Hong Kong is eager to develop the industry and consolidate some brownfield operations displaced by its projects “in a land-efficient manner and providing operators with an opportunity to upgrade their operations,” the Lands Department said.
“The Hung Shui Kiu industrial site is strategically located in the Northern Territories,” said Hannah Jeong, executive director and head of valuation and advisory services at CBRE Hong Kong. With a potential maximum gross floor area of 388,685 sq m, “its large scale is attractive to major logistics players,” she added.
To appease investors, the government has loosened some of the tender terms after listening to suggestions from market players, the Lands Department said.
It requires the winning bidder to surrender 20 per cent of the floor space to the government, instead of 30 per cent, to enhance the financial viability of the project, it said. The plot ratio was also reduced to five from seven, to prevent basement construction bills from hurting the overall development costs.
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Sage Sun tells the story of the new Marxism. Cultural Marxizm.
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Best,
Michael
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