Hong Kong's Wen Wei Po News (reporter Ngan Lun Lok) Due to the fact that ground floor shops have high value,so it become the most difficult time of acquisition of old buildings,many big landlords simply be compulsory auction,to accelerate the acquisition process.In just days after the submission of applications for compulsory sale Electric Road an old building, for example, major owner of Success Universe (0487) submitted surveyors report on the show,site valuation of $3.322 billion HKD,of which failed,although the acquisition of three ground floor accounted for only 12.5 per cent ownership, but the value is as high as $1.337 billion HKD,equivalent to 40% of the value of the site.
The sites which putting on open sale are located at 68 & 70 Electric Road and Lau Li Street, No. 2C and 2D,next to Viking Garden,the present site of a six-storey building,ground floor shops,1st to 5th floor for the house.Application documents show that the applicant is a Success Universe Group and related parties, mainly engaged in gaming business in Macau, which has acquired an 87.5% ownership,has been 53 years since old buildings,in line with eighty percent threshold for compulsory sale.
Acquired 87.5% ownership of the old building in Electric Road
According to a valuation report submitted by the applicant,showing the site at the market value of $3.322 billion HKD ,where the residential
portion of $1.406 billion HKD,$1.916 HKD for retail part.Among of all,the titles held by the applicant valuation of about $1.985 billion HKD.As yet completed the acquisition of three ground floor,including the ground floor Electric Road 68 A (784 feet),and Lau Li Street No. 2C and 2D ground floor C and D (686 至 910 feet), currently held by "World Hing Company Limited" and "Guohui Zhen 'held,valued up to $1.337 billion HKD.
Insiders refer,ground floor shops value is difficult to estimate the owners will "voracious",it is believed that the owners are hoping to
expedite unified building ownership through downbeat procedures in order to save the lengthy time negotiations with the owners.
A site area of about 3,465 feet,is zoned "Commercial/Residential",can be used as a hotel or residential redevelopment.The report shows that hypothetical reconstruction of residential and commercial projects,providing a 25-storey building with a plot ratio of 9.31 times the total floor area of approximately 32,251 feet,offering a total of 46 partners and two ground floor residential,average residential unit area 643 feet.
In addition,the sites of No.18,No.18A and No.20 Ko Shan Road,Hung Hom which held by Po Sing Group will start the auctions today,reserve price of $7.185 ten million HKD.
