Property in Kowloon City sold by public auction under Land (Compulsory Sale for Redevelopment) Ordinance
HONG KONG, 18 January 2022 – JLL today announced that Tai Wah Building at Nos. 3-13 Nga Tsin Long Road in Kowloon City was sold by public auction under the Land (Compulsory Sale for Redevelopment) Ordinance pursuant to an Order for Sale made by the Lands Tribunal to Fancy Million Limited, Long Galaxy Limited and Year Glory Limited for the reserve price of HKD 705 million. JLL was the auctioneer.
The property is a six-storey building built in 1967 and served by two common staircases. There are seven shops on the ground floor, one non-domestic unit on each of 1/F to 3/F and 10 domestic units on each of 4/F and 5/F making a total of 30 units.
The site is zoned as "Residential (Group A)2" under Draft Ma Tau Kok Outline Zoning Plan No. S/K10/27. It has a site area of approximately 7,030 sq ft.
The property was sold partly with vacant possession and partly subject to existing lettings, tenancies and licences (if any) and existing building orders and on an 'as is' basis.
The purchaser of the property and the purchaser's successors in title are subject to the conditions specified in Schedule 3 of the Land (Compulsory Sale for Redevelopment) Ordinance and the conditions specified in the Order for Sale and any subsequent directions made by the Lands Tribunal (if any).
Cynthia Li, Senior Director of Projects Strategy and Consultancy Department at JLL, said: "Given that the lack of land supply in the urban area is expected to worsen, properties located in the traditional residential areas of Kowloon continue to hold investment value and we might see more developers acquire old buildings in urban areas with potential for redevelopment."
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