(By Yan Lunle)
Down town land is rare, what is more, it is less and less because of capital construction concept. Ma Tau Kok is more and more popular with developers benefit from the sha tin to Central Link, leading property price in there rapidly rise. URA Ma Tau Kok Pak Tai Street/San Shan Rd project which closed yesterday breaking record and got 20 tenders, becoming URA the most popular rebuild project in history, and many small-medium also large developers pursue it.
Receiving 32 letters of intent in early, URA Ma Tau Kok Pak Tai Street / San Shan Rd project also hot when close the application yesterday, and URA published 20 tenders collected, breaking the record of 16 tenders made by Sham Shui Po Fuk Wing Street /Fuk Wa Street project in August 2004 on which has been built VISTA and becoming the most popular project in URA history.
Small-medium and large developers turn out.
Developers into the tender include Cheung Kong, Wheelock, K&K Property, Sun Hung Kai, Wang On, Hong Kong Ferry, Wing Tai Properties Limited, Hong Kong Resort International Limited, Sino, New World, Paliburg with riches, Far East Consortium, Vanke, Soundwill Holdings, Lai Sun Development and so on, synthesizing market information. Developers choosing join venture include EMPEROR with Shimao, and Chuang’s Consortium with Singapore Hongfu Group.
There into, Lai Sun Development just earned San Shan Rd/ Pau Chung St project in same district last year, and they also took part in tender of Pak Tai Street/San Shan Rd project yesterday, the senior vice president Pan Ruimin expressed. He is not surprise that 20 tenders got,' 20 tenders is less than my prediction since there were more than 30 letters of intent in early.' Market reaction is hot, and it has good effect to their Pau Chung St project in same series, showing market positive view on this district, he pointed.
The project is rare in down town and is near sha tin to Central Link which has development potential, Chuang’s Consortium deputy manager Chen Qingguang said after tender yesterday. Asked if they worry of fierce competition since there will be large supply of small size property in future, he responded, market has demand of small-medium units and currently most from users, also he looks good to shop development.
The project has potential on commercial development, plus with it is in good location and is near the sha tin to Central Link, so it is believed the potential will be large as of Sai Wan in five years ago, Far East Consortium real estate department general manager Zhu Baolin expressed. Besides, the location is convenience in Kowloon, and the sha tin to Central Link will direct to The Chinese University of Hong Kong (CUHK) after open, leading more renting from students. This zone coordinate with future Kai Tak development will make the whole district fresh and new, and it is predicted there will be mainly restaurants in shop development, he pointed.
160 units base on term of limited size.
It is known, 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. 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.
Participation in profit occurs when property sale income up to or above HKD 1.68 billion, which means the sq ft sale price is above about HKD 15,953 base on total commercial floor area of 105,304 sq ft, according to the bidding terms. Participation in profit is 20% from the first HKD 40 million; It is 30% from the second HKD 40 million; When in the third HKD 40 million it will be 40%; While above HKD 120 million, which means property sale income above HKD 1.8 billion, then the participation in profit will up to 50%. Besides, terms require unit area will not less than 260 sq ft, and at least half of houses should smaller than 480 sq ft.
