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News Release

Hong Kong

Basement, Ground Floor, Six Residential Units and Main Roof of U-C Court at No. 25 Stanley Market Road, Hong Kong, for Sale by Public Tender


HONG KONG, 14 FEBRUARY 2011 — Jones Lang LaSalle has been appointed by the owner as the Sole Agent to conduct a public tender sale for the basement, G/F, 2/F, 3/F, 5/F, 7/F, 8/F and 9/F and the main roof of U-C Court at 25 Stanley Market Road, Hong Kong. The tender will close at 12:00 noon, Tuesday, 29 March 2011.
 
Completed in 1981, U-C Court comprises 10 floors plus a basement and a roof.  The property now for sale includes the majority portion of U-C Court: six residential units on 2/F, 3/F, 5/F, 7/F, 8/F and 9/F together with its main roof and the commercial units on G/F and in the basement.  Each of the six residential units occupies a whole floor with a gross area of 1,312 sq ft and commands an unobstructed view of Stanley Bay. The commercial units spread over G/F and the basement, having a total gross area of about 4,612 sq ft. The entire portfolio comprises a total gross area of about 12,484 sq ft, accounting for about 77% of the undivided shares of the whole building.
 
Situated at 25 Stanley Market Road, U-C Court is close to Stanley Main Street and Stanley Promenade, enjoying heavy pedestrian flow. The locality abounds with a range of food outlets such as Murray House offering a diversity of unique cuisines, which is comparable to SOHO and Lan Kwai Fong. With the area’s westernised feel and its excellent accessibility as it is only a 15-minute drive to Central, Stanley has been a preferred home address for expatriates. Stanley Plaza, which is only a 5-minute walk away, provides the residents with all sorts of daily necessities.
 
‘Sea-view properties in Stanley, particularly those located in the busiest Stanley Main Street, has been scarce and seldom available for sale. It’s not uncommon to see properties there being transacted at high prices. For U-C Court, with its strategic location and panoramic sea view, we expect it to generate tremendous interest from investors,’ comments Danny Chan, Jones Lang LaSalle’s National Director, Capital Markets, Hong Kong.
 
‘Covering a total area of 4,612 sq ft, the commercial units of U-C Court are finished with glass walls on all sides to offer its patrons an unobstructed sea view. With an international F&B chain operator as its existing tenant, it enjoys impressive potential for rental appreciation. The existing rental level for the residential units is relatively low; however, with a renovation or an injection of serviced apartment elements into the development, its unit rental can increase to as high as HKD 50 per sq ft. The asking price for the property is HKD 200 million or HKD 16,000 per sq ft, which is at a reasonable level,’ says Chan.