Savills Pacific Lands Tribunal ordered public auction of old buildings at 1 Jiashan Street, 2 Bowen Street and 39-53 Tai Kok Tsui yesterday
Hengdi (012), an old building acquisition expert, successfully invested the property at a reserve price of 1.145 billion yuan.
The project will focus on small units in the future
Huang Haoming, the executive director of Henderson, who participated in the bidding, stated that the group has been negotiating the ownership of the sub-property since 2010 and held most of the ownership before the auction. Close, but the owner was disappointed that the price was far below ideal.
He also pointed out that the group has prepared a design blueprint. The project will focus on small units in the future, with an average building area of about 340 square feet and about 210 units.
He expects to start the project before the end of next year, and launch the market pre-sale in two and a half to three years, and he can officially enter into the business after about four years. Asked whether he would develop with the same new market, “Leo Place”, he responded that the development of the Tai Kok Tsui District requires overall planning and hoped that it would bring changes to the district.
The auctioned property has a registered site area of approximately 9,642 square feet
It is a four-story, 6-story old building completed in 1957. It has shops on the ground floor and multiple stairs. The site can be redeveloped and developed at a rate of 9.05 times. The construction fabric of the building can be about 87,300 square feet. The current planned use of the property is “Residential (Type A)”.