Yutai Xingfu Street Street 4.1 billion

Yutai Xingfu Street Street 4.1 billion

The residential site of No. 31 Fuk Quan Street, Tai Kok Tsui, under the Yu Tai Hing Estate, was sold for $410 million. The land price per flat was $10,346, which was similar to the land price in the same district two years ago. The new buyer, Yongfa Real Estate (00287), will spend $250 million on reconstruction.

According to Yongfa Real Estate, the group purchased the No. 31 Fuquan Street site from Jinxiu Co., Ltd. for 410 million yuan. The project covers an area of ​​4,403 square feet and is classified as a “residential (Group A)”. The plot ratio is 9 times. The floor is 39,627 square feet. From this calculation, the floor price per square foot is about 10,346 yuan.

In comparison, the Chevalier Group (00025) won the development rights of the Fuze Street/Lide Street project of the District Municipal Construction Bureau in the middle of 2017, with a land price of 11,000 yuan per floor. In other words, the construction cost of No. 31 Fuquan Street is roughly the market price.

After the completion of the house, the price may reach 23,000.

In recent years, a number of single new flats have been built in Tai Kok Tsui, such as Aurang near 31 Fuk Man Street. Yufeng, only 113, the recent practical price range from 18,000 to 20,000 yuan.

Wing Fat Property also revealed that about 250 million yuan will be redeveloped in the next few years, including construction costs and loan costs. Based on this calculation, the investment amount per square foot is about 15,000 yuan, and the actual price of the sale is about 23,000 yuan.

According to the information, the directors of Jinxiu Co., Ltd. are Luo Yutang and Luo Shouyao, and are members of the Yu Taixing family. Yu Taixing belongs to the veteran family in Hong Kong. In recent years, it has been relatively low-key, mainly based on stocks.

For the second time, Wing Fat Property has also been listed as a small developer. In the past two years, it has sold a number of properties, including $138 million last year, which was sold at 180 Sheung Wan Estate, Sheung Wan Estate, Sheung Wan, and in 2017, it was 1.09. One million yuan has been exported from a farmland in Pingkui Road, Yuen Long. The market believes that Yongfa has sold a number of properties in recent years, which will help cash out and exchange properties for other investments.