Using government land to expand HKCEC
As a long term plan when the reprovisioning of the Wan Chai Sports Ground is resolved, the Government’s 3 buildings near the Convention & Exhibition Centre will be redeveloped into a new wing that can be integrated with the existing convention centre. Kwong Wan Fire Station on Harbour Road, with a site area of 25,000 sq ft, will also be included in the project, providing about 2.18 million sq ft of commercial area to the district.
Henderson Land unified ownership of Feng Fong Building
Feng Fong Building, 73-73E Caine Road, Mid-Levels West, was put on compulsory sale yesterday. Henderson Land successfully unified the ownership of the building at HKD 1.04925 billion. It is a seven-storey building aged 61 years, the ground floor is retail space whilst the remaining floors are residential units. The project has a site area of 7,557 sq ft and is expected to redevelop as a composite building to provide 160 residential units.
Link REIT selected 6 bidders for second-round tender
Link REIT’s 17 shopping centres have been put up for sale by tender earlier this month. At least 6 bidders are selected for second-round tender, including REITs (Real Estate Investment Trust) and foreign funds. The tender invitation will close next month and the result will be released by end of the year.
The Cube’s subdivided shop sold at a loss
According to the Land Registry, a 96-sq-ft subdivided shop, Shop F19&F20, 1/F, The Cube, Hoi Pa Street, Tsuen Wan, has been transacted for HKD 810,000. The original owner purchased the property at HKD 3.264 million in 2014, making a book loss of HKD 2.454 million or 75%.
(Sources: Vigers Research and market news)