squarefoot 5平方 Logo

Hong Kong Baptist Hospital Plans Major Redevelopment

Squarefoot Editor  2024-06-13  #Property Hit News

Hong Kong Baptist Hospital in Kowloon Tong has proposed a redevelopment project to expand the gross floor area of three blocks by 1.65 times.

The buildings involved are Block A, B, and C, with a total floor area of 245,800 square feet. The hospital has submitted the proposal to the Town Planning Board, aiming to update the infrastructure of the buildings, which are over 50 years old.

The redevelopment will involve demolishing and rebuilding the three blocks in phases, integrating them into a composite building with a gross floor area of 652,900 square feet. The number of beds is expected to increase by 19 percent to 700, and the number of operating theaters will rise by 23 percent to 16.

The redevelopment is anticipated to start next year and be completed by 2033. During construction, Blocks D and E in Kowloon Tong will be used instead.

The hospital has been accumulating properties to prepare for the redevelopment for over 10 years, with an estimated investment of over HK$250 million. Last month, the hospital purchased four shops at the adjacent Franki Centre for HK$36 million, or about HK$11,730 per square foot.

Meanwhile, Stewart Leung Chi-kin, chair of the Real Estate Developers Association of Hong Kong, called on the administration not to "distort market operations with administrative measures again," though he welcomed the market's momentum after the removal of housing curbs in late February. He said the property industry would continue to offer advice on macroeconomic, land, and housing policies. Leung believes that with improved government revenue, resources can be allocated to enhance people's livelihoods and welfare and increase housing supply.

On the island, Wang On Properties (1243) plans to launch three projects offering a total of 440 units. However, Knight Frank forecasts home prices to fall by as much as 5 percent this year, while DBS predicts prices will remain flat in the second half.

Additionally, the 31st floor of The Center in Central, owned by Shimao (0813) chairman Hui Wing-mau, has been put up for sale for HK$572 million, or HK$23,000 per square foot, which is 23 percent cheaper than in November 2023. 

Disclaimer: All wordings and pictures which indicated Squarefoot editor are the copyright of 7 Advertising LIMITED. Acknowledgement is required if other parts of this publication are used. The content is for reference only, does not constitute investment advice and it does not mean that Squarefoot agreed the points. The area which show in the article is salable area if there is no special circumstances. The pictures is for reference also.

Share by Facebook

Share by Whatsapp

Share by email