South Crown Improvement, which represents Henderson Land Improvement, which is listed on the Hong Kong inventory change, has bought a parcel of properties for redevelopment within the Hong Kong Kowloon marketplace for HK $ 2,137 billion (US $ 273 million).
Buildings in 1, 1A, 3, 5, 7, 7A, 9, 9A, 11, 11A, 11B, 11C, 15, 15A, 17, 17A, 19, 21, 21A, 21B and 21C Whampoa Avenue, in addition to 80 , 82, 84 and 86 Baker Avenue, had been bought at public sale, in keeping with auctioneer JLL.
The belongings provided a complete website space of 19,725 sq. ft. and are anticipated to supply a complete attributable space of 177,525 sq. ft. After being rebuilt.
“Land shortage is a significant downside in Hong Kong that’s tough to unravel. Land provide in city districts continues to develop more and more restricted, ”mentioned Cynthia Li, senior director of capital markets at JLL.
"Regardless of the latest weakening in market sentiment, builders are more likely to stay concerned about shopping for previous buildings in city areas for redevelopment."
The properties had been bought for redevelopment beneath orders of the Land Courtroom.
Henderson Land is an actual property developer with companies in Hong Kong and all through mainland China.