Tsuen Wan Industrial Land Conversion Commercial Building
The demand for office space is high. The first group accepts the “high price” premium price of the site market in Tung Chung Road, Tsuen Wan. It involves about 921 million yuan. The land premium per square foot is about 5,334 yuan. It is about 2 times in one and a half years. The same land premium in Hong Kong is the highest.
The price of commercial buildings in Hong Kong has repeatedly broken, and the market has demand for office floors. The situation extends to non-core business districts in the New Territories. The Group first bought an industrial site at 18 to 20 Tai Chung Road, Tsuen Wan at about $600 million at the beginning of last year. It recently completed the land premium. It has a total investment of about $921 million and a land premium of $5,344 per square foot for industrial use. The price is high.
In the past, there were very few cases where the price of similar land premiums was higher than $5,000. Only in January 2013, Yijing completed the No. 6 Hong Kwong Road project in Kowloon Bay for more than $1.33 billion. The premium for each meal was about $5,043. The old record is 6% higher.
A total investment of 2.5 billion, the fastest push at the end of 2020
The Tsuen Wan District has a similar land premium for the former Lun Wah Industrial Building, 11-15, Chai Wan Kok Street, which was held by Star Real Estate (01560). It was $280 million in September 2017 and $1,807 per square foot. After completing the land premium, the land premium in the same district has nearly doubled in one and a half years.
Wei Shenyi, director of the First Group, said that the land premium proposed by the government was evaluated by the data. Although the amount of land premium is considered to be relatively aggressive, it is believed to reflect its promising prospects for commercial buildings. The Group has continued to develop Grade A commercial buildings and is optimistic about the development prospects of commercial buildings and the district. Therefore, it has not appealed and accepted the relevant land premiums. The estimated total investment is about 2.5 billion yuan.
The site plans to build a 20-storey Grade A office building with approximately 10,000 to 12,000 square feet of floor space. It will provide approximately 160 office units of approximately 1,500 square feet. It is expected that the demolition building will be launched by the end of 2020. flower. According to the project development simulation plan, there will be parking spaces and small floor tiles in the underground of the project.
The proposed construction of Jiaxia will be completed and sold for 16,000.
The developer bought the site at about $600 million at the beginning of last year. The floor price was about $3,474. Together with the land premium, the floor cost per square foot has reached $8,808. The market estimates that the floor sale will be over $16,000 in the future. . The site is located at the junction of Tai Chung Road and Pak Tin Street. It is unilateral on both sides, but it is near the Chai Wan Kok Industrial Area and residential projects. The landscape is expected to be mainly landscape. The Nan Fung Centre near Tsuen Wan Station is currently trading at a price of about $10,000 to $10,500.
In addition, the Group also purchased sites at 71-75 Chai Wan Kok Street last year. It also plans to develop commercial buildings with an estimated floor area of about 114,000 square feet, which is expected to increase synergies.
In fact, in recent years, many old industrial projects in the Chai Wan Kok Industrial Estate have been revitalized, including the 4th to 6th phases of the Nan Fung Spinning Mill, which was converted into the fashion training and retail centre The Mills; the other year before the end of the year, the purchase of the Sha Tsui Road Yongnan warehouse The building will have the opportunity to be redeveloped into a commercial office building or a new industrial building. The belt will gradually change.