2024-04-29 28Hse Editor
The floor price of 22,500 per square foot repels 16 opponents of Cheung Kong Xindi
It is hoped that the luxury housing market will improve after the full customs clearance. Recently, the market has been active and related property prices have continued to rise, which has driven land prices to perform well. The Lands Department announced yesterday that the land at No. 79 Broadcast Road in Kowloon Tong (formerly the Radio Television Hong Kong Educational Television Center) was acquired by Lai Sun for 1.608.3 billion yuan. The land price per square foot is 22,465 yuan, which is close to the market's expected ceiling. Compared with the last official land sold in the same lot on Broadcasting Road in 2006, the land price per square foot was only 9,868 yuan, and the land price has doubled by 1.27 times in 15 years. The project is located in a traditional luxury residential area with a buildable floor area of 71,591 square feet. The developer will develop multi-level luxury homes focusing on medium to large units. reporter Yan Lunle
15 years later, the government launched the Kowloon Tong Broadcasting Road official land. Last week it attracted as many as 17 developers to bid, including powerful developers such as Cheung Kong, SHKP and Sino Land, as well as many small and medium-sized real estate developers. Fall off the field. The market is also quite optimistic about the valuation of the land. Before the bid opening, it is estimated that the land value will be between 1.07 billion and 1.57 billion yuan, and the land price per square foot is about 15,000 to 22,000 yuan. The Lands Department "revealed" yesterday, and Lai Sun bought the land at a high price of 1.608.3 billion yuan. The land price per square foot was about 22,465 yuan, which was close to the upper limit of market expectations.
Plans to build to large-scale multi-storey mansions
In the past, Lai Sun Development only invested land occasionally and rarely developed luxury homes. Therefore, it is surprising that this high-quality luxury estate was won in one fell swoop. According to data, the company's last land investment was the acquisition of the Tai Chi Ling site in Yuen Long for 209.8 million yuan in March 2019, and the acquisition of the redevelopment project at No. 12-30 Heng On Street, Kwun Tong, for 883 million yuan in April of the same year. As for the large-scale land bid, it counts until 2013 that the company partnered with Guo Bingxiang to bid for the residential land in District 68A2 of Tseung Kwan O (which has been developed into Lantangao) for 2.826 billion yuan.
Pan Ruimin, senior vice president of Lai Sun Development, said in response to media enquiries yesterday that the land is located in a traditional luxury residential area, and the supply is rare. It will develop multi-level luxury residences, focusing on medium to large-scale units. As for the land adjacent to Lung Cheung Road, it is expected to be affected by noise. Pan Ruimin pointed out that the noise problem will be solved through design. Regarding this high price of land, he believes that the price of luxury housing projects has repeatedly hit new highs, and he has confidence in the market prospects and believes that it is value for money.
In the 1970s, the Broadcasting Road area gathered a number of well-known media organizations, including Jiayi TV, Lai TV, TVB, Radio Hong Kong and Commercial Radio. The headquarters of a total of 3 TV stations and 2 radio stations are located in this area. Kilometer-long small streets, so the Broadcasting Channel was also called "Mount Wutai" in those days.
The land price of broadcast roads has risen by 1.27 times in 15 years
The residential site at No. 79 Broadcast Road, Kowloon Tong, approved yesterday, was formerly the Radio Television Hong Kong Educational Television Center and is located between the Star Palace and Shang Yu. According to the land sale regulations, the land area of the project is approximately 23,864 square feet, and the maximum total building can be builtThe area is 71,591 square feet and it is expected to provide 80 units. The development period of the project ends on June 30, 2026.
Looking up the information, the last official site launched by Broadcasting Road was in 2006. The site of Broadcasting Road No. 1 (which has been developed into Yilong) was acquired by Sino Land for 1.94 billion yuan. At that time, the land price per square foot was 9,868 yuan. , Setting a record high per square foot of official land in Kowloon Tong District that year. This means that after 15 years, the land price of the same lot has doubled by 1.27 times. Pu Jin Assistant Director (Professional Industry Consulting and Valuation) Li Junjie predicts that the land transaction price this time is slightly higher than expected, and the project will be sold at a price of 30,000 to 36,000 per square foot in the future.
However, based on the calculation of the entire Kowloon Tong, the last official land approved was the residential land at the junction of Lung Cheung Road and Lion Rock Tunnel Road, which was acquired by Wharf in January 2018 for 12.451 billion yuan, per square foot of floor area. The land price was RMB 28,531, a record high per square foot in Kowloon. Compared with this time, the land used for broadcasting channels has fallen by 21%.
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