In our latest Land Sales Programme update, we take a look at 79 Broadcast Drive which is a low to medium-rise residential unit that has been added to the July to September Programme. The details of the site are as below:
|Site Address||79 Broadcast Drive|
|Lot Number||New Kowloon Inland Lot 6638|
|Zoning||Residential (low to medium rise, low density)|
|Site Area||Approximately 23,864 sq. ft. (2,217 sq. m.)|
|Maximum GFA||Approximately 71,592 sq. ft. (6,651 sq. m.)|
|Maximum Plot Ratio||3.00|
|General Market Expectation||$1.4 billion to $1.78 billion
($19,600/sq. ft. to $25,000/sq. ft.)
The RTHK Education Television Centre currently occupies 79 Broadcast Drive. It is currently under the Approved Kowloon Tong Outline Zoning Plan No. S/K18/21 gazetted on 15 December 2017, and is zoned as “Residential (C) 6”, which is intended primarily for low to medium-rise, low-density developments. The site has the potential for commercial use as long as it serves the local neighbourhood and a permit can be attained by submitting an application to the Town Planning Board. The site's plot ratio under the Outline Zoning Plan is 3.0, which reflects a maximum domestic gross floor area of 71,592 sq. ft., and sets the maximum number of storeys at 13.
The vicinity is dominated by low to medium-rise residential developments and mixed institutional use. It is home to the City University of Hong Kong and has a large shopping complex, Festival Walk, providing various shops and restaurants. The subject site is a 15-minute walk from Kowloon Tong and Lok Fu MTR stations.
source: google maps
The site falls within the POA School Net 41, home to several traditional Band 1 primary schools, such as La Salle Primary School, Diocesan Preparatory School, Maryknoll Convent School (Primary Section), and Holy Family Canossian School. Famous secondary schools, including La Salle College, Heep Yunn School, Diocesan Boys’ School, are also in the Kowloon City District. These schools make residential properties in Kowloon Tong a prize for affluent families.
The inflated transactions in Kwu Tung have reflected developers’ confidence in the residential market. Given that 79 Broadcast Drive is one of the limited urban sites to be sold in the Land Sale Programme, we believe it will attract attention from developers with significant financial power.
The unit rates of the nearby residential developments, such as Ayton, One Mayfair, Mont Rouge, range from HK$30,000 to HK$46,000 per sq. ft. for flats on a saleable area basis. Given that Kowloon Tong is a prestigious area for luxury residential developments, 79 Broadcast Drive’s unit rate is likely to fall within the price range mentioned above upon completion. The general market expectation on the tender for the site is approximately HK$1.4 billion to HK$1.78 billion (accommodation value: HK$19,600 to HK$25,000 per sq. ft. on a gross floor area basis).