North Point Water Supplies Department 6 years after the transfer to commercial use
The government plans to vacate the North Point Water Supplies Department for commercial development. It is estimated that the site will be relocated to the site as soon as six years later, providing about 760,000 square feet of floor space and a valuation of about $ 11.6 billion.
Apart from the developers’ active acquisition of old buildings and industrial buildings in North Point and Quarry Bay, the Government has planned to relocate the North Point Water Supplies Department Building at 611 King’s Road for the commercial development of the site for commercial development in recent years. The North Point Water Supplies Department Building, together with the WSD Headquarters in Wan Chai and the Correctional Services Department headquarters, will be relocated to Shing Tai Road in Chai Wan for resettlement. It is estimated that construction will start in 2020 and completion in 2024 will be completed. That is, the land for the North Point Water Supplies Department Building will be released for commercial development as soon as six years later.
Eastern rare market capitalization of about 11.6 billion
The site has now been converted for commercial use and covers an area of about 50,600 square feet. It is estimated that the redevelopment floor area will be about 759,000 square feet, equivalent to the east half of Hong Kong Island (about 1.5 million square feet of gross floor area) The estimated floor area of about $ 15,000 per square foot and a market capitalization of about $ 11.6 billion will provide a rare commercial area on Hong Kong Island’s east side.
In addition, the industrial and commercial buildings in the zone are trading well, including the entire Block 18, Jinghua Road, originally held by Evergrande (00012), sold for $ 9.95 billion. The project is 25 storeys high and offers 123 car parking spaces. The gross floor area is about 330,000 square feet, with a floor price of over $ 30,000 per sq ft. It is the highest price per sq ft of commercial buildings on Hong Kong Island and the new buyer is a Chinese-funded enterprise.
Tai Hong Hui, a local investor, also bought the basement and part of the 2 / F Dongda Center, Quarry Bay and the second floor of Ming Pao Industrial Center in Chai Wan for a consideration of $ 354 million. The two properties occupy a total area of about 48,300 square feet and an average price per square foot About 7,300 yuan, will be used for long-term rent collection.