Feelings.
The construction of the basement includes garages, civil air defense spaces, equipment rooms, storage spaces and other forms. Among them, for the needs of national defense security, the bottom layer of the underground is generally used as a civil air defense space. There are separate design standards for reinforced concrete content, protective doors, structural outer walls, underground waterproofing, and foundation pit support.
But from a commercial point of view, the civil air defense space does not allow buying and selling, and in peacetime, developers can use it for commercial purposes. That is, only rent and not sell. Although underground property parking spaces and warehousing can be traded, no matter it is from cost input or sales price, it is not a cost-effective deal for developers. “The basement construction investment is sometimes a bottomless hole.” According to Qu Han estimates, the unilateral construction and installation cost of underground civil air defense space is more than 50% higher than that of the above-ground building. If the cost of the above-ground building is 2,000 yuan/square meter, then the construction cost of the first floor of the basement can reach 3200 yuan-3500 yuan/square meter, and the cost of the second floor of the basement is 4000-5000 yuan/square meter.
Qu Han said that the cost of the underground part does not increase linearly according to the depth. The cost difference between the third underground layer and the second underground layer is very large. The more the excavation is, the more complicated the geological conditions are. The entire earthwork needs to be excavated, backfilled, Anti-leakage, invest a lot of steel, concrete and other building materials.
More investment does not mean higher returns. The price of the basement cannot be on par with the above ground. Raise up, or go down? The developer’s attitude towards the basement has undergone several changes.
Before 2017, because the above-ground buildings of each project are restricted by the floor area ratio, the ratio of the above-ground saleable part to the total construction area is the saleable ratio. In the context of price limits, the developer’s project in Beijing will go underground as much as possible, use the underground area that was available at the time but not included in the floor area ratio to “back” the value of the goods on the ground, strive to maximize profits, and once there were high underground prices Case.
In 2017, Beijing began to limit the price of underground area, requiring the unit price of underground area not to exceed half of the ground, coupled with the high cost of underground construction and poor comfort, the phenomenon of “stealing underground” gradually withdrew from the market and no longer suffered The favor of developers.
Some developers try to make bottom jump products, connect the first floor with the first floor underground or with the second floor, and use indoor stairs to form a jump floor. In recent years, Beijing has once again tried to “block the leak”, and it is not allowed to connect the ground and the underground. Some developers bind the above-ground residential and underground storage space for sale. The first floor owners can open the house and the basement by themselves.
However, the product competitiveness of such a bottom jump is not enough, and the value difference between the value and investment of the underground part has discouraged many developers who are trying to calculate the basement.
Parking Space Account
Each project has a requirement for the matching of parking spaces, and the ratio of the number of parking spaces to the number of households is usually 1:1 or 1:1.5. Qu Hanjie with experience in development projects in Beijing, Hebei, Shenyang, Dalian and other places3. The cost of interior decoration, but it can generate a premium for high-end projects, which is standard for many luxury projects. Qu Han illustrates the differences between local planning in northern and southern cities.
The premium generated by overhead floors and semi-basements is not the main purpose of raising the basement, Qu Han explained, but to reduce the amount of earth excavation and speed up the project turnover.
The high underground construction and installation costs mentioned above are one reason. If the geological conditions are more complicated, such as the underground magnetic layer has been weathered, or the rock layer is too shallow to meet the construction of the basement, the cost savings of raising 10 cm can be considerable.
In Lin Fan’s view, compared to billions of dollars worth of projects, raising 10 centimeters to save 200,000 to 400,000 yuan can be ignored. Its main appeal is to speed up turnover and payment.
“For small developers who are not very good at project management, it is good to build the basement in three months.” Xu Si bluntly said that from the construction period, it takes 70 days to complete a building for the project he is responsible for The project was completed when the weather conditions were “powerful” and the project was very smooth. Among them, it takes 10 days for the first floor on the construction site, and only 5 days for the next floor, while building a basement with pile driving and earth digging for at least 2 months. After the construction of the plus and minus zero ground is completed, it is expected to cover 12 floors in 2 months, close to reaching the pre-sale node, “you can’t see the credit until here”.
Some cities require the project to be sold up to plus or minus zero ground, and developers start to pay back. Therefore, if the third, fourth, and fifth tier cities can raise, do little or not do basements, make garages on natural grounds, park on overhead floors, etc., not only can speed up construction, reduce developer costs, but also speed up payment.
“It is equivalent to the pre-sale node being advanced two months ahead of time, without piling or digging the soil, and it will be dried directly on the ground.” Xu Si said that the money saved depends on the project and the larger the quantity, With a long development cycle, the cost of capital occupancy will be reduced even more.
Qin Xiang’s project in Changsha was greatly affected by the wave of returning home. To be blunt, many owners work in Guangzhou, Shenzhen, Hangzhou and other places. They buy a house in their hometown, which is an investment and non-ownership. They only return to Changsha for a few days during the New Year or special period. Most of these owners buy a house but do not buy a garage. They will choose to rent parking spaces by day, and a large number of parking spaces are idle.
Secondly, real estate is directly linked to finance. The greater the amount of funds occupied by the project, the longer the period of use and the higher the cost. “The money that may be eventually earned is divided by the bank or even eaten by the channel.” Tan Xiang said frankly The capital cost of the 40-day time spent building the basement did not produce any benefits.
How to deal with the underground part of the 3rd, 4th and 5th line projects, Qin Xiang has no better way, “It can only be sold cheaply, or in order to close the market as soon as possible and quickly realize cash, and also to facilitate tax clearance, it is unnecessary to let the tax bureau evaluate the underground The process of the virtual value of the garage can be transferred to a third party, that is, exported.” In fact, the parking spaces in the community can only be sold to the owners of the community. This operation is illegal.
Xu Si also explained the 3rd, 4th and 5th tier cities