(By Yan Lunle)
Developers are eager to land especially down town land which was immediately sold after being launched. URA (Urban Renewal Authority)'s project in Pak Tai Street /San Shan Rd of Ma Tau Kok stopped collecting letter of intend yesterday, with 32 copies received, which flat from record of commercial project in Johnston Road Wan Chai 11 years ago and is the most URA received in history, reflecting developers are active. Analysis pointed, the invest amount is small, and there will be effect from the sha tin to Central Link, plus with down town small apartment is popular, so many large and small-medium developers eager for it.
Yesterday was the last day accepting letter of intend for Pak Tai Street/San Shan Rd project in Ma Tau Kok. Journalist went to the site and found, companies which submitted at the last gasp include EMPEROR, Wang On, alliance of Paliburg and riches, Wheelock, Far East Consortium, Bonds, Soundwill Holdings and so on, which were only about 10 companies, but URA published there are 32 letters of intend, which means up to 22 developers had submitted the letter of intend, so we can see developers' confidence of this project is huge
Down town projects along MTR are popular.
It is known, Sun Hung Kai, K&K Property, Henderson, Lai Sun Development, CSI Properties Limited, Asia Standard International Group Limited, Yuexiu Property, Singapore Hongfu Group and Chuang's China took part in the bidding. Shi Yingyi, the Senior Property Officer of EMPEROR IHL expressed after bidding that, they took part in because the project is located in down town and also nearby future To Kwa Wan station of sha tin to Central Link.
Zhu Baolin, the Property Department General Manager of Far East Consortium pointed, they had put on sale a project name Star Ruby near this area years ago, so they are familiar with this district, besides location of this project is ideal, also the company predicted there will still have demand in Hong Kong property market and it will in steady development even though there is interest rising worry. They will launch Wan Fung Street 68-86 site in Wong Tai Sin in this third quarter, which can be built on floor area of about 100,000 sq ft, He disclosed.
Looking back URA's projects and found commercial project in Johnston Road Wan Chai which invited tenders in March 2004 and received 32 copies was the most popular, while after small site Hai Tan Street 229A-G was second which received only 27 letters of intend. And now Pak Tai Street/San Shan Rd project also collected 32 copies, up to latest peak in 11 years and flat from record of Johnston Road project in Wan Chai.
The project is benefit from the sha tin to Central Link, and sales of new projects in same district was ideal, reflecting the strong demand from young new buyer in the district, Director of Midland Surveyors Lin Zibin said. In addition, the investment value of the shop on base also large, and drove by the strong demand of small-medium residence, plus with the investment amount is limit, so it is popular with developers especially small-medium developers.
Cushman & Wakefield: Commercial shop is attractive.
It still in the stage of collecting letter of intend, while bidding reaction will depend on bidding term, but many developers took part in reflecting the development potential power is huge, and the most attractive part maybe shops in this project, which may be reserved for renting in future by developers, the Greater China Region Evaluation Advisory Department Director of Cushman & Wakefield Zhang Qiaochu expressed. While the prices spread of residence and commercial part is large, with floor area sq ft land prices respectively are about HKD 5,858 and HKD 13,000, and the total valuation is about HKD 742 million.
The site area of Pak Tai Street/San Shan Rd project is about 11,700 sq ft, which can be built on total floor area of about 105,304 sq ft in future, with residential floor area among is about 87,748 sq ft supplying about 160 units, and commercial floor area is about 17,556 sq ft, according to data from URA. Surveyor estimated each sq ft floor area land price is from HKD 5,000 to HKD 7,000, and the valuation will be HKD 527 million to HKD 742 million.
