Plan and prepare had been carried out for over 10 years and the planning was changed many times.
(By Leong Yuet Kam)
Wo Shang Wai project in Yuen Long owned by Henderson Land (0012) finally was sold after planning for over 10 years. Henderson Land yesterday revealed in its interim term performance report that, they had signed a contract last month to sell a company owing the property rights of many land sites in Wo Shang Wai, New Territories to an independent third party for about HKD4.705 billion, and the land area involved is totally about 2.42 million sq ft, also the trading profit is predicted to be recorded in or before January 2020.
According to the data, Henderson had been approved to develop the land by Town Planning Board in 2008, and about 4.74 hectares in the north would be used for wetland recovery area, while the south would be used for residential development building 95 double compound tiered apartments and 172 detached houses. In 2011, Henderson put forward revised proposal to Town Planning Board, including decreasing 5% of the apartment numbers from 362 units approved in 2008 and developing it into all villas project etc.
The total floor area of villa project was over 0.89 million sq ft.
Then in 2013, Henderson again applied to decrease the area of each villa and build more villas for increasing housing supply, and the Town Planning Board approved it to build 400 villas plus with 3 clubs in total floor area of 0.893 million sq ft. Henderson had expressed to discuss actively with the Government for land premium. The sq ft floor area land price would be about HKD5,270 calculating the total floor area in 0.893 million sq ft.
New Territories added 0.3 million sq ft of land in the first half year.
In addition, the performance report pointed out that, Henderson had increased about 0.3 million sq ft of land in New Territories in the first half year, leading their land stock in New Territories to expand to about 45.9 million sq ft, and it becomes the developer who has the most land in New Territories, Hong Kong.
Performance report also said, Henderson totally has 2.4 million sq ft of land new Development Zone of Fanling North, and it is estimated there is about over 0.8 million sq ft of land meets the requirement of in situ exchange, while other may be took back for public use by the Government with method of cash compensation.
The in situ exchange for 3 land sites in Fanling North is processing.
The Group points out that, they have applied to the Government for in situ exchange for 3 land site in Fanling North and Kwu Tung North, and the Government has approved and processing. These 3 land sites in Fanling North are respectively 0.228 million sq ft, 0.24 million sq ft and 0.241 million sq ft, and it is predicted they can provide about 0.44 million sq ft floor area of shopping mall and about 3 million sq ft floor area of residential building.
Performance report said, the Government disclosed that Lands Department would set up Central Land Supply Team to speed up the processing of ‘big case’ modifications, land exchange case and centralized treatment for land assessment, in order to simplify and speed up the process, and the Group will cooperate actively with this new measure.
Furthermore, Government announced to fully adopt suggestions of Land Supply Team, including “Using private farm land in New Territories as land stock.”, and currently is developing more specific guidelines and other details of the framework for Land Sharing Pilot Scheme. So, the Group will do detailed research after there is further details of this plan.
Hung Hom starts reconstruction of millions sq ft old building.
As for old building reconstruction in urban area, the Group is planning in Hung Hom, with many are located in Gillies Ave, Baker Street, Whampoa Street and Bulleley Street, and they will refer to the development pattern of Square Mile in Tai Kok Tsui to build another new community up to 1 million sq ft floor area.
Besides, Yau Tong Wan large residential and commercial project, 22.8% rights of which is owned by the Group, has applied for land exchange.
