2024-05-03 28Hse Editor
The new world will be rebuilt to explore conservation plans
New World Development applied for a compulsory auction order for the Royal Theater Building in North Point in 2018. The Lands Tribunal approved a compulsory auction order for the project yesterday, which means that New World Development can unify the ownership of the project for reconstruction. The reserve price is 4.776 billion yuan, the largest amount ever in Hong Kong. The strong shooting records include the former Royal Theater, which stood in North Point for about 68 years and was listed as a first-class historical building by the Antiquities Advisory Committee for its unique flying arch architectural features. ■reporter Liang Yueqin
A spokesperson for New World Development said yesterday that the Group welcomes the approval of the mandatory auction order issued by the Lands Tribunal. The Royal Theater Building is composed of residential, commercial and former Royal Theater. It expects to obtain 100% ownership and detailed inspection of the building. After the structure, actively explore the feasibility and plan for the preservation of the relevant parts of the former Royal Theater.
The spokesperson also reiterated that the group has been actively promoting art work. If the group succeeds in unifying the ownership of the Royal Theater Building, it will closely communicate with stakeholders and community members and listen to opinions from all walks of life on how to preserve the essence of the former Royal Theater Building.
Up to 10 times the plot ratio of residential buildings
The land area of the project is about 36,201 square feet. The planned land use is now a "residential or commercial" zone. In addition, it belongs to the "old lease" project. The development flexibility is greater. If it is used for residential development, the plot ratio can reach 10 times. The built floor area is about 360,000 square feet; if it is a commercial building, the plot ratio can be increased to 15 times, and the rebuilt floor area can reach 540,000 square feet.
The adjudicator's verdict mentioned that the Royal Theater was classified as a first-class historical building, but it was only an administrative measure by the government without any protection regulations. The adjudicator believes that the historical rating of the building does not need to be considered when dealing with the forced auction order. The judgment also mentioned that within 6 years of completing the acquisition, To complete the reconstruction and development of the project. In the judgment, more than 4.77 billion HKD was used as the base price. It mentioned that the developer's profit was 23% too high at the beginning, and 18% was considered more appropriate.
The Huangdu Theater, which was completed in December 1952, was formerly known as the Xuan Palace Theater. It is a stand-alone theater and was rated as a first-class historical building by the Guzi Association in 2017.
Theater part becomes the key to M&A reconstruction
New World started the acquisition in 2015, obtained 82.22% of the ownership in 2018, and applied for a forced auction order for the project. However, the theater accounted for the largest ownership of about 10% due to the unacquired part, which became the key to the main impact of the project's merger and reconstruction. Last year, New World purchased the theater part of the project and the ownership of three shops from the original owner, Lu Haitong, the Chen family for 737 million yuan, raising the acquired ownership to more than 90%.
According to the data, the Chen family of Lu Haitong purchased the theaters and shops of the project with HONG KONG ENTERPRISES LTD in 1958 for a basket of about 1.5 million yuan. After 61 years of holding the goods, the book earned about 735.5 million yuan, and the property value appreciated about 490 times.
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