2024-04-25 28Hse Editor
The MTR Tseung Kwan O Phase 13 of Lohas Park officially launched a tender yesterday. The news stated that the project’s land premium was 5.568 billion yuan. Based on the total buildable floor area of about 1.5467 million square feet, the land premium per square foot was as high as 3,600 yuan, which is the entire Lohas Park. The most expensive item on record. Under the epidemic situation, the land premium is still being increased. Surveyors believe that there are reasons for this. As the development of the area is becoming more mature, shopping malls have been partially opened, and the recent sales of new properties in the area have been satisfactory, and property prices have continued to rise. Land premium. Furthermore, the 13th phase is the last phase of the district, and is close to railways and shopping malls, so the market generally believes that the land premium is at a reasonable level. ■reporter Yan Lunle
A MTR spokesperson announced that the tender for Phase 13 of Lohas Park in Tseung Kwan O was officially launched yesterday and will close on October 29. According to sources, the project’s bidding documents disclosed that the land premium was 5.568 billion yuan, and the land premium per square foot was about 3,600 yuan, a record high in the region. Looking at the past records, the premium for the 12 phases of tender at the end of December last year was RMB 2,835 per square foot. In other words, the premium for the 13 phases was RMB 765 or 27% higher than that of the 12 phases.
The development in the region is mature and there are high selling conditions
In the past, the most expensive project in the Lohas Park area was the 11 phases tendered in April last year. The land premium per square foot was 3,194 yuan. The 13 phases pushed up the premium record by 406 HKD or 13%. In addition to the land premium, the bidding clause also mentions that the fixed dividend ratio of the project is 15% or more, which is the same as the 12th phase. The developer must then bid for the "entrance fee", with a bid of at least 500 million yuan, and the higher bid will be awarded. The market estimates that there may eventually be developers competing for development rights with high dividends, and admission fees will also become the key to winning the bid.
According to the data, the 13th phase of LOHAS Park is the last phase of the entire Cannes Station project, located in CannesTo the northwest of the station is the largest phase in the same district in the past 15 years, with a ceiling of approximately 1.547 million square feet. The tender documents mentioned that the project can be developed in two phases, with the number of units to be provided ranging from 1,667 to 2,550.
Zhang Shengdian, Executive Director of Pujin and Director of Corporate Development (Valuation and Property Management), said that the development of LOHAS Park has become more mature in recent years. Recently, shopping malls have been partially opened, and the sales of new properties are satisfactory. The price has reached 20,000 yuan, so it is understandable for the government to increase the land premium accordingly. In addition, under the epidemic situation, the most affected sectors of the property market are properties such as industrial and commercial shops, and the residential market has been slightly affected. This also provides a rationale for the government to increase the land premium.
He said that although the land premium per square foot this time is higher than the previous phases, given that it is the last phase of Lohas Park and is close to railways and shopping malls, it has geographical advantages. He believes that the land premium is reasonable and believes that the tender response is satisfactory. But after all, the scale of the project is large. The land premium alone is close to 5.6 billion yuan. Dividends or admission fees have not been calculated. The total investment in the final bill may exceed 10 billion yuan. It is expected that many developers will choose to form a consortium to enter the bid.
The total development cost of the project is expected to reach 10.8 billion
Leung Peihong, senior director of Huafang Consulting & Evaluation, also pointed out that since the project is in the final phase, it is close to the Cannes Station and has a view of the sea. Recently, the response to new properties has been good. Based on the total land price, the bank estimates that the market value of Phase 13 of Cannes is about 10 billion to 10.8 billion yuan, and the floor price is about 6,500 to 7,000 HKD per square foot.
In fact, the project recently intercepted the letter of intent, and the response has been very satisfactory. The number of letters of intent reached 35, setting a new record in the region. Large, medium and small real estate developers have expressed interest, including Cheung Kong, SHKP, Henderson, New World, Huide Feng, Nan Fung, Chinachem, China Overseas Group Co., Ltd., Country Garden, Longfor, Far East, Lai Sun, Empire Group, Emperor, Chevalier International, Java Group, CIFI Holdings, etc., Hong Kong and Chinese capitals are all on the market. lively.
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