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Land Sales Programme | May Update

Wan Chai residential site gives smaller developers a new opportunity to make their mark on Hong Kong Island

 
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The government will put up two residential sites for tender in the first quarter of the 2022-2023 Land Sale Programme (i.e. April to June 2022). One is a site on Hospital Road, and the other is No. 269 Queen’s Road East in Wan Chai. This month we will examine the Wan Chai site, which was rolled over from last year’s programme.

No. 269 Queen’s Road East, Wan Chai, Hong Kong (IL 9061)

The government first introduced the site in 2013 but later excluded it from the Land Sales Programme because it was undergoing a judicial review. It is occupied by Lui Kee Education Services Centre, previously under the Education Bureau. However, it has now been rezoned from “Government, Institution or Community” (“G/IC”) to Residential (Group E) (“R(E)”) uses.

Property No. 269 Queen’s Road East, Wan Chai, Hong Kong
Lot Number Inland Lot No. 9061
Zoning Residential (Group E)
Site Area 13,207 sq. ft. (1,227 sq. m.)
Maximum GFA
(from OZP)
116,229 sq. ft. (10,798 sq. m.)
(as per Minor Relaxation pursuant to Planning Application No. A/H5/417)
General Market Expectation HKD1,390,000,000 to HKD2,200,000,000
(AV: HKD12,000/sq. ft. to HKD18,900/sq. ft.)

   
Under the Approved Wan Chai Outline Zoning Plan No. S/H5/29 gazetted on 19 November 2021, the zone is intended primarily to encourage the redevelopment of this area for residential use on application to the Town Planning Board. Commercial uses are permitted on the lowest three floors of a building.

In 2021, the government submitted a planning application to increase the site’s domestic plot ratio by 20%, from 6.5 to 7.8. The change required a minor relaxation of the maximum building height restriction of 10% from 100mPD to 110mPD. The planning application was approved with conditions on 28 January 2022.


"There has not been a government land sale in Wan Chai since 2014."


The site is roughly a 10-minute walk from the Wan Chai MTR station and is well-served by public transport. It is situated in an area characterised by mature private residential and commercial developments. Given the high pedestrian flow along Queen’s Road East, the buyer will likely build a retail podium – similar to the neighbouring single-block composite developments such as One Wanchai and Queen’s Cube.

The unit rates of small and medium flats in newer residential developments in the district – including Eight Star Street, the Avenue Phase 2, Yoo Residence and Jones Hive – range from HK$22,000 to HK$39,000 per sq. ft. based on saleable area. Units over 750 sq. ft. range from HK$26,000 to HK$46,000 per sq. ft.

We expect the site to attract strong interest from developers as there has not been a government land sale in Wan Chai since 2014. In addition, since the site area is relatively small, it provides a rare opportunity for small- to medium-sized developers to expand their footprint on Hong Kong Island.


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鄭 亥延

估價及諮詢服務主管

Valuation & Advisory Services

香港

鄭亥延小姐擁有十五年廣泛的估值和諮詢服務經驗,運用專業知識,提供的服務範疇如最優化使用分析,可行性研究,市場分析,成本效益分析和項目評估研究等。她曾參與眾多亞洲項目,項目地域包括在韓國、香港、中國、中東等國家。項目涵蓋從簡單物業開發到辦公、零售、住宅、酒店、工業和機構的城市綜合體。

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何 朗飛

Assistant Manager

Valuation & Advisory Services

香港

何朗飛專門從事各種房地產類型的評估和諮詢,包括商業,住宅,工業和酒店。


他參與了各種目的的評估項目,市場研究和發展諮詢。

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