The new supply is concentrated in Kai Tak.
The supply of commercial floor space in the traditional core area is relatively short. The new supply is mainly concentrated in the new development area. The focus is on the Kai Tak area, which is expected to bring over 5.5 million square feet of floor space in the short term.
The government is keen to promote East Kowloon as the second commercial core area. Kai Tak plays an important role. It is expected to provide commercial floor space with a supply of 22 million square feet, equivalent to three quarters of the Central Business District. In this year’s land sales list, a total of 4 commercial sites were included. Except for the West Kowloon High Speed Rail Station project, the other three were Kai Tak Commercial/Hotel Land.
2 runways, second half of the tender
The 4C and 4th sites in the 4C area of the two old runway areas will be launched in the second half of the year. The two buildings can be built with a total floor area of about 1.475 million square feet. It is expected that the sea area will be expected to have a total valuation of 24.2 billion. Yuan, the floor price per square foot is 14,000 to 17,000, which is suitable for building a sea view hotel.
Another large-scale 1M Zone 1 and 2 land can also be built with 1.08 million square feet of floor space for office, hybrid and retail development with a market value of $10.3 billion to $13 billion.
Considering that Kai Tak has approved two large commercial sites since 2016, it is expected to bring over 5.5 million square feet of commercial floor space in the short term. Among them, the commercial site of Kai Tak 1F District, which was invested by Nanfeng for 24.6 billion yuan last year, is currently the most expensive commercial land in Hong Kong. It has been approved to build two commercial buildings last month. The main building is 48 stories high and will be The highest landmark building in the district, with a total floor area of approximately 1.912 million square feet, is expected to be completed in 3 years.
Commercial land king
On the other hand, the Government has actively moved out of the community facilities of the core districts in recent years to vacate the land for commercial development, including the Central Meri Road commercial premises, which was formerly known as the parking lot. Henderson Land (00012) won last year at 23.28 billion yuan per square foot. The floor price of 50,000 yuan also hit a record high in historical land prices, which will provide commercial buildings with a total of 465,000 square feet of floor space.
In the future, there will be large-scale land developments such as the new waterfront site in Central and the Golden Bell Gallery in Wan Chai. It will be launched after the completion of the planning process or the tenancy of the tenancy agreement. It is expected that the No. 3 site in Central New Beach will be faster in the next 1 to 2 years. Intro.