75% of the ownership of the over 10,000-square-foot luxury redevelopment site on Grampian Road is for sale. The total floor area after redevelopment is nearly 52,000 square feet.

CBRE Index, Kia Lam Side Road, Kowloon10No., Union Road9No. and Nga Tsin Wai Road49-49ANo.75%The undivided ownership shares will be sold by public offer. This redevelopment site is located on one side and the site area exceeds10,000sq. ft., it is a rare urban luxury redevelopment site with three sides and one side. The current property status is one building in1955Buildings completed in different years.The closing date for the public offer is2024Year1moon16noon12Tokimasa.

The property is located at the junction of Kowloon Tong and Kowloon City. The surrounding projects are mainly medium-density luxury housing developments, such as The Mandarin,The Grampians, Juan Rui and Tao Yuan, etc.The project is located in a traditional luxury residential area in Kowloon, coupled with commercial development in Kai Tak and large-scale urban renewal projects in Kowloon City, such as the URA’s “Nga Tsin Wai Road”/Chia Peng Tat Road Development Project” and “Kai Tak Road/The Sha Po Road Development Project will provide more than 1,000 private residential units in the area, as well as more than 1,000 private residential units in the area.220million square feet of non-residential floor space.

The site area is close to1.04Ten thousand feet Maximum land area ratio5times

The project site area is approx.10,370sq. ft., it is a rare “Category site” with three sides and one side. These two conditions are unique in the private market in Kowloon city.According to the town planning guidelines, the maximum plot ratio allowed is5times, the maximum total floor area of ​​the property after reconstruction reaches51,850sq ft. After being redeveloped into a medium-density luxury project, it is expected that the high-rise units will enjoy the green views of Lion Rock and Kowloon Tsai Park.

Huang Hongyu, deputy director of CBRE Hong Kong Capital Markets, said that the “Amendment Bill to the Forced Sale Ordinance” was earlier than2021The promotion started when Chief Executive Carrie Lam Cheng Yuet-ngor was in office two years ago, and the market has been waiting for the relevant draft to be submitted to the Legislative Council for review by the end of this year. This coincided with the Chief Executive once again focusing on lowering the threshold for forced auction applications in the latest policy address and determined to speed up The pace of urban renewal.The latest government news indicates that the Development Bureau will propose an amendment bill this year, proposing to further lower the threshold for compulsory auction and apply it to old areas in urgent need of redevelopment, including: Wan Chai, Cheung Sha Wan, Ma Tau Kok, Tsuen Wan, Yau Ma Tei, Mong Kok, and Sai Ying Pun and Sheung Wan, all involved in the Outline Zoning Plan7district.

If the proposal to lower the threshold for forced shooting is implemented Buyers can immediately apply for compulsory auction of unified title

The project belongs to the “Ma Tau Kok” area under the town planning definition, and the current building is aged68Year.If the government news mentioned above is true, once the Legislative Council passes the bill to lower the threshold for forced auctions at the end of the year, new buyers will be able to purchase this property.75%After obtaining undivided ownership shares, the new compulsory auction threshold has been met65%buyers can immediately apply for forced auction of unified ownership for reconstruction. It is expected that this project will be favored by market investors.

Check out the latest real estate sales, first-hand sales, second-hand sales and property market trends in all districts in Hong Kong (House730)

The original article was published on AM730