Public servants' joint-employment agency｜URA's Shing Tak Street project costs 3.5 billion yuan, including 63 million yuan in land premium package

The Urban Renewal Authority issued an acquisition proposal to the owners of the first civil service housing cooperative redevelopment project on Shing Tak Street/Ma Tau Chung Road in Kowloon City. The price per square foot was 19,800 yuan per square foot of saleable area, which was a record high in the history of Kowloon. .

Chief Executive Officer Wei Zhicheng wrote a blog commentary today (8th), referring to the seven independent surveyors commissioned by the URA. After considering factors such as the property market and the effect of the opening of the Tunma Line, the valuations are similar, indicating that the valuations are objective and reasonable; he It is disclosed that the URA has set aside 3.5 billion yuan for this redevelopment project, including the “underwriting” when the land premium exceeds the “flat-rate minimum price per square foot”. The difference is estimated to be more than 63 million yuan. The acquisition proposal of the company has tried its best to strive for balance and is a "reasonable and reasonable" plan.

Wei Zhicheng introduced the surveyor valuation process in his blog, referring to the appointment of 7 independent professional surveyor firms by the URA through an open lottery to conduct independent evaluations and professional surveys on the "Assumed Replacement Unit Price" of the Shing Tak Street Project. When the architects started the evaluation work, they first selected buildings in the vicinity of the project that were about 7 years old and had flat features and transportation conveniences similar to those of the Shing Tak Street project, and selected comparable property transactions. Some surveyors finally selected The transaction cases of the three private residential estates in Homantin Hillside, Chatham Gate, and Mid-Levels were used as reference points. In addition, surveyors selected large units in the other three housing estates in The Harbourfront, Royal Peninsula and Laguna Verde Transaction cases are used as valuation analysis to increase the comprehensiveness of their respective valuation work.

Estimated by independent surveyors from 19,000 to 20,000

In response to the general upturn in the property market, the effect of the opening of the Tuen Ma Line and other factors affecting property valuation, surveyors analyzed one by one. In the end, the independent valuations obtained by the above seven surveyor firms were close, ranging from about 19,000 to 20,000. Wei Zhicheng proposed As a result, the difference between the highest and lowest estimates and the "seven-year property price per square foot" is only about 1%, "showing that the valuation of the "seven-year property price per square foot" is generally objective and reasonable."

The URA has set a flat rate of $2,661 per square foot in the current "Uniform Land Premium Arrangement". In other words, if the land premium paid by the owner is higher than the above-mentioned price per square foot, the difference will be paid by the URA.

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The cooperative pilot project is different from the general reconstruction of old buildings. The owners who have not paid the land premium must pay the premium to the government to lift the transfer restrictions before they can accept the URA's acquisition proposal.

Wei Zhicheng stated that the URA has also adopted the "flat-rate premium-per-square-foot arrangement" to determine the unit with the lowest premium-rate per sq ft in the entire project, and it will be flattened as the premium per sq ft that the owners of unpaid land premiums need to pay. .

Owners’ land premiums are between RMB 2,661 and RMB 3,400 per square foot. Owners can save up to RMB 1 million

Wei Zhicheng revealed for the first time that the land premium per square foot assessed by the Lands Department for the cooperative units of this project ranged from 2,661 to 3,400 yuan per square foot. The square foot is 2,661 yuan, and the difference will be paid by the URA. It is estimated that the "package" amount will cost about 63 million yuan.

He continued that about 90% of landlords who have not paid land premiums can receive an additional subsidy ranging from 200 yuan per square foot to about 700 yuan per square foot. This can save up to about 1 million yuan compared to paying the government land premiums on their own.

He concluded that he hoped that through relevant explanations, the former members of the cooperative could treat the acquisition proposal in a pragmatic manner, and understand the special circumstances of the URA’s cooperative building ownership and residents’ living needs, as well as the fair and effective use of public resources. , Has tried its best to strive for balance and worked out a "reasonable and reasonable" plan.

He also said that in the next few months, the URA will send dedicated case staff to contact the former members and owners of the project, as well as the corporation organized by former cooperative members, to try their best to explain, answer their questions, and win their acceptance. The acquisition allows the smooth implementation of the pilot project, the effective use of public and land resources, and benefits more citizens.

URA’s high price repossession of buildings is difficult to afford civil service cooperatives after redevelopment | URA’s Shing Tak Street project bids at 19,000 yuan per square foot, the highest in Kowloon District. "Complete bidding" has approved more than 1,600 applications, and more than 60% of the winning bids are lower than estimated. The URA invites 33 consortia to bid for the To Kwa Wan Bailey Street project, which will close on the 23rd of next month.

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