In recent years, the Government has accelerated the development of development sites in the New Territories North, and last year it even proposed the concept of "Northern Metropolis". Yesterday, the Lands Department further issued an operation note to carry out the land resumption procedures for the remaining stages of the Kwu Tung North and Fanling North new development areas. The practice notes stipulate that the application for land exchange for the remaining stages of the above-mentioned new development area will be closed on August 15 this year. There are currently 13 applications, 6 of which have been accepted for further processing, involving 6,000 units, and should be completed by the end of June next year Pay up the land price, otherwise the government will repossess the land. ◆reporter Yan Lunle
The Lands Department said yesterday that the Department had issued a practice note in February 2014 to clarify the application requirements to be complied with when applying for land exchange for sites planned for private development in the Kwu Tung North and Fanling North New Development Areas, and to specify the application requirements for land exchange in the above-mentioned new development. Priority will be given to applications for land exchange within the district's first stage development area. The department subsequently approved 2 applications involving sites within the Phase 1 development area, and construction works have already commenced in these 2 applications.
The land will be repossessed if the premium is not paid before the deadline
The Government plans to start the land resumption process for the remaining stages of the above-mentioned NDAs around the middle of next year. To this end, "Operation Note No. 1/2022" was issued, specifying that the deadline for land exchange applications for the remaining stages of the above-mentioned new development areas is August 15 this year, and the proposal on the binding basic terms (including the amount of land premium) will be accepted. The deadline is June 30 next year. If the applications received cannot be processed by the prescribed deadline, in order to avoid delaying the entire project, the Government will initiate the land resumption procedure to facilitate the development of the NDA.
Before issuing this practice note, the Lands Department had already accepted land exchange applications in the remaining stages of the above-mentioned NDAs. Among the 13 relevant land exchange applications received, 6 have been accepted so far and can be processed in the next stage Procedures, including finalizing the terms of the land lease and evaluating the amount of land premium (applicants can choose to pay the standard amount. The relevant details will be announced before the end of March this year). The six applications are estimated to involve the supply of a total of about 6,000 private residential units. It is reported that the 6 cases have been further processed for premium applications, involving land held by Henderson Land, Cheung Kong and New World.
Kowloon warehouse renovation project gets "green light"
On the other side, the Kowloon Warehouse in Kowloon Bay, which has been planned by Wheelock for many years, applied to the Town Planning Board to convert the property into a residence last year, and built seven 28-storey high-rise residential buildings with a total floor area of about 829,059 square feet and provided 1,782 units. The application will be discussed at the Town Planning Board this Friday, and the Planning Department's document yesterday showed that the department has no objection to the application and is expected to be given a "green light". It is reported that the project was approved to build 784 units in 2011, but it has not been able to reach a land premium with the government. Last year, Wheelock proposed a new plan, with nearly 998 units or 1.3 times more units than 10 years ago, and the unit area was reduced from the previous 1,049 square feet to 465 sq. ft.
In addition, the Lands Tribunal has recorded two more compulsory auction applications for two adjacent old buildings on Ap Lei Chau Main Street (both are 6 storeys high).Commercial and residential properties with floor-to-ceiling shops), with a total valuation of more than 206 million yuan, and it is reported that the consortium behind it is Hongan. The documents show that, among them, Huazhou Building, No. 21 and 23, Ap Lei Chau Street and No. 5B, Ping Lan Street, covers an area of about 1,833 square feet and is 57 years old. The applicant holds about 83.33% of the property, with a valuation of over 119 million yuan. . The other site is Hyde House, No. 17 and 19, Ap Lei Chau Main Street. The building is about 49 years old and has a site area of about 1,648 square feet. About 94.12% of the ownership has been acquired, and the property is estimated to be about RMB 86.83 million.
It is worth noting that the application for forced auction of Nan Tak Building at 37 and 39 Xinshi Street in the same district recently received by the Lands Tribunal was also submitted by Wang On. The three sites occupy a total area of about 5,075 square feet. The total buildable floor area is about 45,675 square feet. According to sources, there are still projects under acquisition by Wang On nearby, and the site may be expanded to 7,000 square feet in the future, and the buildable floor area can be increased to about 63,000 square feet.
