Hotel COZi Harbour View in Kowloon East releases for sale
Rare large scale hotel project in the city offers great potential
Hong Kong, 16 March 2022 – JLL has been appointed the sole agent of the sale of the ownership of Hotel COZi Harbour View at 163 Wai Yip Street in Kwun Tong. The market estimates the hotel to be worth over HKD 3.1 billion.
Completed in 2007, the 32-storey Hotel COZi Harbour View occupies a site area of 19,000 sq ft with two-single-sided advantages. It provides a total gross floor area of approximately 235,000 sq ft. It is a rare large-scale hotel in the district with 598 rooms, many of which on the mid to higher floors offer a 180-degree view of Kai Tak Cruise Terminal. The property is also located on the main road of Hong Kong's second core business district (CBD2), adjacent to Ngau Tau Kok and Kwun Tong MTR stations, connecting it seamlessly to the two major business districts of Kowloon East and Hong Kong Island East. Grade A commercial buildings are in close proximity, and Hong Kong Island East can be reached easily by car within 20 minutes.
CBD2 currently provides more than 18.4 million sq ft of Grade A office area (NFA). In the next few years, more than 3.2 million sq ft of Grade A office buildings will be added in the area and the development scale is comparable to that of Central, providing huge future growth potential.
Oscar Chan, Head of Capital Markets at JLL in Hong Kong, said: "The demand for commercial space and residential apartments in CBD2 has been growing rapidly in recent years. Major commercial banks and multinational insurance firms, including Manulife, Prudential, Nike and Farfetch, have moved in and set up large scale offices in the district. This has led to a surge in demand from young professionals for co-living space in CBD2. The Kai Tak Development within CBD2 will not only bring in a huge working population of professionals but also generate commercial activities and business travellers that will benefit the hotels in Kowloon East. Meanwhile, Kai Tak Cruise Terminal and Kai Tak Sports Park, with the latter to complete in 2023, are the future key drivers of tourism in Hong Kong and benefitting from convenient location, the property value will rise substantially when Hong Kong reboots its tourism industry."
For more information, please contact Mr. Chan at 5348-0312.
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.