En-bloc building at 2 Ping Lan Street in Ap Lei Chau release for sale
HONG KONG, 15 September 2021 – JLL has been appointed as the agent for the sale of an en-bloc composite residential building at Ping Lan Street in Ap Lei Chau, offering a rare opportunity for long-term investment and redevelopment. The market estimates the property to be worth HKD 98 million.
The six-storey building stands on a site of approximately 1,200 sq ft. It comprises a 1,000 sq ft ground floor retail shop, three standard apartments and one duplex penthouse served by an internal staircase. The flat sizes range between 772 and 1,544 sq ft and the project has a total saleable area of over 4,800 sq ft. The building had been renovated into exclusive New York loft-style apartments with luxurious furniture and with the design feature of only one unit on each floor, residents can enjoy a high degree of privacy.
Situated on the Ap Lei Chau waterfront, 2 Ping Lan Street is surrounded by the Aberdeen Harbour Promenade and green open spaces. It is also only two minutes from Lei Tung MTR Station and reaches Admiralty in 10 minutes.
According to the Approved Aberdeen & Ap Lei Chau Outline Zoning Plan No. S/H15/33, the site has been zoned as "Residential (A)". It will be sold on an "as-is" basis and subject to existing tenancies.
Raymond Fung, Executive Director of Capital Markets at JLL in Hong Kong, said: "The completion of the Island South Line has speeded up the development of Ap Lei Chau and Wong Chuk Hang. Wong Chuk Hang is converting into a new business area of Hong Kong Island, while the two new housing estates in the area recorded strong recent sales and reached higher housing prices. It reflects that end-users and investors are optimistic about the market outlook of the Southern district. The leasing demand for 2 Ping Lan Street is strong and suitable for long-term investment. The property also has redevelopment potential. We expect it will attract interest from developers and investors."
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.