Real estate market
Written by: Cai Weinan
2021-02-09 18:41
Last update date: 2021-02-09 19:09
Wharf (0004) takes another step to take over the entire residential project on Wenhui Road on the top of the mountain!
The Lands Department announced that the residential land at Nos. 9 and 11 Man Fai Road on the Peak was approved for 7.25 billion yuan. The winning bidder was a consortium led by Wharf.
Based on the maximum buildable floor area of approximately 145,000 square feet, the land price per square foot is $50,010, which is close to the market valuation ceiling. The price per square foot is also 8% higher than the previous site on Man Fai Road, one month later. , The record for the price per square foot of the most expensive residential official land was broken again.
Zhongyu Land Zhangsongqiao and Gambi have a share
The winning consortium included Boswell Holdings Ltd, Chairman of China Chongqing Land (1224), Cheung Chung Kiu, Liu Luanxiong’s wife, Chan Hoi Wan, and Liu Luanxiong’s younger brother. (Lau Luen Hung, Thomas).
The above three people participated in the name of individuals.
The site of Wenhui Road on the top of the mountain.
(Profile picture)
The above residential land at No. 9 and 11 on Man Fai Road, when the tender closed last Friday (5th), received a total of 5 bids. Except for Wharf, other bidding consortia include Cheung Kong Group (1113) and Xindi (0016) , Henderson Land (0012) and K. Wah International (0173).
This is the second site launched after the "One Demolition and Two" project on Man Fai Road. The scale is smaller than the previous one. The site area is about 54,542 square feet and the maximum buildable floor area is about 144,972 square feet.
Earlier, the market estimated that the land value would be about 6.3 billion to 7.5 billion yuan, and the land price per square foot was about 43,500 to 52,000 yuan.
The Development Bureau stated earlier that the above-mentioned Man Fai Road site provides 135 units, which can be jointly developed with the adjacent Man Fai Road No. 2, 4, 6 and 8.
According to the land sale charter, the developer can apply for lease modification to share the recreational facilities and parking spaces of the two sites to assist in the development of the two sites, effectively reducing construction costs and bringing synergies.
Wharf at the end of last year won the first site of Wenhui Road for RMB 12 billion
In December last year, the residential sites of Nos. 2, 4, 6 and 8 Man Fai Road on the Peak closed the bids and received 7 tenders. Wharf was finally won by Wharf with a sole proprietorship of 12 billion yuan, with a maximum buildable floor area of approximately 259,300 square feet. The land price per square foot was RMB 46,272, which was 10% higher than the market valuation ceiling. It set the record for the most expensive residential land price per square foot at that time, but the record was broken a month later.
Wharf has spent a total of about 19.25 billion yuan for the entire Wenhui Road project on the Peak.
The residential site at No. 9 and 11 Man Fai Road on the Peak will be tendered on January 8 with a maximum valuation of 7.5 billion
Wharf wins a record high of 46,000 per square foot of the Man Fai Road luxury estate on the Peak
A total of 7 tenders have been received for the residential land at Man Fai Road, Peak
Finance-Lands Department Man Fai Road King on the Peak
