With Hong Kong's property values often topping worldwide league tables of the most valuable office, retail and prime residential values, it is unsurprising development land is such a valuable commodity. As such, most owners seek utilization to its maximum scale and gross development potential, and value.
IC&A have advised and acted for landowners in a wide variety of development consultancy roles. These are usually interlinked with valuation, town planning, and some with land lease modification services. Examples include:
Large prime harbourfront site, with a beneficial right of harbour access. This required multi-discipline services upon:
- Assessing its then market value under historic land lease user restrictions.
- Analyzing its potential for re-zoning, including enhanced use of its harbourfront situation.
- The assessment of premium for a land lease modification to permit a change of use, and:
- Review of potential for site amalgamation, and access upgrade involving walkway to an MTR station.
The site was developed under joint venture agreement, and IC&A's proposals for enhancement of harbourfront use were put to, and approved by, Town Planning Board.
- Left: Development layout scheme.
- Right: Demolition of old tenement, in Shaukeiwan.
Kowloon Case Study
A substantial school site, surplus to local educational needs, was reviewed for valuation and alternative land use studies:
- Valued initially under its restrictive, historic land lease covenants on an 'as is' basis.
- Review of site potential and liaison with planning department.
- Preparation and submission of Section 16 planning application for change of use, successfully concluded and approved with 'planning gain' provided by incorporation of an 'Old People's Day Care Centre' in the new complex.
- Subsequent application and processing of surrender-regrant for change of land lease to permit a high rise mixed use development, and finally:
- Successful marketing of the project site to developers for property buy out and project completion.
This major upgrade to the use of a large valuable urban land site provided a beneficial new supply of flats, additional GIC facilities at nil cost to the community, and both the former school site owner and the developer reaped substantial benefits from the scheme processed by IC&A.Teamwork
The development process involves multiple disciplines, and teamwork is paramount with a range of other professionals. IC&A have worked in tandem with many architects, town planners, traffic and acoustic engineers, and other specialists, to bring necessary expertise to development planning, and for their optimization and gaining approvals for project completion.