Over 80% undivided shares of Nos. 31-36 Sau Wa Fong, Wan Chai
Nos. 31-36 Sau Wa Fong is an 8-storey residential building built in 1964 that is now up for sale by way of Public Tender.
HONG KONG, 09 September 2018 - Over 80% undivided shares of Nos. 31-36 Sau Wa Fong in Wan Chai ("the Property") is now up for sale by way of Public Tender. The Tender will close at 12:00 noon on Wednesday, 7 November 2018.
Nos. 31-36 Sau Wa Fong is an 8-storey residential building built in 1964. Currently, portion of the G/F is used as shops and the upper floors are designated as residential use. The property is standing on a site 4,900 sq ft and it can be redeveloped into a pure residential building. It is to be sold on an ("as-is") basis, partially with tenancies and partially vacant possession. Market estimation of the Property is approximately HK$400 million.
The Property is a rarely available pure residential development site in a prime location in Wan Chai, benefiting from the upscale surrounding area and its redevelopment potential. The property is ideally located in the Wan Chai Business Hub, close to Three Pacific Place and Star Street Precinct, a vibrant area clustered with a lot of chic eateries and boutique shops.
"Also, a lot of ongoing projects in the area highlights the potential of the property, including Hopewell Group redevelopment projects at Hopewell Centre Phase II, Hill Side Terrace Cluster and Nos. 153-167 Queen's Road East, Swire Properties redevelopment projects at Po Wah Building and Nos. 21-31 Wing Fung Street. It is believed that completion among all these projects will increase the business character of the neighbourhood and make nearby residential properties more valuable. The property has high accessibility, Admiralty and Wan Chai MTR Stations are within 10 minutes' walk, Causeway Bay and Central districts are about 5 and 10 minutes' ride respectively. We therefore expect the property to arouse tremendous interests from local and mainland developers alike," said Raymond Fung, Regional Director of Capital Markets at JLL in Hong Kong.
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