Staff reporter
Hong Kong Baptist Hospital in Kowloon Tong has proposed a redevelopment project to expand the gross floor area of three blocks by 1.65 times.
The involved buildings are Block A, B and C with a total floor area of 245,800 square feet.
The hospital said it has submitted the proposal to the Town Planning Board, aiming to update the infrastructure of the buildings that is over 50 years old.
The three blocks will be demolished and redeveloped in-situ in phases and integrated into a composite building with a gross floor area of 652,900 sq ft. The number of beds is expected to increase by 19 percent to 700 and operating theaters by 23 percent to 16.
The redevelopment is anticipated to start next year and complete by 2033.
During the construction, Block D and E in Kowloon Tong will be utilized instead.
Moreover, the hospital has been accumulating properties to prepare for the redevelopment for over 10 years, which is estimated to involve over HK$250 million.
Last month, the hospital bought four shops at the adjacent Franki Centre at HK$36 million, or about HK$11,730 per square foot.
Meanwhile, the Real Estate Developers Association of Hong Kong's chair Stewart Leung Chi-kin called on the administration not to "distort market operations with administrative measures again," though he welcomed the momentum of the market after the removal of the housing curbs in late February. He said the property industry will continue to offer advice to the administration on macroeconomic, land and housing policies. He believes that with the improvement in government revenue, resources will be allocated to improve people's livelihoods and welfare and increase housing supply.
On the island, Wang On Properties (1243) plans to launch three projects to offer a total of 440 units.
However, Knight Frank forecasts home prices to fall as much as 5 percent this year, but DBS believes it would be flat in the second half.
Owned by Shimao (0813) chairman Hui Wing-mau, the 31st floor of The Center in Central has been put for sale for HK$572 million, or HK$23,000 per sq ft, 23 percent cheaper than in November 2023.
Work on the redevelopment project is expected to start next year. Sing Tao
