Causeway Bay, the new commercial building materials up to 3.3 million feet

With its huge demand in the core area, the redevelopment of owners in Causeway Bay is expected to provide about 1.51 million square feet of floor space. Together with the redevelopment of Caroline Hill Electrical and Mechanical Services Department Headquarters, Caroline Hill will provide 3.3 million square feet of commercial floor space in the next few years.

There is a lack of new commercial premises in Causeway Bay. In the coming years, commercial floors will supply redevelopment plans for old buildings, hotels or commercial buildings in major districts. Of these, a total of 7 projects will provide 1.51 million square feet of floor space.

7 The project is intended to be rebuilt covering 1,510,000 square feet of floor space

Among them, Hysan (00014) rebuilt the Suning Center on the 10th Hysan Avenue 10 into Lee Gardens a few years ago. It belongs to a 32-storey commercial building with a total gross floor area of ​​467,000 square feet including a retail and restaurant floor, And 4-storey basement car park. The office section covers 20 floors and 350,000 square feet of floor space, each covering an area of ​​17,000 to 18,000 square feet and is expected to be completed by the end of this year.

In addition, many sites in the area have been redeveloped by developers for redevelopment including the acquisition by Jin Chaoyang Group (00878) from 42 to 44 Yew Wah Street and the old buildings 28 to 29 Canal Road East for the redevelopment of Ginza Commercial Building About 44,000 square feet. The site is on both sides of a single side, with a shop floor width of about 47 feet at Yew Wah Street and a shop floor width of 55 feet towards Canal Road East. The shop will be used as a “branded flagship store” while the upper floors will be used for Ginza-style commercial purposes.

In addition, Zhen Ke Group (00859) to 1.7 billion yuan at the beginning of this year to buy Iroyal Street J Plus Hotel, involving 56 rooms, the property has been approved early in the reconstruction of a 26-storey commercial building, with a total floor of about 81,000 square feet , The market expected developers to implement or rebuild into a Ginza-style commercial buildings in the future.

In fact, there are many examples of redevelopment of hotels in commercial areas. When East China started selling the Excelsior earlier this year, although bidders eventually failed to meet the bidding requirements, the owners ended up in bids. The owners, on the other hand, Commercial buildings, with a total floor area of ​​about 684,000 square feet.

Caroline Hill Road market capitalization of more than 300 million

In order to free up more land for commercial development, the Government also plans to vacate the former Electrical and Mechanical Services Department headquarters of Caroline Hill Road. As the part has been relocated to Kowloon Bay, the site will be joined by the neighboring Postal Sports Club, PCCW Leisure Club Will be developed for commercial and government facilities.

It is understood that the site covers an area of ​​283,000 square feet and will be rebuilt at a plot ratio of 6.5 times. It will build over 1.8 million square feet of floor space and is the largest commercial site in the region. Apart from providing floorings of commercial buildings, Government and community facilities will be provided. Rough estimate, the market value of the land will reach more than 30 billion yuan, is expected to be completed as soon as possible in 2019 clearance, after the launch of the market.