Agile 400 million purchase of public servants cooperatives before
Chinese involved in the reconstruction of civil servants cooperatives, Agile (03383) 4 billion acquisition of Quarry Bay King Road, the former co-operative old buildings, each purchase price of 25 million yuan, expected to government land premium can be reconstructed into 80,000 square feet Residential project.
The above acquisition involves a series of 4 blocks of 992 to 998 King’s Road, a block of about 57-year-old buildings and 4 floors above each. It consists of 16 residential units. According to statistics, the old buildings belonged to the former civil service cooperatives. In the early years, the government granted a grant of government land at a low price to the government teachers’ cooperatives. In 1997, the relevant cooperatives were dissolved and the members were allowed to apply for the resale of the holders.
According to the EPRC Economic Real Estate Library, all 16 units of 992-998 King’s Road were bought by a limited company named Mingsoft. The purchase price of each of them is $ 25 million, for a total sum of $ 400 million. If Each unit has a usable area of 1,227 square feet and a practical price of $ 20,375. I believe we have successfully unified the ownership.
After hoping to view the mountain scenery to rebuild 80,000 feet floor
The registered directors of the development include Chen Zhuo Xi and Lu Qian Fang, the former brother and brother of Agile and the non-executive director of Agile and Lu Qian Fang, the wife of Chen Zhuolin, the vice chairman of the company. The Agile spokesman responded that the Group acquired a total of 16 units of the above projects and plans to develop into a residential-based project after reconstruction.
The above 992-998 King’s Road covers an area of about 10,000 square feet. Behind the scenic Bougainvillea mountain range, the detached road leading to Berberis Hill Road is a quiet area in the urban area. The plan is “Residential (Group A) Use, plot ratio of about 8 times, can be built 80000 square feet of floor, the purchase price of 400 million yuan, the floor price of only 5,000 yuan. However, as the land belonged to the former civil service cooperative property, there was a stipulation that the maximum floor space available for building be 20,000 square feet, so the redevelopment should make up the premium to the government.
Chan Chau-kwok, Managing Director of Savills Valuation and Professional Advisory Services, explained that the site of civil service cooperatives should be subject to two premiums for the first time. Restrictions on resale should prevail for the first time. He pointed out that Chinese developers bidding more aggressively than local developers, so they are not worried about the project will be blocked in the land premium period.
Most of the civil service cooperatives were formed in the 1960s and 1970s and occupy quite a few prime locations in the urban areas. However, due to the complicated and lengthy process of redevelopment before the acquisition and redevelopment, the past acquisitions and rebuilds are relatively rare. Fung acquired Shau Kei Wan A Ning Garden, twice the premium for a total of $ 3.5 billion. It is now re-established into Hong Kong Island. The recently launched Ma Tau Kok New Deal is also formerly known as Wing Kwong Court of Civil Service Cooperative.