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Henderson buys Hong Kong’s ‘land king,’ paying a record US$6.5 billion for harbourfront commercial plot in Central

Henderson Land says it will invest HK$63 billion to develop the site into an iconic landmark and social destination dedicated to the public

The plot was estimated to fetch between HK$37 billion and up to HK$55 billion, according to valuers

Henderson Land Development won the bid for Hong Kong’s most expensive commercial land, combining a sprawling design with a record price tag to beat five contenders in the government’s “two-envelope” tender for the harbourfront plot in Central.

A unit of Henderson will pay the record-setting HK$50.8 billion (US$6.5 billion) for a 50-year land grant of New Central Harbourfront Commercial Site 3, according to a statement by the government. The plot, north of the city’s old General Post Office and next to the International Finance Centre, measures 516,316 square feet (47,967 square metres), and can yield 1.6 million sq ft in gross floor area.

Henderson said in a statement that it will invest HK$63 billion to develop the site to create an iconic landmark and a “social destination dedicated to public enjoyment”.

The winning price, close to the top end of the market’s valuation of between HK$37 billion and HK$55 billion, is the second trophy in four years for Henderson since the developer, controlled by one of Hong Kong’s wealthiest families, paid what was then a record HK$23.28 billion in 2017 for the government’s Murray Road car park to turn it into an office tower.

The successful bid “is based on the idea of a bridge, and aims to curate a world-class iconic landmark in Hong Kong, enhance the connectivity between the hinterland and harbourfront in Central, and create a vast amount of green and public spaces,” a spokesperson for the Development Bureau said. “The development is expected to achieve good integration with the surrounding environment and vitalise the harbourfront area.”

A key feature of the design is its height limit, devoid of any building taller than 50 metres (164 feet) on the plot’s western fringe, with nothing higher than 16 metres to the east.

The constraint was to honour a 1971 agreement granted to Hongkong Land Limited, which paid what was then a record price of HK$258 million to lease a plot for 75 years, where the Jardine House tower now stands. The then British colonial government agreed that no building directly to the north of Jardine House would ever obstruct its views. As a result, the height of the General Post Office building, built in 1976 north of Jardine House, was capped at 120ft (37m).

“We are excited to take part in this world-class development, which will form one of the most important and strategic additions to Hong Kong’s CBD,” said Martin Lee Ka-shing, chairman of Henderson Land. “We are confident that the project will generate favourable financial returns to the company.”

Henderson said that the project will be delivered in two phases, with the first phase due to complete by 2027. Phase one will have 270,000 sq ft of office space and 340,000 sq ft of retail, dining and entertainment spaces. Phase two, targeted for completion in 2032, will have 390,000 sq ft of office space and 600,000 sq ft of retail space.

The price tag of the winning bid works out to HK$31,463 per square foot, 37 per cent cheaper than the commercial plot that Henderson paid for at Murray Road in 2017, according to property agency.

“Office development at such an iconic location will be highly sought after by both big multinational and mainland Chinese corporations,” an agent said.

Henderson plans to erect three buildings on the harbourfront to accentuate Hong Kong’s image as Asia’s World City. The block closest to the harbour will be multifunctional, while the other two will be office buildings.

The focal point of the entire design is the old Star Ferry Clock Tower, which will be reconstructed close to its original position to maintain a visual connection with the harbour and Hong Kong’s maritime heritage, according to the land sale condition.

The “two-envelope” approach to awarding tenders was a way to put a cap on land prices, awarding bids on meritorious designs, as well as the highest price. Henderson’s Pacific Gate Development unit attained the highest marks for its premium and non-premium proposals, according to the government’s Tender Assessment Panel (TAP).

Six bids were received for the site, of which four failed to attain the passing mark for both the premium and non-premium proposals in the two-envelop approach, the government said, without naming those that failed.

The tender attracted Hong Kong’s biggest developers: the most valuable developer Sun Hung Kai Properties, Li Ka-shing’s flagship company CK Asset Holdings, as well as tycoon Peter Woo’s Wharf Real Estate Investment Company. The city’s subway operator MTR Corporation submitted a joint proposal with Chinachem Group, while Robert Ng Chee Siong’s Sino Land partnered with the Lo family’s Great Eagle Holdings and China Merchants Group in a joint bid.

Henderson’s bid reflects the developer’s confidence in the Central business district’s prospects, another agent said.

(South China Morning Post)

For more information of Office for Lease at International Finance Centre please visit: Office for Lease at International Finance Centre

For more information of Grade A Office for Lease in Central please visit: Grade A Office for Lease in Central


Henderson scoops prime Central harbor site for $50.8b

Henderson Land Development has spent HK$50.8 billion to secure site 3 of the New Central Harbourfront with a 50-year land grant following a two-envelope open tender.

The 516,300-square-foot site at Man Yiu Street sits right next to International Finance Centre, which was jointly developed by Henderson, and enjoys a good view of Victoria Harbour.

The sum looks to be the highest-ever selling price for a single site in Hong Kong. It had been valued at between HK$37 billion and HK$56.5 billion.

An official for the Development Bureau said the vision is for site 3 to become a new landmark in Hong Kong.

"The successful tenderer's proposal is based on the idea of a bridge and aims to curate a world-class iconic landmark in Hong Kong, enhance the connectivity between the hinterland and harborfront in Central and create a vast amount of green and public space."

It added: "The successful tenderer proposes to have three buildings with a view to accentuating Hong Kong's image as Asia's World City."

The block closest to the harbor will be multi-functional whereas the other two will be office buildings.

Adequate separation is proposed among the buildings as ventilation corridors and "city windows" to ensure the project will have sufficient natural ventilation and lighting.

The public open space proposed will exceed the minimum of 25,000 square meters as required in the tender document.

What is already known as Horizon Park - a platform at roof level - will connect the three buildings.

The public will be able to enjoy panoramic views of the Central cityscape and Victoria Harbour from there.

The platform, to be fashioned as an urban forest, will also provide a lawn, jogging routes and outdoor space for public use.

The proposal also provides a pedestrian network to link with existing routes in Central, connecting its hinterland areas with the harborfront. There will also be a pedestrian connection with Central MTR Station.

The administration adopted a two-envelope approach in the tender to take both design and premium into consideration, meaning an equal weighting for premium and non-premium proposals was adopted.

A tender assessment panel assessed the tender proposals in accordance with requirements, and Henderson Land's Pacific Gate Development attained the highest marks with its ideas.

The SAR administration had received six tenders. But four of them did not conform with a requirement that a tender must attain a passing mark for both the premium and non-premium proposals in the two-envelope approach.

In other words, two of the tenders - including Henderson's successful one - fulfilled both requirements. That led to one of the two being given a higher total mark and hence awarded the tender.

CK Asset, New World Development and a consortium formed by Sino Land, China Merchants Land and Great Eagle were also among the bidders.

Development Bureau officials will be releasing combined scores, the premium offer and the gist of the design proposals of the second conforming tender after the completion of transaction procedures.

Site 3's 516,300 square feet offer a gross floor area of 1.84 million sq ft and will be mainly used for commercial and retail purposes.

There will also be 228,000 sq ft for government, institutional or community facilities plus a car park.

Netting out areas for public use, the average price is HK$31,462 per sq ft in gross floor area.

This latest winning of a tender by Henderson Land marks its second major investment in Central in 4 years.

The developer submitted the winning tender for a commercial site on Murray Road with a HK$23.2 billion bid in May 2017. That was a record high for Hong Kong at that time.

Given the top gross floor area of around 465,000 square feet, the average price stood at around HK$50,063 - also a high that still stands in the SAR.

That came before Sun Hung Kai Properties purchased the giant commercial site atop the West Kowloon Station for HK$42.2 billion in November 2019, which set the record high before site 3.

The also came with an area of over 643,100 sq ft, or a gross floor area of 3.16 million sq ft.

(The Standard)

For more information of Office for Lease at International Finance Centre please visit: Office for Lease at International Finance Centre

For more information of Grade A Office for Lease in Central please visit: Grade A Office for Lease in Central


Monaco One hits the market with 99 flats

More developers are launching new projects, with one at Kai Tak and another in Kennedy Town.

Wheelock opens the first price list of Monaco One in Kai Tak today, offering at least 99 flats with prices starting HK$7 million.

A 1,471-square-foot special unit with four bedrooms may be put in the first round of sales by tender, said managing director Ricky Wong Kwong-yiu. It is expected to break the record of the highest price per square foot at Kai Tak.

Meanwhile, the developer revealed a three-bedroom show flat, replicating a 552-sq-ft unit in the project. The largest three-bedroom in Monaco One is 671 sq ft. All show flats will be open to the public on the weekend, along with registration.

Providing a total of 492 flats with one and two-bedroom flats accounting for 80 percent of the total, the project is targeted at first-time home buyers and nuclear families.

In Kennedy Town, the Kennedy 38, jointly developed by Wheelock, Sun Hung Kai Properties (0016) and Henderson Land Development (0012) will open show flats next week.

Rebuilt from a 46-year-old industrial building, Kennedy 38 has only one block and provides 341 homes, where 30 percent are studios and 60 percent are one-bedrooms.

The selling price of the project will take reference from neighboring new projects, which is around HK$33,000 per square foot, said Victor Lui Ting, the deputy managing director of SHKP.

(The Standard)


恒地508億奪中環商地 港歷來最貴

中環新海濱商業地由恒地 (00012) 以508億元獨資奪得,成本港最高價新地王,每平方呎樓面地價約3.1萬元,總投資額630億元,將以「橋」為概念打造成地標式商場及商廈,成中區新地標。

李家誠:總投資額630 打造世界級地

被視為超級地王的中環新海濱3號用地,發展局昨日公布,以「雙信封制」(因政府重視用地建築設計,故此要求發展商以獨立信封分別提交設計建議書和價格建議書,而非價高者得) 方式批予恒地旗下國基發展有限公司,其在價格建議和非價格建議的得分均是最高,總分共得100分。

恒地標書出價508億元,將會打破新地 (00016) 在2019年,以422億元奪得西九高鐵站項目紀錄,成為全港歷來最貴價地皮,屬於市場估值範圍內。若以項目商業樓面161萬平方呎計算,每平方呎樓面地價約3.1萬元,雖然低於美利道地王 (現為商廈THE HENDERSON) 的每平方呎5萬元。市場人士指,地皮地價合理,為寫字樓部分較美利道項目為低。

恒地4年斥740 奪中環兩地


恒地集團主席李家誠稱,將投資630億元打造項目成為世界級地標建築、朝氣蓬勃海濱長廊及為公眾提供大量日常享用的活動空間,將顯著提升恒地在中環國際商務中心地位,連同THE HENDERSON (藝術) 和H CODE (娛樂),組成恒地多維平台,將中環海岸綫轉變為標誌性國際樞紐。


政府接6標書 4份不合格

項目在6月份截標時,接獲6份標書,來自恒地、新地 (00016)、長實 (01113)、信置 (00083) 夥拍招商局置地及鷹君 (00041) 財團、港鐵 (00066) 夥拍九倉 (00004) 及華懋財團等,但最終有4分標書未能在兩部分達到合格要求,故此最終只有兩份標書被視為符合要求。


按照恒地規劃,3號用地總數約160萬平方呎樓面,零售、餐飲和娛樂空間等用途將會佔94萬平方呎,將會較ifc商場 (58萬平方呎)更大6成,其核心為一個6層高的水族館,另外提供約66萬平方呎辦公室樓面,將分為兩期發展,分別在2027及2032年落成。







中環民耀街新海濱3號商業地王 (下稱新海濱3號地) 剛由恒地 (00012) 以508億元投得,成為賣地表歷來造價最貴的地皮。發展商將興建3座建築物,總建築面積約161.46萬方呎,當中有94萬方呎為商場樓面,規模較同區主要商場國際金融中心 (IFC) 商場大17.5%。整個項目分兩期發展,第一期將於2027年完成。


分兩期發展 最快2027落成




市場人士指出,現時區內超甲級寫字樓如國際金融中心二期 (IFC 2) 的呎租約130至150元,與高峰期相比下跌逾三成;至於國際金融中心商場最新零售舖位呎租介乎400至600元。以此推算,區內商場的舖位呎租,較寫字樓呎租高出1倍以上。

超甲廈呎租回升 氣氛利好










政府近年先後批出兩幅中環核心區矚目商業地王,均由恒地 (00012) 獨資摘下,以該兩幅地皮地價連建築費的總投資額計算,恒地約4年半時間,已於中環押注890億元。


恒地當時預算該項目總投資額逾260億元,將興建優質寫字樓連商舖,並於今年7月宣布把項目命名為The Henderson,預告2023年落成,已獲拍賣行佳士得預租其中4層。


事隔4年半,恒地昨再以508億元投得中環新海濱3號地,樓面呎價31463元,雖較The Henderson的樓面呎價低37.2%,但已是本港賣地表商業地的樓面呎價次高。以新海濱3號地的總投資額逾630億元計算,意味恒地在該兩幅中環地皮上的總投資額逾890億元。





代理:中環商業地批出 料帶動港島甲廈空置情況改善

中環新海濱3號商業地以天價508億元由恒地 (0012) 奪標,有代理表示,面對近期經濟環境及疫情影響,今次新海濱地皮的中標價相對合理,亦符合市場預期,相信將會利好寫字樓長遠發展。該代理又指,隨著今次中環新海濱地皮公佈中標價,將會帶動到港島區特別是中環及金鐘一帶的商廈吸納情況,加上通關在即的因素推動下,將會加快中資及外資入市步伐,預料短期內港島甲廈空置情況改善幅度會更大,同時,中標消息對本呈膠著狀態的港島區商廈買賣市場有正面幫助,預料個別洽購中的商廈買賣個案將會加快落實,買賣價亦會穩步上揚。



莊士紅磡酒店 基金16億洽購

東鐵綫過海段快通車 具潛力改共居

全幢物業續成基金追捧對象,莊士旗下紅磡蕪湖街逸酒店 (Hotel Sav),獲基金出價16億元洽購,物業總樓面12萬呎,提供388房。


呎價1.3 每間房價約412







工商鋪錄404宗成交 代理行:屬今年以來新低