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News Release

Hong Kong

Hoi On Building, Nos. 11-33 and 11A-33A Li Tak Street, Kowloon For Sale by Public Auction

HONG KONG, 7 MAY 2012 – By order of the Lands Tribunal, “Hoi On Building, Nos. 11-33 and 11A-33A Li Tak Street, Kowloon” (The Remaining Portion of Sub-section 1 of Section M of Kowloon Marine Lot No. 28) (Hereinafter known as “the Property”) will be put up for sale by public auction.  The auction is to be conducted at 3:00 pm, 29 May 2012 (Tuesday) at 6/F Three Pacific Place, 1 Queen’s Road East, Hong Kong.  Jones Lang LaSalle has been appointed as the auctioneer.

Completed in 1964, Hoi On Building is an eight-storey residential building.  According to the approved building plan, “the Property” stretches a site area of approximately 19,600 sq ft.  “The Property” is to be sold on an “as-is” basis partly with vacant possession and partly subject to existing lettings and tenancies.

Located on the south of Li Tak Street in Tai Kok Tsui, “the Property” enjoys excellent accessibility with major highways nearby, such as West Kowloon Corridor, West Kowloon Highway and Sham Mong Road, while Olympic MTR Station is within minutes’ walking distance.  The district abounds with residential and composite buildings, which were mostly built in 1950s-1970s.

‘With the redevelopment of the old buildings into new developments, Tai Kok Tsui has been transformed and is emerging as a revitalised urban district, with more young middle-class people making their home there.  In fact, many new projects in Tai Kok Tsui launched for sale in recent years have been well received by the market,’ says Joseph Tsang, Jones Lang LaSalle’s Managing Director, Hong Kong.
‘Having a site area of nearly 20,000 sq ft, “the Property” is truly a rarity in urban Kowloon.  Coupled with its strategic location and comprehensive transportation network, “the Property” commands a huge redevelopment potential.  We expect it to attract interest from local developers and investors,’ adds Joseph Tsang.