URA's Sham Shui Po Tokyo Street / Furong Street project received 17 bids

Real estate market

Written by: Xu Shihao

2020-04-07 18:04

Following the launch of the Kwun Tong Heng On Street reconstruction project at the beginning of last year, the URA launched the Tokyo Street / Fu Wing Street development project in Sham Shui Po, and finally received 17 bids. Reported bidding developers include Hengdi (0012), Jianhao, Chevalier International (0025), Emperor Group (0163), Lixin (0488), Yongtai (0369), Wheelock (0020), etc. Mark.

The project is located at No. 24 to 38 Tokyo Street and No. 240 to 244 Furong Street, which is opposite to the new Evergrande Ruifeng of China Evergrande (3333). The site area is 11,500 square feet and the total floor area is over 104,000 square feet. It is expected to provide 175 units.

Market valuation ranges from 780 million to 1.04 billion

The project has many restrictions, including restricting units to be at least 300 square feet, more than half of the unit area to be less than 480 square feet, and to develop more than 11,000 square feet of commercial floor, so it may affect developer bids. The market valuation is 780 million to 1.04 billion yuan, the floor price per square foot is 7,500 yuan to 9,500 yuan.

Knight Frank executive director and head of valuation and consulting department Lin Haowen said that the number of bidders was better than expected. It is estimated that the risk of the URA project is relatively low. However, due to the epidemic, coupled with factors such as economic downturn and rising unemployment rate, Developers are expected to be "conservative" in their bids.

He said that in pure floor prices, the estimated floor price is about 7,500 yuan to 8,500 yuan, and the land valuation is 780 million to 880 million yuan. After completion, it can be sold for 18,000 yuan per foot.

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