Tsuen Wan Concord Square provides 1.5 billion silver property with 91 car park tender was originally held by Pacific Concord

Following the sale of the seafront land at Hoi Yu Street in Quarry Bay, which was valued at HK$4 billion earlier, the Concord Plaza in Tsuen Wan, which was originally held by Taiping Concord, has also become the main bank, and was sold by a surveyor firm entrusted by the receiver through public bidding. It is understood that the current state of the project is a 5-storey shopping mall with a construction area of about 163,500 square feet. It will be sold together with 91 parking spaces. The market value is about 1.5 billion yuan. ◆reporter Yan Lunle

CB Richard Ellis stated that the bank was appointed as the exclusive agent to open tender for the sale of Tsuen Wan Concord Plaza (excluding street shops) together with 91 parking spaces. The tender was closed on July 29. The property is a 5-storey shopping mall with a construction area of about 163,500 square feet. It is understood that the market value of the project is about 1.5 billion yuan. Among them, the market value of each parking space in this batch of parking spaces is about 2 million yuan, and the total market value is about 182 million yuan. If the value of parking spaces is deducted, the mall is valued at about 1.318 billion yuan, or about 8,061 yuan per square foot.

Over 160,000 sq ft of mall vacant for 5 years

Concord Plaza and the top housing estate "Hai Tian Mansion" were completed by the developer Taiping Xiehe in 2002. All the residences have been sold in the early years, and the shopping mall has been held for long-term rent collection. The plaza is located in the core area of Tsuen Wan, facing Tai Uk Street, Chuan Lung Street and San Tsuen Street, and is close to Sha Tsui Road, Tsuen Xintiandi Phase 1 and Yeung Uk Road Market. However, the interior of the mall was closed as early as 2017 for a major renovation, and the renovation was completed in 2018, but it has never been opened to the public and has been left empty. According to market sources, the project is being sold as a bank owner.

Company to sell 2 sites in Quarry Bay in April

In fact, this is the first time that the assets held by the Pacific Concord have been sold. As early as April, two seaside industrial sites on Hoi Yu Street in Quarry Bay were also appointed by the receiver to be sold by CB Richard Ellis, which can be rebuilt into 400,000 yuan. The square foot commercial floor will be closed on July 7, with a market valuation of more than 4 billion yuan.

Wang Shizhong, chairman of Taiping Concord, is also the chairman of China Land (1838), who was petitioned for winding-up earlier due to debt problems. It is reported that at the end of February, China Real Estate received China Construction Investment Trust as the petitioner to submit a petition to the Hong Kong High Court in accordance with the company winding-up procedure, regarding the failure to pay a debt of approximately RMB 904 million due to the company’s guarantee provided by its wholly-owned subsidiary Shanghai Jingan. and may be liquidated by the High Court.

Zhen Junmin, Head of Capital Markets Department of CBRE Hong Kong, said that since the beginning of the year, many shopping malls have recorded transactions in the market, which reflects that investors are still confident in Minsheng shopping malls when the epidemic is severe. It brings a stable flow of people and business, and the types of tenants are also more diversified. The relaxation of epidemic prevention measures in recent months and the promotion of the government's consumption voucher program have led to a rapid recovery in the catering and retail industries, and strong consumer sentiment, which has also contributed to the recent boom in shopping malls.

Tsuen Wan District has seen many high-profile transactions this year. For example, at the beginning of the year, the family of "Shop King" Deng Chengbo sold the Leyouju base mall with 135 parking spaces for 650 million yuan., the price per square foot is about 13,561 yuan. In addition, Shop No. 11 on the ground floor of Concord Plaza was also sold at a price of about 102,000 yuan per square foot in April. Zhen Junmin believes that the entire shopping mall is sold this time, and there is potential for asset appreciation.