The severe epidemic situation in Hong Kong has not affected developers' intention to invest in land. The URA announced the merger of 4 To Kwa Wan sites in November last year, and then launched a tender. A total of 7 tenders were received yesterday, mainly from local developers. Based on market information, the consortium that won the tender yesterday included SHKP and Henderson Land. , Chinachem, Wheelock Properties, and K. Wah, all won the bid through sole proprietorship, while Sinochem and Kerry and China Merchants Land jointly bid. The scale of the project is huge, with a buildable floor area of about 526,800 square feet and 890 units. ◆reporter Yan Lunle
Last year, the URA issued invitations to 30 consortiums for bids, and yesterday announced that it had finally received 7 bids. Wan Ziwei, director of real estate development and leasing of K. Wah Hong Kong, said after winning the bid that the project is located in the urban area with convenient transportation. Asked whether the worsening of the epidemic will affect the bid, she believes that the project has been developed for more than 4 years and is a long-term investment. It is understood that the valuation of the project ranges from about 6.3 billion to 7.3 billion yuan, and the land price per square foot is about 12,000 to 14,000 yuan.
The developer favors the bid and the response is good
Based on comprehensive market information, the consortium that won the bid yesterday, including SHKP, Henderson Land, Chinachem, Wheelock Properties, and K. Wah, all entered the bid as a sole proprietorship, while Sino-Sino, a joint venture with Kerry and China Merchants Land Co., Ltd. bid. Lin Zibin, director of Midland Surveyors, said that the project is a rare large-scale urban redevelopment project with a certain scale and a relatively high investment amount. Due to the lack of land supply with a development scale in the urban area, this project also has the advantages of being along the railway line and has potential for development. Since the two land parcels launched in the area last year were well received by developers, this project was also favored by many medium and large developers and consortia, and the response to the bid was good.
As for the "4-in-1" project that closed yesterday, it actually mainly covers two adjacent sites, located at Hung Fook Street/Kai Ming Street, Wing Kwong Street/Kai Ming Street, with a total site area of 58,535 square feet, with a ceiling of 526,812 square feet. of the total floor.
The market estimates that 8 times the plot ratio will be used for residential development, involving about 468,000 square feet, which can provide 890 units.
Located in the same district center with synergistic effect
Lin Zibin said that the project is located in a relatively central position in the entire redevelopment area, which is conducive to the combined development with other projects in the same area and has a certain synergy effect. It is worth noting that the winning consortium must comply with the "general design requirements" for the development of the To Kwa Wan community in Kowloon City as set out in the development agreement, which will serve as a blueprint for the construction of new development projects and enhance the livability of the area.
