Over 80% of shares in property at core residential zone in Kowloon up for sale

HONG KONG, 25 July 2022 – JLL has been appointed as the sole agent for the sale of 83.96% shares of the property at Nos. 16, 16A, 18, 20, 22 and 22A Tak Cheong Lane in Kowloon. The market estimates the property to be worth about HKD $180 million.

Completed in 1965, the property is an eight-storey mixed-use building with site area of 3,688.43 sq ft and saleable area of 18,557 sq ft. Located at the core residential zone in Yau Tsim Mong District, the property offers convenient transportation links with Yau Ma Tei MTR station within three-minutes walking distance.

Zoned as "Residential (A)" under the Yau Ma Tei Outline Zoning Plan No. S/K2/23, the site allows a maximum plot ratio of 7.5 for residential development and a maximum plot ratio of 9.0 for residential cum commercial development. The property will be sold on "as-is" basis and subject to existing tenancies and/ or licences. It could be transacted via partly asset sales and partly equity sale.

Joseph Tsang, Chairman of JLL in Hong Kong, said: "Developers have been actively acquiring old buildings with redevelopment potential, and properties in core areas are the most sought after. The property is located in the core residential area of Kowloon hence we believe the project will attract market interests given its great investment value and rare redevelopment opportunity."

For more information, please contact Ms. Li at 2846-5799.