Luxury property with 100% undivided shares up for tender
HONG KONG, 23 May 2022 – JLL has been appointed as the sole agent for the sale of the 100% undivided shares of the residential property at No. 2 Stubbs Road, Mid-Levels East. The tender will close at 5 pm on Thursday, 14 July 2022. The market estimates the property to be worth around HKD 1 billion.
Located in the traditional luxury residential area of Mid-Levels East, the 62-year-old property provides 13 residential flats with a total saleable area of 15,224 sq ft. It is a scarce luxury residential redevelopment site with a site area of 13,461 sq ft. According to the Mid-Levels East Outline Zoning Plan No. S/H12/12, the site is zoned as "Residential (Group C) 2" and with a maximum building height of 12 storeys over one storey of carports. The project can be redeveloped into a luxury apartment building after lease modification, or a luxury villa development according to the current restrictions. In addition, as the project is a disposition project of 100% undivided shares, buyers do not need to apply for a Compulsory Sale for Redevelopment to unify the ownership.
The property is located in a serene neighbourhood and has good accessibility to Central/ Admiralty CBD with a short 10-minute drive away. It is also within a 7-minute drive to Wan Chai commercial district, 20-minute drive to West Kowloon Station, Kwun Tong CBD and Kowloon Tong luxury residential district and approximately a 10-minute walk to Causeway Bay shopping district.
Oscar Chan, Head of Capital Markets at JLL in Hong Kong, said: "Mid-Levels East is a popular luxury residential area, with many well-known luxury developments repeatedly breaking the price records in the area in recent years. Given the scarcity of luxury residential sites at Mid-Levels East and it’s a disposition project of 100% undivided shares, this is a rare opportunity for developers to invest in this area. Sitting in the famous 12 School Net with many elite schools within easy reach, including St. Paul's Primary Catholic School, St. Joseph's Primary School and S.K.H. St. James' Primary School, it will be popular among families. We believe that residential properties with redevelopment potential in Mid-Levels will continue to be highly sought after by developers."
For any enquiries regarding this property, please contact Oscar Chan at 5348-0312.
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