The Wan Chai Government will be involved in the exhibition
In the absence of the Hong Kong Convention and Exhibition Center, the Government intends to redevelop three new buildings in Wan Chai North to join the hotel and office space, together with the Harbor Fire Department, which provides about 2.18 million square feet of floor space with a market value of nearly $ 43.7 billion.
To consolidate the position and competitiveness of the Asian hub, the Government plans to abandon the site of Wan Chai Sports Ground to demolish and rebuild the three government buildings in Wan Chai North. The exhibition will be part of the new wing of the exhibition, while the 25,000 sq ft Harbor Fire Station Will be included in the redevelopment area, estimated to bring about 218 million square feet of commercial floor.
The upper level of the building will be built Grade A office building
Among them, the project will add about 248,000 square feet of exhibition facilities on the ground floor, the upper reaches of the facilities will be the construction of hotels, as well as Grade A office space for comprehensive commercial purposes, the exhibition is expected to bring more than 80,000 new jobs, each year more than 190 10,000 visitors to enhance Hong Kong’s economy and competitiveness. It is understood that the Government will consider the project will be launched in the future tender, the market valuation of land on a total of about 43.68 billion yuan, floor price of 20,000 yuan per foot.
According to the 2014 exhibition on the exhibition floor, the exhibition will be about 1.42 million square feet of the expansion of the building, so in addition to the three government buildings for the new wing part of the exhibition, next to the sand line exhibition site construction project center plan has been completed The “Integrated Development Area” use covers approximately 161,000 square feet of floor space and is estimated to provide about 410,000 square feet of exhibition floor, representing less than 3% of the target floor.
As for the Wan Chai Sports Ground, which is about 290,000 square feet, the Government will remain in reserve for further exhibition expansion after being satisfactorily resolved.
The traffic in the district has improved the potential of appreciation
It is expected that the commercial activities in the district will be fought in the vicinity of the future. The traffic arrangements will be reorganized and improved, including the expansion of roads, the construction of footbridges to connect Admiralty, Wan Chai and the three MTR stations, together with the Central Wan Chai Bypass , Is expected to complete the road traffic matching more perfect, is expected to drive the property appreciation potential of the district.
In addition, there are about 29 government departments in the existing three government buildings. It is expected that the relocation will be completed and the redevelopment will be carried out in the middle and late 2020 depending on the progress of the relocation and the demolition progress.
Mr. Zhang Qiao, Deputy Managing Director of Pricewaterland’s International Asia Valuation and Consulting Services, said that the project will be the largest project in the region for the past year and it is estimated that the floor space of the new wing will be up to 80 to 90 yuan in the future. About 60 yuan per square foot level, higher than 3 to 5 percent range, is expected to become a new indicator area. In addition, property prices in the district are expected to rise by 10% to 15%.