five were Chinese-funded consortia, including Agile Property (03383) and Country Garden (02007).
The latest Ventilation Building project of the MTR is located at Ko Chiu Road in Yau Tong, adjacent to Lei Yue Mun Road. Opposite is HOS Gok San Court. Although it is not a railway superstructure project, it takes only 5 to 10 minutes to travel from the site to MTR Yau Tong Station. Cheng. The project attracted 36 developers to submit letters of intent. At least 15 of them were local developers, including Cheung Kong (01113), Henderson (00012), SHKP (00016), New World Development (00017), Noble (00083) and Huide. Feng Real Estate, etc.; at least 5 Chinese consortiums submitted letters of intent, including China Overseas (00688), Country Garden, Agile, CITIC Group’s (CI) CITIC Pacific real estate, and Minmetals Real Estate currently building a residential project in Yau Tong District (00230 In addition, 16 other unknown consortiums submitted letters of intent.
The Kowloon Railway Project can build up to 500 households
After submitting the letter of intent, Zhuang Ruimei, assistant property manager of Emperor International (00163), pointed out that the ventilation building project is an urban project. The residential units built in the future are estimated to enjoy sea views. In addition, it is expected to provide about 500 people. The scale is moderate, and the group will After obtaining the study of the bidding documents, it will consider whether or not to enter the bid, but it has not yet decided to participate in the form of sole proprietorship or joint venture.
The ventilation building project was the fourth consecutive railway project to receive more than 30 letters of intent and it was also the best response project in Kowloon. For the last Kowloon Railway project, it was the first phase of the property development project at Ho Man Tin Station. Monthly launch, only 28 letters of intent were received at the time. As for the first phase of the Wong Chuk Hang Property Development Project, which was originally intended for the last year, 39 letters of intent were received. This was the largest number of railway projects in the territory, followed by the second phase of the Wong Chuk Station project.
According to the statistics, the ventilation building project occupies an area of approximately 43.40 million square feet, with a total floor area of approximately 323,300 square meters and is expected to provide approximately 500 vehicles. The project is adjacent to a residential land site with a land area of approximately 39,600 sq ft. The government will launch a tender this quarter. It is estimated that an additional supply of about 500 residential units will be provided in the area.
Regarding the ventilation building project winning a lot of favor from Chinese companies, Zhang Shengdian, Director of the Corporate Development Department (Valuation and Property Management) of Pu’er Holding Group believes that the project scale is not too large and the development cost is not high, attracting some Chinese-funded consortia and believe that In the future, the Chinese-funded consortium will actively bid for such development projects with technical requirements. He estimated that the land price of each side of the project could reach 15,000 yuan and the land price would be about 4.88 billion yuan.
Lin Haowen, a senior director and director of Valuation and Consulting at Knight Frank, believes that the project is close to the MTR station and there is a certain advantage to transfer to the Hong Kong Island area without transfer. The development cost is not high for urban projects. It is estimated that the project can eventually be completed. Attract about 20 developers into the bid.