The Lands Department announced that last week it received 17 tenders for the residential land at 79 Broadcast Road, Kowloon Tong. The winning consortium was Lai Sun Development (0488), with a transaction price of 1.608.3 billion yuan, and the highest buildable floor area of the project was about 71,593 square feet. In total, the land price per square foot is about 22,464 yuan, slightly higher than the market cap of 2%.
Surveyors expect to reach more than 40,000 per square foot in the future
Zhang Shengdian, visiting associate professor of the Department of Real Estate and Construction of the University of Hong Kong, said that since the scale of the project is not too large, all consortia have the ability to participate. He believes that the winning bid price is in line with expectations, which is believed to be related to the recent market sentiment.
He also pointed out that purely from a cost point of view, coupled with reasonable profit calculations, it is estimated that the price per square foot after the completion of the project will be about 40,000 yuan in the future.
Zhang Qiaochu, managing director of Hongliang Consulting and Evaluation, said that the supply of new real estate in the Broadcast Drive area is small, and the transaction prices of residential buildings from Kowloon Tong to Shek Kip Mei in recent months have also been higher. He believes that the transaction price is in line with expectations and expects the real estate. In the future, the price per square foot can reach about 40,000 to 42,000 yuan.
Slightly higher market valuation cap
Last week, the luxury residential site at No. 79 Broadcast Drive attracted many developers to bid for bidding, including Jianhao Real Estate, Emperor International (0163), Cheung Kong (1113), Chinachem, Far East Development (0035), Garmin Group (1271), Xinzhi (0083), K. Wah International (0173), etc., while Regal (0078) partnered with Palibao (0617) to submit tenders.
Provide 80 units with a market valuation of 1.07 billion to 1.57 billion
The above-mentioned land has a site area of approximately 23,864 square feet and a maximum buildable floor area of approximately 71,593 square feet. It is expected to provide 80 residential units.
Market participants had earlier predicted that luxury housing units would be built on the land, valued at about 1.07 billion to 1.57 billion yuan, and the land price per square foot of land was about 15,000 to 22,000 yuan.
The above-mentioned broadcast road residential project was originally the Radio Hong Kong Educational Television Center.
In May last year, Hong Kong and Taiwan received a notice from the Education Bureau to take back the building in September of the same year. At that time, it was estimated that more than 90 Hong Kong and Taiwan employees were affected.
Kowloon Tong Broadcast Drive luxury residential land received 17 tenders Cheung Kong, Chinachem bid for Hong Kong Development, CITIC Pacific's 5.24 billion North Discovery Bay land premium completed last month 4 new properties applied for pre-sale of the new land, Pak Shek Kok, Youjing Lane Phase 1, involving 576 Development Bureau Wong Wai Lun announced the new quarterly land sale plan this afternoon