Lofter Group and Alphalex Capital acquire Nos. 1-15 Ki Lung Street
Entire site to be developed with a total investment of over HKD1.1 billion
Hong Kong, 1 March 2021 – Lofter Group, one of the most reputable Hong Kong developers, is pleased to announce that the company together with Alphalex Capital Management Limited has recently acquired Nos. 13-15 Ki Lung Street for HKD140 million successfully through JLL after purchasing all the ownerships at Nos. 1-7 and Nos. 9-11 Ki Lung Street in Prince Edward. The entire unified site at Nos. 1-15 Ki Lung Street will be for redevelopment.
Carol Chow, Founder and Chairperson of Lofter Group, said: “The 7,500-sq-ft site is zoned as "Residential (Group A)" with the maximum plot ratio of 9. It could yield a maximum gross floor area of approximately 67,500 sq ft. The total acquisition price of the entire site is approximately at HKD 627 million,”
Alex Au, Managing Director of Alphalex Capital Management Limited, said: “We are looking forward to the project being in a prime location with only approximately 40 seconds walking distance from Prince Edward MTR Exit D and urban development site with great potential is rare. Sizeable development land in urban is limited and there is great synergy effect to merge sites for redevelopment.
Bullish on future development prospects of Yau Tsim Mong District
“The project is located at the core urban area. We are optimistic about the future prospects of the district, and in the next three to five years, driven by the redevelopment of the Water Supplies Department on Sai Yee Street and other redevelopment projects in the area, the entire Yau Tsim Mong District will be under the spotlight and generate huge synergy through integration with the West Kowloon Cultural District," Chow said.
A rare 7,500 sq ft residential site in the urban area
Alvin Leung and Lydia Poon, Directors of Hong Kong Capital Markets at JLL, who concluded the transactions, said that the entire acquisition involved eight single lots with 57 property interests and it is extraordinary that the acquisition could be completed in just five months.
“Since there is a lack of land supply in the urban area, a 7,500 sq ft residential development site located close to MTR exit is extremely well sought-after. With attractive local school networks and renowned international schools in the district, the property upon redevelopment shall attract many potential buyers for self-use or investment purposes," Leung added.
Five core elements creating a new landmark in Prince Edward
Chow said that in terms of architectural design, Lofter Group will create “𝐓𝐡𝐞 𝐓𝐢𝐦𝐞𝐥𝐞𝐬𝐬 𝐒𝐞𝐫𝐢𝐞𝐬” with five core elements to position the group's various urban residential redevelopment projects, including: (i) cultural conservation; (ii) environmental protection and sustainable construction; (iii) High-end and forward-looking smart concepts; (iv) Aesthetic and practical and compatible architectural design; (v) Diversified and creative interior design and ancillary facilities.
Poon said: "Nos. 1-15 Ki Lung Street will be redeveloped into the new landmark of Prince Edward. The Property has a 130 feet wide frontage and a giant LED advertising display board can be installed on the external wall and façade of the pedestal shop. The development can also turn the retail podium into a themed mall or for trendy F&B. The project is with unlimited potential and would definitely be the market spotlight when the property upon redevelopment is launched for sale.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.