Xiamens tallest building still failed to win a 30percent discount

 Xiamens tallest building still failed to win a 30percent discount

According to public information, Xiamen International Center is an asset under the name of Xiamen Yuansheng Real Estate Co., Ltd., with a land area of 15032.23 square meters, and the nature of the construction project is commercial and office. In the first phase of the project, there are 68 floors of above ground buildings with a total height of 339.88 meters and a total construction area of about 163 thousand square meters.

Xiamen International Center is located in Lujiang Road, Xiamen City, across the sea from Gulangyu Island. It has a total building area of about 185600 square meters, a building height of 339.88 meters, four floors underground and 61 floors above the ground. It integrates super grade A office buildings, unit office buildings, high-grade clubs and sightseeing. It is a key project of Xiamens ten billion yuan high, new and special project.

According to the public information, the completion of the project will refresh Xiamens skyline and become the tallest building in Fujian, and Wenzhou World Trade Center, which surpasses 323 meters, will become the tallest building on the west coast of the Straits.

According to the auction announcement, the phase I project of Xiamen International Center has been capped and the glass curtain wall has been basically completed. In the second phase, the aboveground construction area is 17840.1 square meters, of which the commercial area is 7360 square meters. At present, no planning and construction permission has been obtained for this phase of the project, and no construction has been started.

Xiamen Baojia center project is connected with Xiamen International Center project, covering an area of 13041.367 square meters. The nature of the construction project is commercial and hotel. The planned number of floors above the ground is 30 and the total construction area is 122514.11 square meters. At present, the project has not been constructed except the foundation pit support engineering (constructed in 2013, which has exceeded the design service life).

According to the appraisal report, as of July 20, the market value of real estate, office electronic vehicles and long-term equity investment of Xiamen International Center project phase I and phase II totaled about 4.6 billion yuan. Among them, Xiamen International Center project phase I office real estate value valuation is the highest, accounting for the largest proportion, reaching 4.181 billion yuan.

Xiamen Yuansheng Real Estate Co., Ltd. (hereinafter referred to as Yuansheng real estate), the construction company of Xiamen International Center project, also has a plot, which is located in Baojia Center (plot 2011p15), Siming District, Xiamen city. The market value of land use right, construction in progress foundation and preliminary expenses is about 599 million yuan. Therefore, the total valuation of the project and Xiamen International Center is 5.199 billion yuan.

The auction price is not low, the requirements for bidders are quite high, need to have sufficient capital strength. A senior real estate official in Xiamen, who did not want to be named, told the daily economic news that it is also appropriate to set strict conditions for the bidding objects. After all, it has the title of the tallest building in Xiamen, and does not want to repeat the same mistakes.

There are contract disputes in the project

It is worth noting that there are still some defects in the subject matter of this auction.

In addition, a sales office with a total floor area of 1136.60 square meters is built on the plot of Xiamen International Center project, which is a temporary building and must be demolished unconditionally before the project is completed.

In addition, according to an enforcement ruling issued by China judicial document website, on April 8, 2019, the executor, Zhongjian Steel Structure Co., Ltd., applied to Xiamen intermediate court for compulsory execution according to the civil judgment No. 808 (2017) min 02 min Chu, requiring the enforced person to pay 82.74 million yuan of project progress payment and 6.76 million yuan of liquidated damages, as well as the main tower of Xiamen International Center (phase I) The property on the 47 ~ 51 floors of the building is compensated at a discount of 15000 per square meter. The Xiamen intermediate court also issued a notice of enforcement case, a notice of enforcement, an enforcement ruling, a property report order and a summons to Yuansheng real estate, but the mail results showed that no such person was found.

Lin Dong, a developer in Xiamen who has a deep understanding of Xiamen International Center, told the daily economic news that it is not surprising that the project has been shot. Maybe everyone is not optimistic about the office market. In addition, because of the huge amount of money involved, it will be very difficult to sell or self support in the future. Whether there are enough powerful enterprises to settle in (all are questions), the powerful enterprises in Western Fujian have their own headquarters.

According to statistics of Dai de Liang, in 2019, the supply of Grade A office buildings in Xiamen will be 429000 square meters, 7.3 times of that in 2018, and the stock of Grade A office buildings in Xiamen will rise to 1.266 million square meters. The absorption was 109000 square meters, about 25% of the supply, slightly lower than the record high of 116000 square meters last year.

In addition, due to the comprehensive influence of macro factors, demand slowdown and sharp increase in market supply, the rent of Grade A office buildings in Xiamen continued to decline. At the end of the year, the citys rent fell by 2.9% month on month to 105.1 yuan / square meter / month, with a decline rate larger than that of the previous quarter, and the rent level was 7.0% lower than that of the same period last year. By the end of 2019, the vacancy rate of Grade A office buildings in Xiamen will rise to 40.4%, with a 3.8% increase on a month on month basis and a 17.4% increase on a year-on-year basis, continuing to set a new record.