Skip to main content Skip to footer

Land Sales Programme | September update

alt=""

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).

To #SeeWhatCouldBe for you and the Land Sales Programme, contact one of our experts Hannah Jeong, Chris Chan, Michael Ip or Dylan Ho, today.

 


Related Experts

Hannah Jeong

Head of Valuation & Advisory Services

Valuation & Advisory Services

Hong Kong

Hannah Jeong has extensive valuation & advisory services experience over 15 years including property investment and development projects specialising in valuation, development consultancy, financial analysis and feasibility studies. Project’s geographic coverage span across Asia Pacific and Middle East, in particular Hong Kong, China and Korea. She has started her career with Colliers since 2006 and is now heading our Valuation and Advisory Services - Hong Kong Office with over 40 professionals.

Hannah has strong client coverage on major financial institutions including global real estate funds and private equity firms.

View expert

Dylan Ho

Manager

Valuation & Advisory Services

Hong Kong

Dylan specialises in valuation, advisory, and consultancy of various property types including development sites, commercial, residential, industrial, and hotels.

He was involved in numerous valuation projects, market studies, and development consultancies for various purposes.

View expert

Michael Ip

Senior Valuer

Valuation & Advisory Services

Hong Kong

Michael joined Colliers in August 2020. He is now working in the Valuation and Advisory Services Department and currently focusing on development site, residential, industrial, retail, and commercial property valuations. 

View expert