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News Release

Hong Kong

Tribeca Place in Ap Lei Chau for Sale En bloc by Sealed Bid Sale

HONG KONG, 4 SEPTEMBER 2014 – Tribeca Place, No. 2 Ping Lan Street, Ap Lei Chau, Hong Kong (“the Property”) is now up for sale en bloc by means of sealed bid sale.  According to the sole agent JLL, the Property is to be sold on an "as-is" basis with the existing tenancies.  The sealed bid will close at 12:00 noon on Wednesday, 8th October 2014.  The landlord is expecting an offer of HK$93 million.

Renovated into exclusive New York loft-style apartments with a blended "industrial-rustic" theme in 2012, Tribeca Place is a 6-storey composite tenement building (G/F to 5/F plus roof) standing on a site of approximately 1,200 sq ft. Stretching a total gross floor area of approximately 5,564 sq ft, the Property comprises a G/F shop, three simplexes and one duplex with rooftop.

Situated on the waterfront, the Property is surrounded by the Aberdeen Harbour Promenade, playgrounds and parks – all of which can be seen from the front and back sides of each apartment.  The government has been carrying out uplifting works at Main Street, Ap Lei Chau and Ap Lei Chau Promenade in recent years.  The future Lei Tung MTR Station of the Island South Line, which is scheduled for completion in 2016, is also just steps away from the Property.  Upon its completion, residents in the area can reach Admiralty and Central in 10 minutes.

The Property is located close to Wong Chuk Hang, one of the emerging commercial hubs in Hong Kong. “‘The area has been attracting attention from investors.  For example, a veteran investor recently acquired the commercial office development at 41 Heung Yip Road on turnkey basis for over HK$3.2 billion from Cheung Kong Holdings; W50, a brand-new office building developed by Sun Hung Kai Properties, was well received by investors and end users and achieved a record high of HK$16,000 per sq ft for unit price in Wong Chuk Hang area,” said Raymond Fung, JLL’s National Director, Hong Kong Capital Markets.

“Island South is increasingly popular among investors and developers with the upcoming MTR Island South Line that is due for completion in 2016.  In fact, we have been receiving enquiries from sophisticated investors on small en bloc that are available for sale for long-term investment purpose or value added repositioning.  The subject Property offers a yield of about 2.5% pa with a potential to improve to over 3% pa. We therefore expect the Property to arouse tremendous interest from investors and developers alike,” added Raymond Fung.