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News Release

Hong Kong

Fook Lee’s mega shop in Manhattan Heights received over 20 enquiries

Shop Unit B, G/F, Manhattan heights, Kennedy Town for sale by public tender

HONG KONG, 28 October 2015 — Located in Kennedy Town SOHO, the mega shop owned by Fook Lee Group has been well responded by the market since its launch for sale by public tender in late September.  The sole agent of the property JLL said that more than 20 enquiries have been received so far.

“Having a saleable area of approximately 2,995 sq ft, a 62-ft wide frontage and a 16-ft headroom, the Property has aroused tremendous interest from private investors, family trusts and end users, etc. It is currently leased to a well-known Aussie F&B group under a long-term tenancy until 2020.  Betting on the upside swing of Kennedy Town, this Aussie F&B group has also committed to long-term tenancies for some other shop units in the area.  At the same time, an increasing number of savvy restaurateurs are opening their restaurants in this neighbourhood.  This reflects the positive outlook of Kennedy Town,” said Raymond Fung, Regional Director of Hong Kong Capital Markets, JLL.

“Since the completion of Manhattan Heights in 2000, Fook Lee Group has been holding the Property first for self-use and then for leasing purpose.  It is the first time for the group to put it up for sale.  Comparing with the transacted prices of shops or residential units in the neighborhood, such as Cadogan and Imperial Kennedy, the price of the property is very reasonable if it is sold for about HK$110M or HK$37,000 per sq ft (saleable area),” added Raymond Fung.

Shop Unit B, G/F, Manhattan heights, 83 Catchick Street, Kennedy Town is now up for sale by public tender.  The property is to be sold with the benefit of the existing tenancy.  The tender will close at 12:00 noon, 11 November 2015 (Wednesday).