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News Release

Hong Kong

Prime Site at 62, 64, 66 & 68 Chun Yeung Street, North Point for Sale by Public Tender

Jones Lang LaSalle has been appointed as the sole agent to conduct a public tender sale for the prime site at 62, 64, 66 & 68 Chun Yeung Street, North Point, Hong Kong.  The tender will close at 12:00 Noon on 12 October 2010 (Tuesday).

The property now for sale covers a site area of approximately 4,340 sq ft.  According to the North Point Outline Zoning Plan No. S/H8/23, it is zoned for ‘Commercial/Residential’ purpose, meaning that it can be redeveloped for commercial/residential, office or hotel purposes.

Currently standing on the site are four old tenement buildings, with their G/F designated for retail purposes.  Situated nearby to the North Point MTR Station and well served by various transport modes including bus, tram and minibus, the property enjoys excellent accessibility.  The North Point Ferry Pier is also a few steps away.

Demand for development sites located in core districts has been very strong.  Take the luxury residential site at 1 Ede Road auctioned by the government in end-August as an example, it was sold to Kerry Properties for HKD 1.285 billion, exceeding the opening bid by 95%, representing an Accommodation Value of approximately HKD 16,000 per sq ft.

The old tenement buildings in North Point have been gradually replaced by the new residential buildings in recently years, which are generally well received by the market.  Notable projects launched recently include Emperor Investment’s The Java, selling at about HKD 10,000 – 15,000 per sq ft; the prices for its special units can be even high at about HKD 18,000 per sq ft.  From the perspective of retail, with its convenient location and the strong pedestrian flow, the property also enjoys lucrative potential for retail shops.

With its strategic location and prime quality, the site at 62, 64, 66 & 68 Chun Yeung Street is expected to attract the attention from developers and investors alike.