Buildings in Ap Lei Chau sold by public auction under Land (Compulsory Sale for Redevelopment) Ordinance
Hong Kong, March 29, 2023 – JLL today announced that buildings at Nos. 26-28 Ho King Street and No. 2 Ping Lan Street in Ap Lei Chau, (the "Properties") were sold by public auction under the Land (Compulsory Sale for Redevelopment) Ordinance of the Lands Tribunal this morning to Sky Dynamic International Investments Limited for HKD 157 million.
The five-storey building at Nos. 26-28 Ho King Street has a ground floor consisting of two retail shop units for non-domestic use, with the first to fifth floors housing two units per floor for domestic use. Another five-storey building at No. 2 Ping Lan Street consists of one retail shop and one storeroom for non-domestic use on the ground floor, with the first to fifth floors housing a unit per floor for domestic use. The site is zoned as "Residential (Group A)2" under Draft Aberdeen and Ap Lei Chau Outline Zoning Plan No. S/H15/33. It has a site area of 2,400 sq ft.
The Properties were sold partly with vacant possession and partly subject to existing lettings, tenancies and licences (if any) and on an 'as is' basis but subject to the existing building orders.
Cynthia Li, Senior Director of Project Strategy and Consultancy Department at JLL, said: "Hong Kong Island South has benefited from the extensive transport infrastructure put in place in recent years. With more Grade A office and private residential projects coming on stream, and the launch of the Government's "Invigorating Island South" initiative, Hong Kong Island South is gradually becoming a better place to work, live and play. Ho King Street and Ping Lan Street are adjacent to the Ap Lei Chau Waterfront Promenade, just minutes from Lei Tung MTR station and a 15-minute drive from Central. We believe that properties in the Southern District, particularly in Ap Lei Chau, will continue to hold investment value given the scarcity of land in the area and the continued appetite for residential land. This was a rare opportunity for the developer to invest in the area."
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