The "Project K7" redevelopment scheme occupies a total site area of 5.35 hectares which includes Kwun Tong Town Centre-Main Site and Yuet Wah Street Site in Hong Kong. It is expected to deliver a total floor area of approximately 400,000 square meters, comprising 210,000 square meters of commercial space, 160,000 square meters of residential space, and 32,000 square meters of Government/ Institution/ Community space. The project will affect 24 buildings, approximately 1,800 households, 1,656 property interests, approximately 5,000 people, and 523 shops and hawker stalls. The Urban Renewal Authority (URA) has decided to implement Project K7 in phases and to acquire all property interests at once. Colliers was hired by URA to assess the market value of all of these property interests for their acquisition reference.
This project is the largest redevelopment scheme URA has undertaken since its establishment in 2001. Apart from typical aged domestic buildings, there are other types of property interests, including cinema, electricity sub-station, external walls, and upper floor commercial spaces. As the redevelopment scheme attracts a high degree of social concern and as per the tender requirement of URA, Colliers was required to provide our valuations with detailed justification. The challenge arose from the number of property interests, the short time span and the specific requirements, including comparable analysis and compliance with relevant formats for reports and appendices. Throughout the course of our valuation, Colliers relied on information provided by URA and other government authorities.
For more information on the "Project K7" redevelopment project, please contact David Faulkner.