The site of the Emperor Junjing Hotel, 600 million rebuilt serviced residences

The former site of the Emperor Junjing Hotel in Happy Valley (00163), which has reached a land exchange agreement with the Lands Department, will be redeveloped into a serviced residence with a construction cost of about 600 million yuan.

Zhang Bingqiang, executive director of Emperor International, said that the former Emperor Junjing Hotel, No. 1 Hongde Street, Happy Valley, recently paid more than one million yuan to the Lands Department for conversion to serviced residences and will be demolished in the near future. The site area of the property is about 5,815 square meters, and the total floor area can be built around 58,000 square meters, providing about 260 rental units, each unit of about 200 square meters.

Provide 260 units completed in 2023

He estimated that the construction cost of the project is about 10,000 yuan per ton and the capital involved is about 600 million yuan. It is expected to be rebuilt in 2023. The Unit, the serviced residential unit of Sha Tin Street in the same district, is currently renting more than $100 and the rental situation is satisfactory. It is therefore hoped to increase the long-term rent collection project in the district.

Mr Cheung added that the Group will continue to absorb the land bank, including the interest of the Urban Renewal Authority’s Kwun Tong Heng On Street project. It will also increase the land and resources of the old buildings in the urban area, mainly on Hong Kong Island.