Developers 700 million sweep Tai Kok Tsui old buildings and more guys

According to information provided by the Land Registry, a basket of old buildings at 173-299 Tai Kok Tsui Road in Tai Kok Tsui was acquired by developers at the end of last year for about $ 700 million. Of the property ownership of about 82% of the entire site, part of the expected material has reached the auction threshold for compulsory auction.

Hold 14 Street No. 82% ownership

The property is located at the junction of Tai Kok Tsui Road and Welfare Street. It is adjacent to Grand Harbor Court and has a total site area of ​​about 16,000 square feet. It covers 14 blocks of old buildings, all of which were completed in about 1957, about 61 years old. 6 to 8 floors.

Information shows that 193 to 199 Tai Kok Tsui Road near Welfare Street originally belonged to the demand-led redevelopment project at Wan An Street / Tai Kok Tsui Road, Tai Kok Tsui, which was started by the Urban Renewal Authority (URA) in 2016. However, With sufficient owners involved, the URA shelved the project in May last year and acquired developers only in about seven months.

According to the Land Registry record, the aforementioned old flats changed hands in early December last year and involved more than 80 transactions. The buyers entered the market through the wide-spread Development Company Limited. The transaction involved an amount of $ 1.1 million to $ 74 million each. Tai Kok Tsui Road 191 and 197, all in the form of handshake, the transaction price was 62 million and 74 million yuan; the entire site also has at least 7 to shop, the cost will be 25 million yuan.

New World Biography as a real buyer

Buyers have already bought 5 of them in full ownership of the street, while the rest of the street holds 67% to 89% of the ownership. The overall calculation is about 82%.