Several large commercial sites to be added 11.84 million
There is a shortage of supply in Central District, and the government intends to increase the supply of commercial land in the core area. Several large-scale sites, including the New Central Waterfront, Golden Bell Gallery and the Kai Tak District of Wan Chai, will be launched one after another. It is expected to add about 11.84 million square feet of floor space.
Relocation of government agencies freed up the core area
The core area has matured and the new large-scale commercial land is rare. In response to the huge market demand and soaring rents, the government has actively vacated more land for commercial development in recent years by moving out of the community facilities of the district government. It is expected that the market will be launched as soon as the reconstruction project of No. 3 of Central New Central Beach and Golden Bell Gallery will be completed.
The construction site of No. 3 in Central New Beach has 1.61 million square feet. It is planned to be an integrated medium-to-low-density development for offices and retails. The land value is estimated to exceed 40 billion yuan, and the floor price can reach 25,000 yuan. It is estimated that 1 to 2 Year after year.
The Golden Bell Gallery with a market value of more than $20 billion has been leased to developers for use in shopping arcades and pedestrian corridors. The lease is expected to end at the end of this year.
Golden Bell Gallery reconstruction Material pushed within 2 to 3 years
After recovering the right to operate the Golden Bell Gallery, the government plans to dismantle and redevelop the shopping mall into a building with a base for retail and restaurant areas. The reconstruction of the building will be approximately 1 million square feet, and it is expected to be pushed within 2 to 3 years.
In addition, the government is keen to promote Kowloon East as the second commercial core area and the commercial floor supply in the Kai Tak area covers 22 million square feet, equivalent to four quarters of the Central Business District floor; For commercial and hotel sites, the floor covers 2.56 million square feet.