The Hong Kong SAR Government announced a set of revitalisation measures in 2009 to facilitate the redevelopment and conversion of older industrial buildings, since then, 20 revitalisation cases handled by Knight Frank were approved.
In Q4 2015, the Government received 13 applications for the revitalisation of aged industrial buildings. Knight Frank has recently obtained the Town Planning Board’s approval to revitalise 4 industrial buildings in support of the Government’s policy:
- The Ulferts Warehouse Centre, No 4 Kin Fat Lane, Tuen Mun for revitalisation to 153,000 sq ft of commercial space
- Shan Ling Industrial Building, No 15 San On Street, Tuen Mun for revitalisation to 50,000 sq ft of commercial space
- Jetta House, No 19 On Kui Street, On Lok Tsuen, Fanling for revitalisation to 56,800 sq ft commercial space
- Hi-tech Centre, No 9 Choi Yuen Road, Sheung Shui for revitalisation to 275,780 sq ft commercial space
Additionally, Knight Frank is actively handling 5 Special Waiver applications with the Lands Department including the Mills project at Chai Wan Kok Industrial Area, Tsuen Wan initiated by Nan Fung in support of the textile trade and fashion design industry in Hong Kong.
The Special Waiver application for revitalisation measures with the Lands Department ends on 31 March 2016. As the deadline approaches, Alnwick Chan, Executive Director, Knight Frank expects many more applications from the occupiers and investors as it allows them to redevelop or convert industrial sites without paying land premium and add value to their industrial buildings.