The value of the redevelopment of the old buildings in the urban area, Henderson Land applied for a strong auction for the acquisition of over 90% of the existing To Kwa Wan Road and the estates of Lok Shan Road
The property valuation was over $836 million, according to the developer. The annual report shows that it will be developed alongside the adjacent Meihua Street and Xiaxiang Road sites.
Near the future Shazhong Line Ma Tau Wai Station
The Lands Tribunal received the 34th strong-scoring application in this year. The site was located at 72-76 Lok Shan Road, To Kwa Wan and 72-76B, To Kwa Wan Road. It was an old and connected building. The 7th floor is a residential building with a total age of 62 years. It has 4 public staircases with a site area of about 10,286.97 square feet. It is adjacent to the iclub Hotel and the Ma Sha Wai Station in the future Shazhong Line.
The application documents show that Henderson currently accumulates about 90.38% of the title of the property, and the remaining two shops and eight residential units have not been successfully purchased, involving 10 groups of small owners
According to the measurement bank commissioned by the developer, the property is valued at more than 836 million yuan. If it is redeveloped into a commercial and residential project in the future and is developed at a 9-fold plot ratio, it is estimated that the building can be built with a floor space of about 92,583 square feet. About 9,033 yuan.
According to the developer’s annual report, including the above projects, the scheme will cover the entire To Kwa Wan Road, 68A to 76B, 58-76 Lok Shan Road, 14 to 20 Sheung Wan Road, 1/7 Lai Wah Street and 1/9 Mei Wah Street. From Nos. 2 to 8, a number of sites have been developed together. It is estimated that the total site area will be approximately 42,500 square feet, and the total floor area will be rebuilt to a total of approximately 374,300 square feet.
Approximately 750 units are estimated to be available on an average of approximately 500 square feet per unit. Referring to the current single-item project Jinhui, the first batch of units sold at the beginning of this year was about RMB 172,000 to RMB 22,000.