2024-05-10 28Hse Editor
Cheung Kong's 8.7 billion won another 23% of the lower market valuation limit in the same area
Although the mainland is expected to resume quarantine-free customs clearance next year, the outlook for the global economy is uncertain, and Hong Kong is entering a period of interest rate hikes. The decline in property prices has not stopped, and land prices have been dragged down. With a market valuation of more than 10 billion yuan, the largest commercial and residential site in the MTR Songhuangtai Station Kai Tak District this season was won by Cheung Kong’s sole proprietorship of 8.703 billion yuan yesterday, defeating 5 competitors, and the floor price per square foot was only 6,138 yuan. The lower limit of the market valuation of HK$8,000 is more than 23% lower, and the relevant land price has even returned to 8 years ago, that is, the No. 3 site in Kai Tak District 1H that Wheelock bought at a floor price of HK$6,101 per square foot in May 2014. The OASIS KAI TAK that has now completed its development. ◆reporter Liang Yueqin
Wu Jiaqing, executive director of Cheung Kong Properties, said yesterday that he was very happy to win the large-scale land in Kai Tak New District at a reasonable price. The project has superior geographical conditions. It is located on the top of the Songhuangtai MTR Station. In the future, there will be an underground shopping street connecting the traditional area of Kowloon City and the Kai Tak MTR Station. ideal return.
1,750 units can be built and an underground street needs to be built
The commercial and residential land in Kai Tak consists of three plots of residential land in District 2A 4 and 5 (B) and commercial and residential land in No. 10, covering an area of about 214,000 square feet with a buildable floor area of 1.418 million square feet. It is expected to provide about 1,750 units. The land is close to MTR Sung Wong Toi Station. In 2020, the tender was launched as a commercial land, but the bid was eventually rejected. It was later changed to a commercial and residential development. The buildable floor area is about 1.418 million square feet. Residential units have restrictions on the area, and the area must not be less at 280 sq. ft.
At the same time, the successful bidder must build a public open space on the right side of the site and pave multiple sections of 24-hour public passages within the site. In addition, it is also responsible for the construction of a section of a one-story underground shopping street, and designates 5 locations on the site, reserves space and is responsible for building connections to connect the underground street, MTR Songhuangtai Station and adjacent development projects.
60% of the mainland in the region is 22 months apart
The industry estimated earlier that the valuation of the project was about 11.34 billion to 17.02 billion yuan, and the floor price per square foot was about 8,000 to 12,000 yuan. Now the winning bid price is less than 10 billion yuan, which surprised many surveyors and appraisers. At the same time, the floor land price this time is only 6,138 yuan per square foot, which is also longer than the floor land price of 15,861 yuan per foot for the first time in February last year when it won the No. 2 residential site in Kai Tak Runway District 4E District. 61.3%.
The investment atmosphere is poor and the bid price is prudent
Lin Zibin, director of Midland Surveyors, believes that the land price of this project is far lower than market expectations, and the floor price per square foot has "turned back time" to the land price level of near-land land in Kai Tak in 2014. The main reason is that although the land approved this time is located in a superior location, there are certain restrictions on development, which will increase construction costs and increase investment.The scale is expected to exceed 15 billion yuan. Coupled with the impact of investment sentiment in recent months, the bidding has become more prudent.
In addition, SHKP also stated last week that it would bid for the king of this land with a sole proprietorship. However, when the Lands Department announced the list of other bidders yesterday, only Nan Fung, Henderson Land, Wheelock Properties, Rising Sun International, K. Wah Trust and Great Eagle Forming a consortium, Xindi is not on the list, the reason is a mystery! The message indicates that the applicant is not qualified for bidding due to the content of the bidding document or other reasons.
Cheung Kong won the bid for Kai Tak land information
Site location: Site 4, Site 5(B) and Site 10 in Kai Tak Area 2A
Uses: commercial and residential
Land area: 214,408 square feet
Plot ratio: 6.61 times
Buildable floor area: 1,417,963 square feet
Land price: 8.703 billion yuan
Floor land price: 6,138 yuan / square foot
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