Rehabilitation of two residential buildings at Cheung King Seng King Hotel, 53-storey building for 5,000 people
Hong Kong has been plagued by a lack of land problems. In order to increase the supply of housing, Cheung Kong Group (01113) applied to the Town Planning Board (hereinafter referred to as the Town Planning Board) to propose the dismantling of its Tianhuwei Jiahu Haiyi Hotel and rebuilding it into two 53-storey buildings. The high residential tower provides 5,000 units, accounting for nearly half of the future residential supply in the district.
According to the documents of the Town Planning Board, the application for the redevelopment of Blocks 1 and 2 of the Kingswood Harbour Plaza, 12 and 18 Tin Yan Road, Tin Siu Wai, is proposed to be converted into a tiered dwelling and approved commercial use. A total of 498,600 square feet of floor space will be retained in the first and second phases of the Fortune Kingswood Shopping Centre. The proposed plot ratio will be slightly wider, which will increase the total floor space of the building from about 1,453,100 square feet to over 200. Wanfang.
Main open and open house 1413 parking space
According to the documents, the two hotels will be rebuilt into two 53-storey tiered residential towers, which are expected to provide 5,000 units. According to the current design, there is a maximum of 54 units on the first floor, most of which are open-plan households, and a small number of one-bedroom units, with an average residential unit area of about 300 square feet. The project also provides 1,413 parking spaces, including 980 private car berths.
The applicants pointed out that the redevelopment of the homes is in line with the Government’s recent policy of actively increasing the supply of flats and making good use of the land. It considers that there is currently insufficient land for local housing development. This development programme will make better use of land resources and will not adversely affect the surrounding environment.
At present, there are three development residential sites in Tin Shui Wai Area. Together with the redevelopment of Kingswood Harbour Plaza Hotel, the potential supply of more than 10,000 residential flats (see separate article), a single project of Jiahu Haiyi Hotel, has accounted for nearly half of the units. The main second-hand housing estates in the district, Kingswood Villas, are divided into six phases, with 58 seats, providing 15,880 gangs. It is the largest private housing estate in Hong Kong. The number of residential units available at Kingswood Harbour Plaza is about equal to that of Kingswood Villas. 30% scale. According to the information, the Jiahu Haiyi Hotel opened on New Year’s Day in 2000, offering 1,102 rooms, with hotel-style rooms and serviced residence suites. The room size is 388 square meters.
Debut after 5 years
In recent years, many hotel projects have been redeveloped. The redevelopment is mainly for commercial buildings. For example, in 2018, Cheung Kong applied to the Buildings Department to redevelop the two hotel projects of Hung Hom Harbour Heights and Wan Shing as commercial buildings. This is the Group’s past year. For the third time, it has renewed its hotel application for commercial or residential use. Mandarin Oriental also plans to redevelop the Excelsior Hotel in Gloucester Road, Causeway Bay.
Senior surveyor Zhang Qiaochu pointed out that commercial properties and hotels need long-term operation, long return time and high input cost. If the future commercial value of Tianshuiwei is limited, the redevelopment of residential buildings can be realized as soon as possible. Lin Haowen, Executive Director of Rating Square and Director of Valuation and Consulting, believes that even if the redevelopment plan can be passed, it will also have to pay land premiums, plus the construction period and other factors. It is estimated that it will take about 4 to 5 years before the market can be launched.
Huang Hai, a senior regional sales manager of the Central Plains Real Estate, said that the redevelopment of the Jiahu Haiyi Hotel was a residential development. In the future, it will inevitably take away some of the second-hand housing estates in the district, especially against the two major housing estates of Kingswood Villas and the adjacent Park Lane. However, in the long run, it will have a positive impact on the secondary market in the region, which will attract more foreign visitors, and some owners may take the opportunity to change the property to speed up the property transactions in the district.